Chancellor’s Spending Review focuses on providing further support to the economy and jobs in 2020/21 – EY ITEM Club comments
“The scale of the challenge facing the Chancellor to restore the public finances to a sustainable position over the medium term has been highlighted by the Office for Budget Responsibility (OBR) forecasts," says Howard Archer, chief economic advisor to the EY ITEM Club.
East of England set for boost as importance of UK health sector grows
The importance to UK growth of investment in the health and wellbeing sector, which includes Life Sciences, a key economic driver in the East of England, has increased against a backdrop of COVID-19 uncertainty and a shift in investor priorities, according to EY’s latest UK Attractiveness Survey, which tracks the UK’s appeal as a destination for foreign direct investment.
UK profit warnings hit an all-time annual high after only nine months
During the first three quarters of 2020, East of England listed businesses recorded an 86% increase in profit warnings, when compared to the same period last year, according to the latest EY quarterly analysis of UK profit warnings.
EY Cambridge appoints Carolyn Norfolk to lead growth in Indirect Tax across the East of England
EY has welcomed Associate Partner Carolyn Norfolk to its East of England Indirect Tax team, to lead growth in the function in the Cambridge office and the wider region.
UK economy recovering faster than expected, but much slower growth could be ahead, reveals latest EY ITEM Club forecast
The UK economy’s initial recovery from recession has been much faster than expected, according to the EY ITEM Club’s Autumn Forecast, but future growth prospects have been downgraded.
IPO activity starts to return to the London markets as the UK emerges from lockdown
After a quiet second quarter on the London Markets, there has been a resumption of IPO activity as both the Main Market and AIM have adapted to operating in a predominantly virtual environment as a result of Covid-19, according to EY’s latest market tracker IPO Eye.Pictured: Scott McCubbin, EY's IPO Leader
EY Cambridge office welcomes 18 new permanent graduate and apprentice hires
EY’s Cambridge office has increased its graduate and apprentice intake in 2020, welcoming 20% more new joiners this September, compared to last year.
CBI industrial trends survey signals manufacturing sector lacking momentum in September – EY comments
Despite the September CBI industrial trends survey, the EY ITEM Club believes that GDP growth in the third quarter is likely to be at least 15% up quarter-on-quarter as the economy benefited from reduced lockdown restrictions and the release of pent-up demand. However, it is increasingly evident that the fourth quarter will be more challenging for the UK economy.
UK economy starts third quarter on front foot with GDP growth of 6.6% month-on-month in July – EY ITEM Club comments
The UK economy started Q3 on the front foot with robust month-on-month GDP growth of 6.6% in July. This built on the economy’s increasing signs of recovery at the end of Q2.
Bank of England in ‘wait and see mode’ at August MPC meeting with no change in monetary policy – EY ITEM Club comments
As largely expected, the Bank of England sat tight on monetary policy at the August Monetary Policy Committee (MPC) meeting, with unanimous 9-0 votes for both keeping interest rates at 0.10% and the planned stock of asset purchases at £750 billion.
EY ITEM Club Briefing – Bank of England likely to be in 'wait and see' mode at August MPC meeting with no change in monetary policy
The EY ITEM Club expects the Bank of England to adopt a “wait and see” approach on the UK economy and that it will sit tight on monetary policy at the August meeting of the Monetary Policy Committee (MPC).
UK’s post-COVID economic recovery could take 18 months longer than expected, reveals latest EY ITEM Club forecast
The EY ITEM Club Summer Forecast has significantly downgraded the near-term economic outlook for the UK, with GDP now expected to contract by 11.5% over the course of 2020.
East of England sees four-fold year-on-year increase in profit warnings in H1 2020
The number of profit warnings issued by East of England listed businesses in the first half of 2020 (H1 2020) increased four-fold year-on-year, with 75% citing the impact of the COVID-19 pandemic, according to EY’s latest Profit Warnings report.
IPOs all but absent in Q2, but exiting issuers rushed to market to raise cash
The London markets may have felt the absence of new issuers in Q2 2020, but those already listed flocked to the market to raise capital amid the COVID-19 lockdown, according to EY’s latest market tracker IPO Eye.
EY comments on the Chancellor’s Economic Statement
Tax less, spend more – Stuart Wilkinson, EY’s Head of Tax in the East of England, comments on the Chancellor’s Economic Statement.
EY appoints Adrian Bennett to support growth across the East of England
EY has welcomed partner Adrian Bennett to its East of England assurance team, to help support growth in the Cambridge office and across the wider region.
Purchasing managers’ survey indicates UK economic activity stepped up further in June as lockdown restrictions eased – EY ITEM Club comments
EY ITEM Club comments on the June “flash” purchasing managers’ survey for the UK manufacturing and services sectors.
Record GDP contraction forecast for Q2 2020, but economic recovery in sight for next year, says EY
The EY ITEM Club has further downgraded its GDP forecast for the UK economy this year and is now predicting an 8% contraction for 2020 compared to the 6.8% fall it predicted in April.
Shops set for slow start on 15 June as seven out of 10 say they wouldn’t feel comfortable, EY report reveals
As the coronavirus lockdown starts to lift across the UK and with more retailers set to reopen in England on 15 June, the second EY Future Consumer Index reveals that consumers remain deeply cautious about returning to the shops.
Foreign Direct Investment in East of England grows 11% in 2019, EY reveals
The East of England recorded a 11% increase in FDI projects in 2019, from 36 to 40 in the last 12 months, according to the EY 2020 UK Attractiveness Survey which launched today.
UK economy contracts 2% quarter-on-quarter in Q1 2020 amid increasing restrictions
The UK economy took a significant downward turn in March with record monthly GDP contraction of 5.8% month-on-month. GDP contracted 2% quarter-on-quarter in the first quarter, the largest decline since the fourth quarter of 2008.
East of England records highest number of profit warnings in a quarter since 2005
Profit warnings issued by East of England-listed businesses reached a record-breaking high in the first three months of 2020 - higher than any previous quarter since 2005 - according to EY’s latest Profit Warnings report.
Early data shows limited deterioration in UK labour market in March – EY ITEM Club comments
Data from HMRC and ONS indicate that the UK labour market took a modest hit in March as economic activity became increasingly affected by coronavirus. Indeed, the reported deterioration was markedly less than expected, given the reports of many workers signing on to receive benefits. Howard Archer, chief economic advisor to the EY ITEM Club, comments.
After a promising start to the year, UK IPOs grind to a halt
The combination of a reduction in oil prices and the COVID-19 crisis has created the most turbulent market conditions since the financial crisis in 2008, severely impacting IPO activity, according to EY’s latest IPO tracker (EY IPO Eye).
Coronavirus prompts marked shift in UK households’ digital habits, EY study finds
COVID-19 is prompting a shift in UK households’ digital activity, a new EY survey reveals today. Due to the outbreak of coronavirus, many people are trying online services for the first time – video calling shows the largest uptick, with 18% of consumers trying this for the first time, ahead of online shopping (9%) and watching catch-up TV (9%).