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"Any views or opinions expressed in these blogs are solely those of the author and might not represent those of Access Credit Management Limited."

UK Taxes Could Rise by £60 Billion, According to Think-Tank

The IFS think-tank has published a report suggesting that a major income tax rise could be needed in the UK, to cover the extra public spending that the current crisis has caused. They calculate that a possible total of £60 billion needs to be generated.

What They Reported

The report pointed out that an income tax increase of 6p or 7p in every £1 earned by British workers may be needed. This would be to pay for additional public spending over the next five to six years, and to avoid new austerity measures being imposed.

Redundancies in the UK Gathering Pace

The latest figures suggest that redundancies in the UK are now at their highest level since 2009, as the crisis provoked for the coronavirus pandemic and subsequent lockdown begins to take its toll on the employment market.

A Look at the Numbers

Current data on this subject comes from the Office for National Statistics (ONS). They have confirmed that 156,000 people in the UK lost their jobs in the 3 months leading up to July this year. This was 48,000 more than were made redundant in the 3 quarters to May.

European Central Bank Keeps Historically Low Rates

The European Central Bank (ECB) has decided to leave Eurozone interest rates at the current levels and revised its 2021 forecast upwards, leading to an immediate reaction in the markets.

What Does This Mean?

This decision to keep interest rates unchanged means that the historically low headline rate of 0% remains in place. A negative rate of -0.5% will still be charged on deposits belonging to commercial banks, in an effort to encourage them to lend more money.

UK High Streets Remain Quiet as Businesses Struggle to Get Back to Normal

The UK’s return to work following lockdown continues to be worryingly slow. However, a report by the Office for National Statistics (ONS) confirmed that the number of people travelling to work has increased slightly in recent weeks.

The Latest Numbers

The ONS stated that 57% of British working adults travelled to their workplace in the days from 26 August to the 30th of that month. This was a modest increase from the 55% that made this trip a couple of weeks earlier, and a more significant jump from the 33% reported in May.

Factory Production Rises as Recovery from Lockdown Continues

The UK’s return to normal from the Covid-19 pandemic continues, with the latest signs of recovery coming from the manufacturing sector. In line with factories across the planet, British manufacturing firms saw their activity increase in August.

More Details

The numbers come from the UK manufacturing PMI update that was issued by Markit. They revealed a rise from 53.3 up to 55.2 in August. Any figure over 50 reflects growth in the sector.