Thanks for tuning in. This week we look at manufacturing, where the UK unemployment crisis has left thousands of jobs unfilled.
Make UK, which represents the industry, estimates that there are 64,000 factory jobs available in the UK, costing the sector £6 billion in lost production.
Since the pandemic began, economic inactivity has skyrocketed, with the number of people who are not working or looking for work hitting an all-time high.
5 things to do to start your day
1) SNP rent controls make Scotland a ‘no go’ zone for investors | Concerns grow that Labour will roll out similar policies in England and Wales
2) Labour’s EU defence deal threatens UK sovereignty, Shapps warns | Party risks ceding key defense decision-making power and splitting NATO
3) Removing second child benefit cap would cost £3.4bn, IFS says | Nigel Farage supports scrapping policies encouraging Britons to have more children
Four) UK drivers pay the highest diesel prices in Europe | Drivers get ‘extremely unfavourable deal’ as supermarkets fail to pass on savings
Five) How Millay’s Argentina is riding the net-zero copper boom | President taps Andean treasure trove as mining giants compete for supplies
What happened overnight
Asian stock markets fell as mixed economic news from China highlighted the fragile state of the world’s second-largest economy’s recovery, while political uncertainty in Europe dampened risk appetite and put the euro on the defensive.
China’s blue chip stocks fell 0.2 percent after retail sales rose 3.7 percent in May, beating expectations, but industrial production and fixed asset investment both fell short of expectations.
Other data showed home prices fell at the fastest pace in a decade in May, highlighting continuing strains in the real estate sector.
The People’s Bank of China (PBOC) kept its one-year interest rate unchanged, partially negating expectations of a rate cut after unexpectedly weak bank lending data.
That led to cautious trading, with the MSCI Composite index of Asia Pacific stocks excluding Japan falling 0.2%.
Japan’s Nikkei stock average fell 1.9 percent as investors face a six-week wait to hear details of the Bank of Japan’s next monetary tightening measures.
