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UK consumer confidence improved in November despite rising inflation, which eased some economists’ concerns about the rebound in spending ahead of Black Friday and Christmas.
The UK consumer confidence index, a closely watched measure of how people assess the state of their personal finances and economic prospects, rose 3 points to minus 14 points in November, according to research firm GfK.
The reading is based on data collected between November 1st and November 12th. It outpaced the decline to minus 18 forecast by Reuters polls and improved expectations for consumer spending for Black Friday and Christmas, despite a sharp spike in inflation in the past few months.
The assessment of the population’s personal financial situation for the coming year has also risen slightly, which may be due to a lively labor market with record vacancies.
How optimistic are you about your personal finances and the economy? Why? Let us know what you think firstname.lastname@example.org. Thanks for reading FirstFT Europe / Africa – Jennifer
Five more stories on the news
1. Turkey defies warnings and cuts interest rates The country cut interest rates yesterday, causing the lira to drop as much as 6 percent to a record low and growing concerns that President Recep Tayyip Erdogan’s fixation on low borrowing costs will exacerbate already acute inflation.
2. British Justice Minister invested in controversial tax regime Lord David Wolfson QC invested in 2011 in a program that provided £ 134 million in tax allowances for investors who paid £ 79 million to build two data centers which are now the subject of active legal disputes with tax authorities.
3. US states investigate Instagram’s attack on teenagers At least nine states are investigating whether Facebook is violating state consumer protection laws and “putting the public at risk” by promoting the app to young people, “even though they know that such use is associated with physical and mental health problems,” said Maura Healey , Massachusetts Attorney General.
4. Biden is considering diplomatic boycott of the Winter Olympics in China The US president said a diplomatic boycott was “something we are considering” to add new tension to US-China relations just days after his virtual meeting with Chinese leader Xi Jinping.
Related read: Tennis star Peng Shuai’s disappearance after accusing a former Chinese vice premier of sexual misconduct shook the sports elite just three months before the Winter Olympics.
5. The pledges of COP26 emissions targets need to be scrutinized Major polluting nations have expressed doubts as to whether they would raise their emissions targets next year after agreeing at the Glasgow climate summit to “reconsider and strengthen” them in line with the Paris Agreement.
Germany is one of several European countries that are introducing new restrictions to combat a fourth wave of infections.
The number of new infections in the United Kingdom is falling, but a leading scientist has predicted the effects of the disease will linger for five more years. Regardless, the national spending watchdog has said Downing Street failed to respond to warnings issued as part of pandemic simulation exercises leading up to Covid-19.
Two studies showing high levels of Covid-19 infection in wild game in the United States have re-raised concerns about the spread of the virus Animal populations.
America’s largest retailer According to new data, surviving the storm in the supply chain while smaller competitors struggle to secure supplies.
Video: The FT goes in Gloucestershire Hospitals NHS Trust to see how the UK healthcare system learned to work in new ways during the pandemic.
Read today’s Provision of a special report in health care on how the coronavirus pandemic has brought down the world’s health systems and watch a video how hospitals have learned to work in new ways.
The next days
Frankfurt European Banking Congress 2021 The President of the European Central Bank, Christine Lagarde, speaks today at the 31st Frankfurt Banking Conference.
Parliamentary elections in Chile Voters will vote on Sunday to determine the nation’s new leader. In the last opinion poll before the elections, the conservative candidate José Antonio Kast remains in the lead, followed by the left-wing candidate Gabriel Boric. (Reuters)
Visit us from December 7th to 9th in the Global Boardroom to discuss the challenge of building sustainable growth in a world changed by the crisis. Hear from over 100 influential executives, including Faryar Shirzad, Coinbase’s Chief Policy Officer. Register for free here today.
What else we read
How the valuation gap in the markets can be bridged To understand why market participants see different views of young, growth-oriented companies, we need to look at what they have in common, writes Aswath Damodaran, professor at New York University’s Stern School of Business.
What parking tickets tell us about political corruption Corruption is a function of many things, from political incentives to culture. Park illegally while hiding behind diplomatic immunity, as more than a few New York City consulate officers did between 1997 and 2002. Likewise, UK Prime Minister Boris Johnson has a long history of breaking parliamentary rules.
Crypto in the classroom At a time when trading apps have made investing cool and cryptocurrencies have frenzied the untrained teenage mind, understanding money is more important than ever for college students. Lucy Kelaway explores some of the ways we can turn children into financially literate adults.
Can feelings of guilt help bankers change for the better? Should Financiers Feel Guilty? Would that make the world of money safer? These questions have surfaced since the 2008 financial crisis, and now the New York Federal Reserve is researching the subject in a forward-looking – and geeky – way.
A cup of tea needs a spoonful of sophistication The British are supposed to love little more than a cup of tea, but that affection is not shared by Unilever. The sale of some of the world’s largest tea brands valued at 4.5 billion euros shows how unsentimental companies can be. It also begs a disturbing question: is black tea brewed in a teapot and served with milk becoming a relic?
Thank you to the readers who took our survey yesterday. 67 percent of you thought the US-China nuclear “stability talks” would not be successful.
We asked FT readers to share and recommend what they read – and here’s what they told us, from John le Carré’s swan song to a moving novel about lost identity and poverty after the Algerian War of Independence.
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