Time for a recap
The chief economist of the Bank of England has warned that the UK property market is “on fire”.
Andy Haldane said government tax breaks for home buyers and increased demand from wealthier households with more savings following coronavirus lockdowns were pushing up prices and predicting they would worsen inequality.
Haldane said at a virtual conference on inequalities hosted by the University of Glasgow.
“As it stands, the UK housing market is on fire”,
“There is a significant imbalance between the nascent demand and the available supply of housing, and because the laws of economic gravity have not been suspended, the result is a fairly sharp increase in house prices.”
The number of job vacancies in U.S. companies hit an all-time high, with around 9.3 million job vacancies in April. The proportion of people leaving their jobs, perhaps for a better-paying opportunity elsewhere, has also reached record levels.
The World Bank has raised its forecast for global growth this year to 5.6% this year, but has warned that vaccine inequality means poorer countries are lagging behind.
Massive internet blackout affected websites including the Guardian, the UK government’s website gov.uk, Amazon and Reddit, leaving some sites inaccessible for more than an hour Tuesday morning.
Shares of Fastly, the source of the problem, have jumped 7% since the issue was resolved, highlighting the crucial role of its content delivery network service (when it works, anyway)
German factories suffered a surprise drop in production, due to the shortage of key components such as computer chips and the impact of the closure of the Suez Canal.
Cryptocurrencies fell sharply, with bitcoin dropping to around $ 32,000.
the London Metal Exchange, the last remaining in-person trading floor in Europe, will reopen on September 6 after its management decided not to permanently close the trading ring, which has been operating since 1877.
Experts have warned that U.S. tech companies, including Google, Amazon and Facebook, could pay lower taxes in the UK and several other major economies as part of global reforms agreed to by the G7 over the weekend.
In a key stumbling block emerging days after the landmark deal, research by campaign group TaxWatch indicates the UK Treasury stands to lose around £ 230million in taxes paid annually by four of America’s big tech companies.
Here are some more stories from today:
Good evening. GW