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The UK economy grew for a third month in a row in July as pubs, restaurants and other sectors reopened after the coronavirus lockdown, but it remained around 12% smaller than its pre-pandemic level.  After crashing by a record 20% in the second quarter, output expanded by 6.6% in July, slower than June’s monthly rate,…

Britain today said it had secured its first major post-Brexit trade agreement – a free trade deal with Japan – the day after bitter wranglings with the European Union.  The Department for International Trade said the deal will increase trade with Japan by some £15.2 billion.  The UK-Japan Comprehensive Economic Partnership Agreement was agreed in…

The euro zone economy declined by slightly less than initially estimated in the second quarter, but the drop was still the sharpest ever as consumer spending caved in due to Covid-19 restrictions.  Gross domestic product (GDP) fell by 11.8% from the previous quarter and by 14.7% year-on-year, data from the European statistics agency Eurostat showed…

Weaknesses have been identified in a number of credit unions as part of a supervisory analysis conducted by the Central Bank. The difficulties, found as part of the fourth Credit Union Supervisory Commentary Report, were found in a number of risk categories, including governance and credit underwriting. “We acknowledge that some credit unions have made…

The UK has demanded “more realism” from the European Union ahead of crucial post-Brexit trade talks, which get under way in London. However, the mood was soured by reports that the British government was looking to rewrite the Withdrawal Agreement that the two sides have already signed. British Prime Minister Boris Johnson’s chief negotiator David…

New figures from the Central Statistics Office show that the economy contracted by 6.1% during the second quarter of 2020 due to the impact of the Covid-19 restrictions – the biggest quarterly drop ever recorded. This means the economy is now in recession after an initial estimate that it expanded in the first quarter was…

Sterling fell to a 12-day low against the US dollar and the euro today as Brexit talks veered into fresh crisis after Britain threatened to undermine its European Union divorce deal.   The pound was down 1% at $1.3145, its lowest level since August 26, while against the euro, it touched a low of 89.90…

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar says he does not believe a free trade agreement can be reached if the UK does not honour the UK EU Withdrawal Agreement. Mr Varadkar said he hopes that proposed new Brexit-related Westminster legislation is simply “sabre rattling”, adding that  the strategy and behaviour of…

The euro zone’s recovery ran out of steam midway through the third quarter, with gauges of activity pointing to contractions in Italy and Spain. While manufacturing output rose markedly in August, the larger services sector saw only marginal growth, according to an IHS Markit report. Orders increased at a slower pace, job cuts continued and…

The amount of tax being collected by the State has continued to defy the scale of the pandemic economic crash but nowhere near enough to fund ballooning spending, new Exchequer data shows. The State recorded a deficit of €9.452bn for the nine months to the end of August as government spending dramatically outstrips income. Tax…