German economy rocked by first trade deficit in 30 years


It looks like the cost of living crisis still has a long way to go, as a record number of UK businesses are forecasting imminent price increases.

Almost two-thirds of businesses plan to raise prices over the next three months, according to the UK Chambers of Commerce. This rises to 80% in the retail, construction and manufacturing sectors.

Respondents raised concerns about rising energy prices, wage bills, fuel and raw material costs, while the BCC warned that “red lights were starting to flash” on its economic dashboard.

Meanwhile, a report by the Resolution Foundation found Britain’s poorest families had been ‘sharply exposed’ to the cost of living crisis after nearly two decades of stagnant incomes.

Adjusted for inflation, the disposable income of a typical household grew by only 0.7% per year in the 15 years before the Covid pandemic, while the poorest fifth of the population was only not better off at all.

5 things to start your day

1) Boris Johnson urged to back bid for factory at heart of UK food supply: Last-minute appeal to Boris Johnson to facilitate recovery of fertilizer plant before August shutdown

2) City banks challenge Brussels to win more than French rivals: British banks have made more profits than their French rivals for the first time since 2015, despite efforts by EU officials to move more jobs from London to the continent after Brexit.

3) Tesla Loses $440 Million as Elon Musk’s Bitcoin Bet Collapses: Automaker’s $1.5 Billion Investment Loses Value Amid Cryptocurrency Slump

4) The RAF’s flagship drone squadron has no drones: The RAF’s flagship drone test squadron does not own any drones and has not carried out any in-house tests with the unmanned craft in the two years of its existence.

5) Roger Bootle: Public sector pensioners will be the winners of this inflationary disaster

What happened overnight

Asian markets were mixed and oil fell as traders worried about a possible recession caused by central bank interest rate hikes aimed at tackling soaring inflation.

Hong Kong fell while Shanghai, Seoul, Taipei and Jakarta were also down.

However, Tokyo, Sydney, Singapore, Taipei and Wellington made progress.

coming today

Company : No scheduled updates

Economy: Producer price index (EU)

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