We’ve just seen the latest employment change data for the UK this morning. It has revealed that the number of people in work grew by 74,000 in the three months to December 2022, which was well-above market expectations of a 40,000 rise.
According to senior Bank of England official, Jonathan Haskel, The UK has suffered a loss of £29bn (£1,000 per household) in business investment since the Brexit referendum in 2016.
Haskel said the UK’s private sector investment “stopped in its tracks” in the years following the country’s decision to quit the EU.
New reports from Britain’s biggest business lobby groups, BusinessLDN, the Federation of Small Businesses, Confederation of British Industry and the London Chambers of Commerce and Industry revealed that unemployment in the UK is at a multi decade low. It also showed that the ratio of vacancies to jobless people is currently at historic highs.
The groups warn that this “chronic worker shortage” is one that Chancellor Jeremy Hunt needs to address at the 15 March budget.
Developments in the Russia-Ukraine conflict continue as Russia reportedly send in more troops. According to Nato’s secretary general, Jens Stoltenberg, President Vladimir Putin is sending “thousands and thousands more troops”.
Stoltenberg added that Putin is accepting “a very high rate of casualties” while taking “big losses” but putting pressure on the Ukrainians.
In the UK’s stock markets London equities rallied on Monday. The benchmark FTSE 100 closed at a record peak of approximately 7,950 points, which was largely driven by gains in: consumer staples, industrials, and utility sectors.
On Monday the dollar index held near 103.5, close to levels not seen since the start of the year as investors cautiously await this afternoon’s Inflation data.
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