{"id":2778,"date":"2021-11-17T11:09:04","date_gmt":"2021-11-17T11:09:04","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/11\/17\/news-in-review-31\/"},"modified":"2022-07-05T14:10:06","modified_gmt":"2022-07-05T13:10:06","slug":"news-in-review-31","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/11\/17\/news-in-review-31\/","title":{"rendered":"News In Review"},"content":{"rendered":"
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\u201cFor all our\ndisagreements, the world is undeniably heading in the right direction”<\/em><\/strong><\/em><\/strong><\/p>\n<\/div>\n\n

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At a Downing\nStreet news conference on Sunday evening, following the conclusion of the COP26\nSummit, Boris Johnson hailed the climate deal as “game-changing”<\/em>, before adding that it sounds “the death knell for coal\npower.\u201d <\/em><\/strong><\/p>\n<\/div>\n\n

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Despite a late intervention by\nIndia and China, which resulted in the deal being altered to \u2018phase down\u2019<\/em> rather than \u2018phase out\u2019<\/em> coal, Boris\nJohnson acknowledged, “We can lobby, we\ncan cajole, we can encourage, but we cannot force sovereign nations to do what\nthey do not wish to do. For all our disagreements, the world is undeniably\nheading in the right direction.”<\/em><\/p>\n<\/div>\n\n

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Though notably tinged\nwith disappointment, the PM was positive that a tipping point has been reached\nin people’s attitudes, but cautioned, “The fatal mistake now would be\nto think that we in any way cracked this thing.\u201d<\/em> UN Climate Chief,\nPatricia Espinosa said the agreement reached at the Summit was a \u201chuge step\nforward.\u201d<\/em><\/p>\n<\/div>\n\n

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Under the climate\npact, countries have been asked to republish their climate action plans by the\nend of 2022, with more ambitious emission reduction targets for 2030. There is also\nan emphasis on developed countries increasing funding to countries already\nsuffering the effects of climate change, beyond the current $100bn annual\ntarget. As part of the agreement struck in Glasgow, countries will meet again next\nyear to pledge further major carbon cuts.<\/p>\n<\/div>\n\n

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In a surprise announcement last Wednesday, the US and China agreed\nto enhance their climate co-operation over the next decade. In a joint\ndeclaration, the world’s two\nbiggest CO2 emitters pledged to \u2018recall their firm commitment to work\ntogether\u2019<\/em> to achieve the 1.5\u00b0C temperature goal.<\/p>\n<\/div>\n\n

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Q3 economic growth <\/strong><\/p>\n<\/div>\n\n

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As supply chain problems continue to weigh on the\npace of the economic recovery, the latest data from the Office for National\nStatistics (ONS) shows that economic growth slowed to an estimated 1.3% in Q3,\na significant slowdown from the 5.5% growth recorded in Q2. The UK expanded\nless than the ONS initially anticipated in July and August, when the\n\u2018pingdemic\u2019 essentially kept the economy flat, followed by a rebound in\nSeptember, boosted by services output growth. In Q3, there was a fall in\nunderlying inventories, reflecting some of the recent supply chain challenges\nand a negative contribution from net trade. The UK economy is currently 2.1%\nsmaller than the final quarter of 2019, before the pandemic took hold. <\/p>\n<\/div>\n\n

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Jobs recovery continues<\/strong><\/strong><\/p>\n<\/div>\n\n

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ONS figures\nreleased on Tuesday show that there were 160,000 more workers on payrolls in\nOctober than in September, despite the end of the furlough\nscheme<\/a>. Job vacancies also hit a fresh record\nat 1.17 million in the three months to October, whilst the official\nunemployment rate fell to 4.3%. Sam Beckett, Head of Economic Statistics at ONS\nsaid, “It might take a few months to see the full impact of furlough\ncoming to an end, as people who lost their jobs at the end of September could\nstill be receiving redundancy pay. However, October’s early estimate shows the\nnumber of people on the payroll rose strongly on the month and stands well\nabove its pre-pandemic level.”<\/em><\/p>\n<\/div>\n\n

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Inflation\nrises<\/strong><\/p>\n<\/div>\n\n

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The cost of living surged to 4.2% in October,\naccording to ONS Consumer Prices Index (CPI) figures released first thing on\nWednesday morning. This is against a forecast of 3.9% and is the highest\n12-month inflation rate since November 2011. <\/p>\n<\/div>\n\n

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US and China virtual summit <\/strong><\/strong><\/p>\n<\/div>\n\n

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The world’s two most powerful nations held talks in a\nvirtual summit in an attempt to improve relations which had deteriorated during\nDonald Trump\u2019s presidency. In the talks, which lasted for 3.5 hours, Chinese\nPresident Xi Jinping said “Humanity lives in a global village, and we\nface multiple challenges together. China and the US need to increase\ncommunication and co-operation.”<\/em><\/em><\/p>\n<\/div>\n\n

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US\nprices rising at fastest pace for over 30 years<\/strong><\/p>\n<\/div>\n\n

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According to the Bureau for Labour\nStatistics, the latest US Consumer Prices Index highlights that prices have\nincreased by 6.2% over the last year, primarily driven by increases in fuel and\nfood prices. This represents the highest 12-month increase since the period\nending November 1990. A sharp jump from September, when prices were rising by\n5.4%, inflation has been a growing global concern as the impact of the pandemic\npermeates. New and used vehicles were also large contributors, as prices rise\nat pace.<\/p>\n<\/div>\n\n

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Here to help<\/strong><\/p>\n<\/div>\n\n

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Financial advice is key, so please do not hesitate to get in contact\nwith any questions or concerns you may have.<\/p>\n<\/div>\n\n

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The value of investments can go down as well\nas up and you may not get back the full amount you invested. The past is not a guide\nto future performance and past performance may not necessarily be repeated.<\/strong><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cFor all our disagreements, the world is undeniably heading in the right direction” At a Downing Street news conference on Sunday evening, following the conclusion of the COP26 Summit, Boris Johnson hailed the climate deal as “game-changing”, before adding that it sounds “the death knell for coal power.\u201d Despite a late intervention by India and […]<\/p>\n","protected":false},"author":12,"featured_media":2781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2778"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=2778"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2778\/revisions"}],"predecessor-version":[{"id":2783,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2778\/revisions\/2783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/2781"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2778"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}