RISING CONFIDENCE AMONGST BUSINESSES AND CONSUMERS SET TO DRIVE ECONOMIC REBOUND

The economy is expected to rebound rapidly due to growth in confidence amongst businesses and consumers as the lockdown restrictions ease today (The Times, £). According to analysis by YouGov and the Centre for Economics and Business Research (CEBR), consumer confidence has risen to its highest level since August 2018 while a separate survey by BDO showed that job market optimism is at a three-month high. The CEBR has predicted that savers will unlock more than a quarter of £192 billion in lockdown savings this year, adding £50 billion to consumer spending, with £314 million expected to be spent this week alone (The Guardian).

Meanwhile, a quarterly poll by Deloitte of finance directors at leading UK businesses showed business confidence was at its highest level since the survey was launched 13 years ago (Sky News).

The reopening of more businesses could also prompt more visits to cash machines, with director of strategy at the ATM network Link, Graham Mott, saying ?people are visiting ATMs less often, but they?re taking out more on each visit and we may find that in the first couple of weeks? (Yahoo Finance).

DCPCU?S INVESTIGATION SEES SENTENCING OF HUSBAND AND WIFE FOR COMBINED TOTAL OF FIVE YEARS

A husband and wife from Chelsea, who conspired together to commit £87,897 of fraud have been sentenced at Inner London Crown Court. Mr Emmanuel Scotts, 53, was sentenced to four years in prison while Mrs Behnaz Scotts, 51, received a one year and eight months prison sentence suspended for two years. The married couple pleaded guilty to fraud by false representation and conspiracy to commit fraud following a successful investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking and cards industry.

The couple opened numerous bank accounts in different names, using fake identification and doctored documents which gave false impressions of their wealth. Mr Scotts falsely claimed to be a stockbroker while Mrs Scotts claimed she was a beautician, for which there was no evidence. A total of six fraudulent accounts were opened in different names, which the criminals then used to deposit foreign cheques, one of which was for £81,000. CCTV footage shows an individual using a debit card in the name of one of Mr Scotts? fraudulent accounts purchasing several Rolex watches, worth over £36,000, at luxury watch shops on Bond Street and Oxford Street. 

Detective Constable Martin Godsave, who investigated the case for the DCPCU, commented:

?This husband and wife wrongfully thought they could get away with funding their lifestyle by committing fraud.

?Fortunately, we were able to detect these fraudsters by working closely with the bank to bring them to justice.

?This sentencing is a warning to those who believe they can benefit financially from fraud that they will be caught and punished.?

Separately, The Sunday Times (£) reported on the DCPCU's work in targeting criminals behind smishing scams - scams in which text messages are sent containing links which attempt to harvest personal and financial information for fraudulent use. This year, the unit has successfully executed 99 search warrants and arrested over 50 individuals linked to smishing scams.

NEWS IN BRIEF

A cross-party group of MPs and business figures has set up an independent commission to look at how the UK's trade deals with the EU and the rest of the world could be improved (Financial Times, £).

Business secretary Kwasi Kwarteng has revised new UK legislation on foreign takeovers to help ensure the new rules do not deter overseas investors (The Times, £).

The Bank of England's holding of UK government debt - a total of £741 billion of gilts - has surpassed the amount held by overseas investors and pension and insurance companies, according to the UK's Debt Management Office (Financial Times, £).

According to the Post Office's cash tracker, personal cash deposits and withdrawals were up 22 per cent in March 2021 compared to the previous month, a record amount totalling £1.1 billion (Yahoo Finance).

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