IMF PREDICTS UK ECONOMY TO GROW BY SEVEN PER CENT

The UK economy is set to recover much faster than expected from the pandemic and grow by seven per cent this year, according to the International Monetary Fund's (IMF) latest World Economic Outlook (The Telegraph). Its report predicts that the UK will have the joint fastest growth of the G7 countries, together with the US. The IMF has warned that economic disparities have emerged between rich and poor countries due to differing access to Covid-19 vaccines (BBC News).

RETAIL SALES MORE THAN DOUBLED SINCE 1989

Retail sales have more than doubled since 1989 and the sector now accounts for 5.2 per cent of the UK's Gross Domestic Product, according to new research by the Office for National Statistics (ONS) (The Times).

Separately, the Confederation of British Industry (CBI) found that retail sales were up 23 per cent in July 2021 compared to the same month last year (Daily Mail).

NEWS IN BRIEF

Overall hospitality footfall in the UK now stands at 80 per cent of pre-pandemic levels, according to analysis by Wireless Social (City AM). 

Ahead of the Bank of England's (BoE) policy announcement on inflation on 5 August, Reuters reports that the BoE is expected to keep its stimulus running at full speed next week.

Over two-thirds (68 per cent) of renters don't think they will ever be able to afford to buy a home, according to a report by Nationwide Building Society (Daily Mail).

Out of the 5,414 companies that applied for the government's SME Brexit support fund, 4,376 companies were offered grants of about £6.8 million, according to official data revealed by Labour MP Hilary Benn in a parliamentary question (Financial Times).

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Christopher Robinson, Partner, and Laura Feldman, Senior Associate (Barrister) from Freshfields discuss the FCA's recent ?Dear CEO letter? on weaknesses in AML frameworks.