15 September 2017
Labour market figures confounded Project Fear predictions as the unemployment rate hit a stunning 42-year low with the UK on course to enjoy the highest employment rate in the western world; it was a good week for the City as a new survey once again put London at the top of the global financial industry as job volume in financial services surged and the value of assets managed in the UK was found to have increased by 20% in the last year; and even more large businesses affirmed their commitment to Brexit Britain as Dulux pledged £100m in investment for a new paint plant and Airbnb reported an 80% leap in visitors to Britain.
New labour market figures shocked Remainers again this week after endless warnings about a vote to leave the EU causing the loss of millions of jobs. In reality unemployment hit a huge 42-year low with 32.1 million Brits now in work and an unemployment rate of only 4.3%. That’s a rise of 181,000 over the last three months while the UK saw a 3.7% fall in the share of unemployed who had been seeking work for more than 12 months. Huge surges came from hospitality, IT and comms, and utility firms with only 8% of new jobs being part-time. 75.3% of the working age population are now in work, putting Britain on course to enjoy the highest employment rate in the western world.
The City continues to thrive despite continued impotent threats from desperate Remainers about a jobs exodus to mainland Europe. The Z/Yen global financial centres index saw London retain its leading role in global finance as New York fell. London’s performance saw the lowest decline of any city in the world’s top ten – highlighting how robust Britain’s world-leading financial services hub remains as we leave the European Union.
Jobs in the City also rose by almost a third in August compared to August 2016 too with the Robert Walters City Jobs Index showing a 31% surge in the number of professional jobs – up three percent on a month prior too. The UK has also seen a surge in the value of assets being managed here according to a new survey by the Investment Association. Their data shows a 20% rise from last year, up to a huge £6.9tn in assets being managed in the UK. The rise puts the UK in a strong second place behind the United States for global asset management. “The asset management industry has again experienced a year of strong growth confirming the UK’s place at the forefront of a competitive global market” said the IA’s chief executive Chris Cummings.
Meanwhile Dulux has become the latest major firm to reaffirm its commitment to Brexit Britain with a cutting edge £100m new plant opened in Northumberland. “The new facility is a commitment to the UK market, which is our strongest market in Europe. It’s a legacy” said Thierry Vanlacker, the firm’s new chief executive who has reassured thousands of British workers following American takeover bids.
Online giant Airbnb has delivered good news too by reporting an 81% increase in visitors to the UK over the last year to July – a shift caused in part by the fall in the value of sterling. The huge visitor numbers – now at 5.9m a year – generated £3.46bn for the British economy. “The UK continues to break records on Airbnb – both as a world-leading destination, and for the benefits that hosting generates for local families and their communities,” said Airbnb executive James McClure.
01 September 2017
UK manufacturing continued to boom with new data from Markit showing accelerating growth; consumer confidence rose despite Remoaner scaremongering; and Japan hailed its relationship with Brexit Britain as Nissan and Aston Martin delivered a powerful message of ongoing cooperation between the UK and the Asian powerhouse.
Manufacturing continues to thrive in Brexit Britain with the latest PMI data from Markit revealing accelerating growth – this time driven by domestic orders rather than booming exports, proving that the Brexit economic triumph isn’t only being driven by the value of sterling. The index rose from 55.3 in July to 56.9 in August, with any figure over 50 representing growth. It’s the second highest reading in more than three years, showing a remarkably healthy sector that has benefited tremendously from our push for national independence. Rob Dobson of the market research firm said that the figures “should help support on-going growth in the economy in the third quarter, which will add fuel to hawkish policymakers’ calls for higher interest rates”.
Consumer confidence has smashed expectations yet again despite the bitter noises of Remoaners, edging up in August by 2 points from the July reading of the GfK consumer confidence index. People’s opinions about their own personal financial situation have also improved over the last year, with a balance of plus 5 feeling positive about their own prospects. As Britain gets closer to the EU exit door, people are seeing the huge opportunities offered by Brexit and recognising the brighter future we have as a global trading nation.
This week gave people good reason to be optimistic about our future in world commerce too as Japanese premier Shinzo Abe reaffirmed his lasting commitment to the United Kingdom as the sclerotic European Union continues to delay a long-gestating trade agreement with the Asian giant. Abe said that he has “trust in the UK economy after Brexit. Even after Brexit, the UK will continue to be an attractive and compelling place for businesspeople, I am convinced of that.” The Japanese have also confirmed that they intend to strike a quick trade agreement with the UK using the negotiated terms of their upcoming EU trade pact as a basis – although intransigent Remainers continue to spin against Brexit Britain.
But the political talk was only one aspect of deepening commitment between the UK and Japan this week as Nissan vowed to increase production in its Sunderland plant radically, increasing output to a massive 600,000 per year. Nissan’s investment plans in the UK were attacked by bitter Remainers earlier this year when they alleged that it was the result of a dodgy deal between the automotive manufacturer and the British government. They’ll be hard pressed to continue that narrative after this £14m investment, pledged before the final shape of Brexit is known.
And iconic British automotive firm Aston Martin is getting involved too, announcing a huge £500m trade and investment partnership with Japan that will see more work for huge plants in Wales and Warwickshire while providing a model of global trading ambition to other British companies.
25 August 2017
Manufacturing exporters continued to enjoy the benefits of Brexit according to a new CBI poll and UK car production jumped 8% in July compared to a year prior; food exports also boomed over the first half of the year as Brexit drove a surge in US tourists visiting the UK; top economists reiterated the huge benefits that can be seized from Brexit despite establishment attempts to thwart the will of the people; and the myth of a City exodus was once again exposed as Deutsche Bank looks set to expand wealth management operations in the UK.
