UK CONSUMER CONFIDENCE FALLS TO LOWEST LEVEL SINCE RECORDS BEGAN

Consumer confidence, as measured by research company GfK, fell by two percentage points in May to its lowest level since records began in 1974. The GfK survey measures how people view their personal finances and the wider economic prospects (Financial Times). Almost all confidence measures tracked in the survey fell in May and the overall index figure fell just below the previous record low recorded in July 2008. Joe Staton, client strategy director at GfK, said: “This means consumer confidence is now weaker than in the darkest days of the global banking crisis, the impact of Brexit on the economy, or the Covid shutdown (Guardian).”

ECB CALLS FOR BANKS TO MOVE MORE STAFF INTO THE EUROZONE

Investment banks may have to move employees from London to other continental European cities as part of work by the European Central Bank (ECB) under its desk-mapping exercise (The Times). Andrea Enria, head of supervision at the ECB, posted a blog on the issue saying empty shell trading desks were a concern. He also said the ECB had identified the 56 most material desks and would require various banks to increase their presence in the Eurozone (Financial Times).

NEWS IN BRIEF

The Times reports that the government is considering investing billions to upgrade the energy efficiency performance of lower-valued homes. This follows recommendations made in the latest report from the Building Back Britain Commission which calls for significant government spending in this area.

Supermarket chain Iceland has announced it will offer those aged over 60 a ten per cent discount on their shopping every Tuesday in response to the cost of living challenge (BBC News).

Rishi Sunak and his wife Akshata Murty are in the latest Sunday Times Rich List, making him the first frontline politician to be included. The couple’s wealth is estimated to be £730 million, putting them at joint number 222 in the overall list (The Times).

The Financial Times reports that the City of London wants to stage more outdoor music and arts festivals in response to changing usage following the pandemic.