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The health of the UK economy is in focus this week, as Jeremy Hunt puts the finishing touches to tomorrow’s budget.
Hunt is expected to give motorists a £5bn pre-election tax break in tomorrow’s budget, by – once again – freezing fuel duty.
There are multiple reports this morning that the chancellor will extend the current 5p cut in fuel duty for another year.
Hunt is also expected to scrap an inflation-linked rise in duel duty – extending a freeze that began in 2011.
Another freeze would help motorists through the cost of living squeeze, at a time when motor fuel is rising at the fastest rate in five months. The Daily Mail says it’s a bid to show “the government is on the side of ordinary motorists”.
The new car market recorded its strongest February in 20 years, figures due this morning are expected to show.
The latest car registration figures from the Society of Motor Manufacturers and Traders (SMMT) are expected to show that new car sales rose more than 10% last month compared with February 2023.
The SMMT also reports that battery-powered electric vehicles had a market share of around 17% last month.
And UK retailers are warning this morning that they suffered a grim February, as bad weather drove shoppers from the high street.
UK retail sales increased by just 1.1% year on year in February, much slower than the 5.2% annual growth posted a year ago in February 2023, the British Retail Consortium reports this morning.
That suggests a significant drop in sales volumes, as inflation was 4% in January.
While food sales rose 6%, non-food sales decreased by 2.5% year on year as consumers continued to cut back on footwear, household appliances, furniture and clothing.
But there was a pick-up in demand for toys to entertain fractious children unable to go out and play last month.
China has set itself the ambitious target of growing its economy by 5% this year, as it battles the slowdown in its property sector, weak investor confidence and geopolitical worries.
The target was presented at the opening session of the National People’s Congress, where China’s premier, Li Qiang, spoke of the “challenges” facing China’s leaders. He cited the global economy and regional tensions as hurdles for China’s recovery, as well as domestic issues such as low consumer demand in a challenging labour market.
And bitcoin is getting closer to a record high of $69,000, as the rally in crypto assets continues.
Overnight, the world’s largest crypto asset jumped as high as $68,828, meaning it’s gained 60% this year – and 161% over the last six months.
The launch of various exchange-traded funds which track bitcoin have helped push its value higher this year, analysts say.
Gold is also in demand, with the spot price of bullion near a record high this morning at $2,117 per ounce.
The agenda
• 9am GMT: UK car sales for February
• 9am GMT: Eurozone services PMI for February
• 9.30am GMT: UK services PMI for February
• 10am GMT: Eurozone PPI index of producer price inflation
• 3pm GMT: US services PMI for February
We’ll be tracking all the main events throughout the day ... |
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