Shutterstock/winuiThe pandemic has placed enormous pressure on sport. Major competitions and events have taken place without supporters and fans, and vital sponsorship budgets have been drastically cut.
Lockdown ended on 19 July; the furlough will end on 30 September. The economy is set to reach its pre-pandemic activity level, but the Bank of England’s extreme monetary accommodation appears to go on forever. It is past time for the Bank to act to bolster its credibility and to act to avoid un-anchoring inflation expectations.
Our recently published Global Economic Outlook included an upward revision to our projections for global GDP growth this year and next. Across countries, however, there is considerable divergence in the projected dates at which they will recover their pre-pandemic GDP levels. Output has already recovered its level from before the pandemic struck in China and the US. But the US is the only one of the G7 economies to have achieved that so far.
When problems with food shortages in the UK first started making headlines over the summer, the government played down the seriousness of the situation. It said that the UK had a “robust and resilient food supply chain”, referring to “isolated incidences” of problems within the system.
CPI inflation rose by a large amount (1.2%) and is now at 3.2%. Part of this increase was due to the “base effect” of the 0.4% fall in inflation last year (July-August 2020) dropping out of annual inflation. The fall in July-August 2020 reflected the Eat out to Help out Scheme and the reduction in VAT for the hospitality sector. However, in addition to this was a very large element of new inflation, with prices rising by 0.7% between July and August.
Is this you?
The prodigal son returns. In the last few days of a frenzied football transfer window, Manchester United pulled off a dream signing, welcoming Cristiano Ronaldo back to his former club.
Excitement over his return to the Premier League is high – and with good reason. There are only a handful of sports stars on the planet who can generate this kind of global interest.