NUMBER OF WORKERS ON FURLOUGH FALLS BELOW TWO MILLION

The number of people on the government's furlough scheme fell to 1.9 million at the end of June, down 590,000 compared to the month before, according to figures from HM Revenue & Customs (The Times). The chancellor Rishi Sunak said ?it's fantastic to see businesses across the UK open, employees returning to work and the numbers of furloughed jobs falling to their lowest levels since the scheme began.?

Separately, a newer survey from the Office for National Statistics estimates that between 1.1 million and 1.6 million workers are currently on furlough, around four to five per cent of the UK workforce (Sky News). The positive data, alongside figures showing that the number of people in hospital with Covid-19 fell for the first time since June yesterday, has led to government officials being optimistic about a strong recovery during the second half of this year, reports the Financial Times

MORTGAGE LENDING REACHES MONTHLY RECORD

Net mortgage borrowing reached £17.9 billion in June, the highest ever monthly level, ahead of the tapering of the stamp duty cut at the end of that month (Daily Telegraph). The Bank of England figures showed that mortgage lending in June was more than 50 per cent higher than the previous peak of £11.5 billion in March, the initial stamp duty holiday deadline. However new mortgage approvals during June fell to 81,300, the lowest figure since July 2020 (Reuters). Meanwhile the chief executive of the estate agent Foxtons has said that he expects the housing market boom to continue beyond the end of the holiday with the company seeing the busiest level of sales activity in five years (The Times).

NEWS IN BRIEF

The chancellor Rishi Sunak has asked the Office for Budget Responsibility to prepare new economic and fiscal forecasts ready for publication on 27 October (Reuters).

Companies listed in the UK announced a combined total of £7.2 billion in dividends and share buybacks yesterday amid easing concerns around the impact of Covid-19 (The Guardian).

An increase in staycations around Europe will have benefitted the UK tourism industry more than other countries, according to analysis by the Resolution Foundation thinktank, as Britain normally has a 'tourism trade deficit? of around £30.5 billion (Financial Times).

One in seven shops across the UK is currently empty following three years of continual rises in the vacancy rate, according to figures from the British Retail Consortium (Sky News).

There is more than £28 billion in old £5, £10, £20 and £50 notes that have yet to be exchanged for new ones, with £109 million in old pound coins unbanked, BBC News has found. 

LATEST BLOGS

Thalia Spittall from our Member Relations team outlines the key takeaways from a recent Chief Compliance Officer member network meeting on building diverse and inclusive cultures in financial services.