{"id":8162,"date":"2022-09-21T15:03:34","date_gmt":"2022-09-21T14:03:34","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/09\/21\/news-in-review-73\/"},"modified":"2022-09-21T15:23:53","modified_gmt":"2022-09-21T14:23:53","slug":"news-in-review-73","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/09\/21\/news-in-review-73\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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“<\/em><\/strong>With admiration we recall her lifelong sense of duty and\ndedication to her people<\/em><\/strong>“<\/em><\/strong><\/p>\n<\/div>\n\n

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The nation ground to a halt on Monday to\nobserve a <\/strong>Bank Holiday for Her Majesty Queen Elizabeth II\u2019s state funeral,\nrounding off an emotive period of mourning. <\/strong><\/p>\n<\/div>\n\n

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Attended by world leaders, foreign royal families, heads of state,\nforeign dignitaries and representatives from across the Commonwealth, opening the\nservice at Westminster Abbey, the Dean of Westminster delivered the\nbidding, \u201cWe gather from across the nation, from the Commonwealth, and from the\nnations of the world, to mourn our loss, to remember her long life of selfless\nservice\u2026 With gratitude we remember her unswerving commitment\u2026<\/em> With admiration we recall her lifelong sense of duty and\ndedication to her people.<\/em>“<\/em><\/p>\n<\/div>\n\n

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Members of The Royal Family, royal\nhousehold staff and representatives, remain in mourning until 26 September, seven\ndays after the funeral.<\/p>\n<\/div>\n\n

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Inflation\nrate moderates <\/strong><\/strong><\/p>\n<\/div>\n\n

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The Consumer Price Index (CPI) fell to\n9.9% in the 12 months to August 2022, down from 10.1% July, according to the\nOffice for National Statistics (ONS). Lower petrol prices were the main reason the pace\nof inflation eased slightly in August. Food prices continued to rise in the\nmonth, partially offsetting the fall in fuel prices. Although the rate was not\nas high as many economists had expected in August, there are warnings that CPI\nis likely to rise again later in 2022.<\/p>\n<\/div>\n\n

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The data also\noutlined that average wages, excluding bonuses, increased by 5.2% in the three\nmonths to July 2022, but with inflation taken into account, the real value of\nthat pay fell by 2.8%.<\/p>\n<\/div>\n\n

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With the same cost\nissues impacting countries worldwide, ONS has said that UK inflation is similar\nto the European Union average at present. <\/p>\n<\/div>\n\n

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It is\nwidely expected that the Bank of England will raise Bank Rate on Thursday by another 50 basis points, although it may opt for an even bigger move,\na Reuters poll of economists found.<\/p>\n<\/div>\n\n

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World Bank warning<\/strong><\/p>\n<\/div>\n\n

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Last Thursday, the World Bank issued\na press release warning of the risks of a global recession, with the Bank\ncautioning that leading central banks risk sending the global economy\ninto a \u2018devastating\u2019<\/em> recession next year if policymakers raise interest\nrates too high over the months ahead and stress financial markets. <\/strong>The\nWashington-based organisation called on monetary authorities in leading\neconomies to co-ordinate their actions to reduce the overall amount of\ntightening.<\/strong><\/p>\n<\/div>\n\n

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World\nBank Group President David Malpass commented, <\/strong>\u201cGlobal growth\nis slowing sharply, with further slowing likely as more countries fall into\nrecession. My deep concern is that these trends will persist, with long-lasting\nconsequences that are devastating for people in emerging market and developing\neconomies.\u201d<\/em> He continued, <\/strong>\u201cTo\nachieve low inflation rates, currency stability and faster growth, policymakers\ncould shift their focus from reducing consumption to boosting production.\nPolicies should seek to generate additional investment and improve productivity\nand capital allocation, which are critical for growth and poverty reduction.\u201d<\/em><\/p>\n<\/div>\n\n

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UK fiscal event <\/strong><\/strong><\/p>\n<\/div>\n\n

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The new Chancellor Kwasi Kwarteng will be\nmaking a fiscal statement on Friday 23 September. The government\nis expected to set out the estimated cost of plans to cap energy prices, as\nwell detailing tax cuts pledged by Prime Minister Liz Truss in a bid to boost\nthe economy.<\/p>\n<\/div>\n\n

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Retail sales \u2013 \u2018consumers are cutting back\u2019<\/em><\/strong><\/p>\n<\/div>\n\n

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New data\nfrom ONS shows that retail sales volumes decreased by 1.6% in August, a\ncontinuation of the downward trend which started in summer 2021. Sales across all retail sectors,\nincluding food, online, non-food, and fuel, reduced as households cut back in the\nface of rising prices. The volume reduction\nin August was the largest month-on-month decline since December last year. Although supermarket sales volumes also fell by\n0.9% in the month, tobacco and sales registered a 6.3% increase. In addition, department\nstores saw a large 2.7% drop in sales volumes, while sales in clothing shops\nfell by 0.6%. ONS noted, \u2018Feedback from\nretailers suggests that consumers are cutting back on spending because of\nincreased prices and affordability concerns.\u2019<\/em><\/p>\n<\/div>\n\n

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

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

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The value of investments can go down as well as up and you may not get\nback the full amount you invested. The past is not a guide to future\nperformance and past performance may not necessarily be repeated.<\/strong><\/strong><\/p>\n<\/div>\n\n

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All\ndetails are correct at time of writing (21 September 2022)<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

“With admiration we recall her lifelong sense of duty and dedication to her people“ The nation ground to a halt on Monday to observe a Bank Holiday for Her Majesty Queen Elizabeth II\u2019s state funeral, rounding off an emotive period of mourning. Attended by world leaders, foreign royal families, heads of state, foreign dignitaries and […]<\/p>\n","protected":false},"author":12,"featured_media":8164,"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\/8162"}],"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=8162"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8162\/revisions"}],"predecessor-version":[{"id":8163,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8162\/revisions\/8163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/8164"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=8162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=8162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=8162"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=8162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}