Twitter leads the news

It’s been a relatively quiet week as we enter the second big Bank Holiday weekend of the year.

There have been no major economic releases in the UK for the last several days.

Internationally we’ve seen inflation increase in Australia and hit 7.8% in Germany. EU-wide we’ve seen GDP figures slightly less than expected but still growing. This hasn’t been the case in the US where GDP contracted by -1.4% instead of the expected 1% growth.

The business news has been dominated by the fact that Elon Musk appears to be on track to take over Twitter.

In domestic affairs, we’ve seen a range of new scandals in Westminster be uncovered over the course of the week.

The Pound Sterling has had a terrible week against the Dollar now dropping well below the 1.30 mark permanently. (We’ve seen a slight improvement though today following the poor US GDP figures, but not enough to climb back over the 1.30 level).

Against the Euro, we saw virtually no change in the rate, being pretty flat all week.

A pairing that made news this week is the Yuan-Dollar, which saw the Dollar make enough of a gain to become newsworthy.

Another big story this week that made the news has been proposals for a new UK Bank Holiday, making this year’s Platinum Jubilee Bank Holiday permanent. This has been widely met with approval from all corners.

To end with a more fun story, the Guinness World Record for the world’s oldest dog has been broken! The new holder is the 21-year-old chihuahua TobyKeith from Florida who was born on 9 January 2001!

Previous updates...

GDP falls for the second quarter in a row.

GDP falls for the second quarter in a row.

This week has been considerably quieter economic data front, perhaps a relief given the volume of negative news recently. US inflation figures were released on Wednesday with consumer prices rising 8.5% in July, the rate of increase has been calmed slightly as fuel prices fell. No increase was recorded in

BoE Governor: Expect 13%+ Inflation and a Recession!

BoE Governor: Expect 13%+ Inflation and a Recession!

The key update of the week is that the Bank of England has increased its interest rate by 0.5%, the largest increase since the Bank’s operational independence in 1997.  The rate rise comes on the back of a dismal economic forecast by the BoE that forecasted inflation rates of 13%

Fears of recession loom as inflation spirals and confidence declines

Fears of recession loom as inflation spirals and confidence declines

This week has been dominated by the fears of a looming recession following the release of key GDP and confidence data. Significant news was released on Thursday when it emerged that the US economy shrank for a second consecutive quarter. This technical recession is due to a 0.9% GDP contraction

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