economy

How has the furlough scheme changed for employers?

As of 1 September, employers who have put their staff on furlough now have to pay 10% of employee wages, while the government will pay the remaining 70%. This will then rise to 20% in October before it comes to an end on 31 October.

What does the recession mean and how does it compare to the 2008 financial crisis?

Last week, it was announced that the economy shrank by 20.4% between April and June compared with the first three months of the year. The decline caused by the COVID-19 pandemic officially pushed the UK into recession, the first time the UK has been in recession since 2009. A recession is defined as two successive quarters of decline in gross domestic product (GDP).

UK's factory orders fall at fastest pace since financial crisis of 2008

Manufacturing companies fear what the future holds as new British factory orders fall at their fastest pace since the financial crash ten years ago. According to the Confederation of British Industry, these conditions coincide with worries regarding Brexit and the global economy. 

A survey of 291 manufacturing firms was conducted, showing a decrease in optimism and the weakening of investment plans, which have both fallen at a fast rate since the Brexit referendum in 2016.