Morning Round-Up: IFS warning, oil hits 2016 highs, small business confidence falls

Growth to slow, warns IFS

Growth in wages and living standards may slow, according to the Institute for Fiscal Studies, after the 2016 Budget showed a weaker than expected economic outlook.

The think tank warned that “we should all be worried”, adding that:

“This will lead to lower wages and living standards, not just lower tax revenues for the Treasury.”

Oil hits 2016 highs

Oil has hit its highest level of 2016, with sentiment continuing to rise on the hopes of a production output meeting.

Both Brent Crude and WTI Crude were up over $40 a barrel this morning, at $40.20 and $41.54 respectively (0955GMT).

Oil prices have surged over 50 percent from their rock bottom prices since major producers have tried to convene a meeting to curb output, despite the lack of participation from Iran.

UK small business confidence drops

Britain’s small businesses have declining confidence in the face of an economic slowdown, according to a survey by the Federation of Small Businesses.

Northern Irish and Scottish businesses were the most affected, showing the least confidence in the UK’s economy, with the FSB’s survey showing the first decline in job creation by small firms nationwide since mid-2013.

The Small Business Index, an alternative index measuring business prospects over the coming three months, fell to 8.6 in the first quarter from 28.7 a year ago.

Previous articleBank of England unanimous on rate stick at 0.5 percent
Next articleBoroughBox seeks investment to scale up artisan food distribution service