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5 Things You Need To Know, Today, on Monday 18th October 2021
5. China’s economy likely grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks.
Data released today shows gross domestic product (GDP) grew 5.2% in July-September - the weakest pace since the third quarter of 2020 - weakening from 7.9% in the second quarter.
4. The cost to scam victims' well-being can be calculated at a monetary total of £9.3bn a year, according to the consumer group Which?
That is the equivalent of £2,509 a year for each victim, but the impact can be higher for someone hit by online fraud.
3. The number of businesses that failed in England and Wales last month was the largest since the Covid pandemic began.
Company insolvencies in September totalled 1,446, increasing from 1,349 in August and 56% higher than the same month last year, data from the Insolvency Service shows.
2. Chancellor Rishi Sunak is stepping up plans for an online sales tax to level the playing field between tech giants and high street retailers after delaying an overhaul of business rates.
Treasury officials have accelerated work on a new e-commerce tax and are examining the details of a potential levy, including what goods and services will be covered.
1. The governor of the Bank of England warned it “will have to act” to curb inflationary pressure, making no attempt to contradict financial market moves that have priced in the first interest rate increase before the end of the year.
Andrew Bailey said inflation in the UK had already risen and would rise further in ways that would warrant action to tame medium-term inflation.
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