Episode Details

MACRO & MICRO - WEDNESDAY 31ST JULY 2024

A daily podcast covering UK Macro & Micro News

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MACRO NEWS
"I think we will have to increase taxes in the Budget," Rachel Reeves told the News Agents podcast.

She was responding to a question about raising money following her claim on Monday that the previous government left a £22bn "hole" in the public finances.

Labour said repeatedly during the election campaign there would be no tax rises on "working people", but the Conservatives had insisted Labour would increase them.

Ms Reeves reiterated that the government would not raise VAT, national insurance or income tax, as promised in Labour's manifesto, but she did not rule out increasing inheritance tax, capital gains tax or pension reform.

£9BN OF THAT £22BN WAS THE WAGE INCREASES SHE AWARDED TO PUBLIC SECTOR WORKERS!

In the last financial year, to March 2024, the government borrowed £122.1bn. 

The most recent monthly figures show that borrowing was £14.5bn in June , £3.2bn less than in the same month last year. 

The national debt is currently about £2.7 trillion.
Business confidence rebounded sharply in July, a survey revealed, as firms felt a renewed sense of optimism about the UK’s economic prospects.

Overall business confidence jumped by nine points to 50 per cent this month, according to Lloyds’ Business Barometer.

The rebound in confidence during July brought business confidence back up to May’s level, which was the highest level since before the Brexit referendum.

Firms reported a much stronger outlook for their trading prospects, with 62% of businesses reporting stronger activity, up from 53 per cent in June.

Wider economic optimism, meanwhile, rebounded with 62% of respondents feeling more confident about the economy’s prospects. This was up from 55%.



The government is set to significantly raise the budget for this year's renewable energy auction, following calls from industry for more support.

Energy Secretary Ed Miliband will announce today that the budget will be increased to £1.5bn, up by £500m from last year.

The majority of the funding will be available to develop offshore wind power, which the Labour government says it wants to quadruple by 2030.


INTEREST RATE DECISION TOMORROW AT MIDDAY

The forecast is for a 25 basis point reduction bringing interest rates from 5.25% to 5%.

MICRO NEWS

COLEFAX GROUP #CFX, an international designer and distributor of furnishing fabrics & wallpapers and owns a leading interior decorating business. 

£52M

Preliminary Results for the year ended 30 April 2024

Sales increased by 2% to £107m (2023 - £105m) and by 4.8% on a constant currency basis

Pre-tax profit decreased by 10% to £7.7m (2023 - £8.5m) - mainly due to higher Fabric Division operating costs and a weaker US Dollar exchange rate

Share buyback returned £7.2m of surplus capital to shareholders in September 2023

Cash at 30 April 2024 of £17.8m (2023 - £19.8m)

Board is proposing a final dividend of 2.9p (2023 2.8p) making a total for the year of 5.6p (2023 - 5.4p)

Fadel Partners, Inc #FADL, the developer of cloud-based brand compliance and rights and royalty management software, provides a trading update for the six months ended 30 June 2024 (1H24).

£27M 

Half Year Trading Update
1H 24 Financial Highlights
Total revenue of $5.3M (1H23: $5.4M).
Recurring revenue declined 21% to $3.4m (1H23: $4.3m)
Adjusted EBITDA loss increased in 1H FY24 to $3.6M (1H FY23: 2.0M)
Cash and cash equivalents stood at $1.9m as of 30 June 2024.


Inspiration Healthcare Group #IHC, the global medical technology company, pioneering, specialist neonatal intensive care medical devices, announ