Bank does nothing (for now)

The 1-minute read to get the money news you need with expert adviser commentary.

Rates hold steady

The Bank of England (BoE) has kept the base interest rate at 0.1% and decided against doing any more quantitative easing. It’s doing nothing (for now) because the UK’s economic recovery is going well. However, it might consider taking action, such as introducing a negative interest rate, if the situation goes downhill. What could take us there? Potentially, a double whammy of a second wave of coronavirus plus a no-deal Brexit.

Two thirds back at work

The trains are getting busier again: 63% of people commuted to work last week, according to the Office for National Statistics. 10% of the workforce is still furloughed, and the rest are working remotely. The government has been trying to encourage workers back to city centres, fearing for businesses that sell stuff to office workers.

Homebuying bidding wars

Northern England and Scotland are seeing hot competition for homes, with interested buyers bidding against each other*. In cities like Sheffield and Glasgow, more than half of properties have had offers from 3 or more buyers.

Retail’s sailing

Shops are doing a roaring trade in DIY supplies and household goods, with overall retail sales now 4% higher than pre-pandemic levels. Sales rose 0.8% between July and August - their fourth consecutive month of growth. It’s still online sales that are taking the lion’s share though, with high streets feeling the pinch.

Wiki wins

Small towns and cities can boost their tourism takings by £100,000 a year, just by updating their Wikipedia page. Researchers found that cities could boost the number of nights people stay by 9%, just by adding just two paragraphs of text and a photo.