The pound has seen a slight dip against the euro this morning, after inflation dropped to 0.8%, far below the Bank of England’s target of 2%. The retail price index has also dropped to 0% month on month. According to the Office for National Statistics, the main drivers were a drop in petrol and diesel prices and energy bills.
Unemployment claimants have shot upwards, according to figures yesterday, rising to just over two million. With many more on furlough and concerns about the longevity of some jobs after the scheme ends, there are deep concerns over the impact of coronavirus.
Rolls Royce has just announced that it will cut 9,000 jobs, although it is not confirmed that they would all be in the UK. Nonetheless, it is not a positive sign, and comes on the heels of Rishi Sunak’s warnings yesterday that the UK faces a significant recession.
