Weekly Digest – 19 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK quarterly economic outlook

The UK economy has turned a corner and is on the road to recovery and whatever the result of the July general election it is unlikely to change that positive direction.

Forecasting the future of procurement

Predictive procurement allows organisations to more accurately forecast demand, enabling them to devise smart business buying strategies and reduce supply chain risk.

Growth in UK’s economy stalls in April according to official figures

The UK’s economy failed to grow in April due to a fall in consumer spending. The Office for National Statistics (ONS) said there was no growth for the month, which was in line with many economists’ predictions.

Next government must prioritise tackling rising economic inactivity

Commenting on the release of labour market statistics that showed an increase in the economic inactivity rate in the three months to May 2024, Alexandra Hall-Chen, Principal Policy Advisor for Employment at the Institute of Directors, said: “Employers across the country will welcome further signs that the labour market is cooling, but accessing skills remains a headache for many businesses.

Wet weather causes UK economy to stall

GDP showed no growth in April 2024, despite a 0.4 per cent growth the month before, data from the Office of National Statistics revealed. According to the ONS, the lack of growth could be attributed to the wet weather that affected consumer spending.

Asking prices for UK houses stagnate in June

Asking prices for British homes coming to the market were flat this month, adding to signs of a recent cooling off in the housing market upswing, a survey from property market website Rightmove showed on Monday.

Scotland ‘standout performer’ in UK economy

Scotland was a “standout” performer among the UK nations and regions with its private sector economic growth in May accelerating to the fastest pace in two years, a key survey has found. The strong showing is revealed in the latest PMI (purchasing managers’ index) report from Royal Bank of Scotland, which was published on Monday.

Bank of England set to hold rates to avoid ‘rocking the boat’ pre-election

Hopes that the Bank of England could start cutting interest rates this month could be dashed as experts expect policymakers not to “rock the boat” in the run-up to the General Election.

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