Exporters have been big beneficiaries of Brexit so far as global consumers look for British goods to make the most of the more competitive value of sterling. New data from the CBI shows a fifth of firms enjoying more orders than usual, producing a positive balance of 11% of firms benefiting from the Brexit boom. 42% of manufacturers have seen output up over the last quarter with 38% of firms expecting more increases over the next three months.
Car production has seen a big uptick too with an 8% rise in July compared to July 2016. That saw 136,000 cars being made in Britain’s factories in the month, with nearly 80% of cars heading for export. Brexit is putting Britain back to work.
British food exports are booming too, seeing a huge £10bn rise in the first half of this year. That’s a rise of 8.5%– which has set new records for the sector. Whisky, salmon, and beer are the top performers and the non-EU United States featured in the top three export destinations. Our trade relationship with America can only get more productive as we free ourselves from the protectionist EU and strike a major trade deal with President Trump.
But Americans aren’t only buying our produce. They’re also flocking to visit Brexit Britain in huge numbers due to our decision to leave the failing European Union. ONS figures have shown a massive 25% rise in North American visitors in the last six months compared to a year prior with 650,000 visits in June alone – up 35% on June 2016. “The vote to leave the EU has put the UK in the international spotlight, so there is definitely more awareness and more awareness leads to more trips” said a Visit Britain spokesman.
Top economists have come out this week to refute the scaremongering of the political elite, with Roger Bootle hailing the opportunity Britain has to become “unshackled from the EU and its destructive policies” and adding that “there is every chance that the UK will enjoy a faster rate of economic growth – faster than it enjoyed in the past while a member, and faster than the remaining members in the future”. It came on the same week that a report headed by Professor Patrick Minford said that a clean break from the EU – “economically much superior to soft” – could lead to a £135bn annual boost for the British economy by giving us the capacity to cut barriers. A radical suggestion, but Britain’s political elite seem incurious.
Deutsche Bank has become the latest bank to expose the myth of a City exodus, regardless of their public pronouncements on Brexit. They’ve announced this week that they are expanding their UK wealth management operations with Peter Hinder, the division’s EMEA head, admitting that “the UK or the London region is like a magnet for wealth”. He pointed to particular inflows from Asia, with a strong preference from wealthy clients for the English language and Anglo-Saxon law – factors which remain totally unaffected by Brexit.
11 August 2017
This week even Remoaner Bank of England governor Mark Carney admitted that the City could thrive after Brexit as Swiss private bank Julius Baer became the latest financial services group to back the UK by expanding operations in Brexit Britain. New research also highlighted the strong growth of the tech sector following our vote to leave the EU while a survey from the Bank of England showed how the new value of sterling has reoriented the UK economy away from dependence on consumer spending. Meanwhile starting salaries were found to be on the rise as firms continue to step up recruitment and the International Trade department moves to enhance trade ties with Asian economies.
Mark Carney has done much to undermine our dash for national independence, joining in with Project Fear scaremongering during the EU referendum and disgracing his office. But even he now admits that Britain’s financial services sector – which some have claimed is under threat from Brexit – can in fact thrive outside of the European Union. It now emerges that he last month told the Guardian that the sector could double in size in 25 years and become twenty times larger than current GDP. If even Carney is now admitting that Brexit may permit prosperity, people must finally be waking up to the nonsense spread by the Remain campaign.
And banks are waking up to the opportunities presented by Brexit too with private bank Julius Baer expanding operations in the UK with the opening of three new offices in Manchester, Leeds, and Glasgow. Yves Robert-Charrue hailed “the UK, with its deep pool of talent in financial services” and called it “a strategic location for investment and growth”.
Major accounting firm Moore Stephens has highlighted a huge boom in the value of tech firms on the Alternative Investment Market following our vote to quit the failing European Union. Their enterprise value has now reached £88.9m on average, up by a whopping 51% since we voted to leave the EU and up 21.3% this year alone. Yet another sector that is surging after our vote to leave, even though the so-called experts predicted economic catastrophe.
Meanwhile research from the Bank of England has confirmed speculation about the lasting consequences of the devaluation of sterling following the Brexit vote, highlighting the fact that it is ending our dependency on consumer spending for economic growth and reorienting the economy towards productive exports. Investment plans among manufacturers for the next year are stronger than they have been for over two years amid strong growth in global exports over the last year, spurred by increased demand due to the more competitive value of sterling.
Signs that the UK job market is reaching equilibrium are already starting to appear with wages rising at their fastest rate for 20 months, driven by a modest exodus of EU nationals and a fall in the number of overall job applications.
A report by Markit and the Recruitment and Employment Confederation shows a particular increase in the average starting salary for permanent jobs. The upward trend for workers is not limited to more qualified workers on long term contracts however, job agencies also reported the strongest rise in demand for staff over the past 23 months.
Encouragingly, the biggest upturns in permanent placements occurred in the Midlands and the North, while the weakest was in London, home to the highest concentration of foreign Labour, although hiring is still growing. This indicates a broader shift in Britain’s south-centric economy.
Britain is set to make the most of Brexit by striking comprehensive trade pacts with economic partners around the world. We’ve already heard of trips by Liam Fox and Boris Johnson to places like the United States, Japan, and Australia to lay the groundwork for post-Brexit arrangements that will enhance prosperity, and now International Trade Minister Mark Garnier is getting involved with a major visit to Malaysia and South Korea to boost trade and investment links. The talks will involve plans to deepen bonds in tech, education, and the automotive sector. Speaking ahead of his trip, Garnier said that “there is a wealth of opportunities out there and as an international economic department we are determined to help UK businesses seize these and make clear that the country is open for business”. Maybe Chancellor Hammond could learn from Mr Garnier’s enthusiasm for Brexit rather than trying to keep us chained to failed EU trade policy until 2022.