Figures from the Organisation for Economic Co-operation and Development (OECD) suggest activity in the UK fell for a sixth straight month in July and at its steepest rate since June 2010.
The contraction, from 100.9 to 100.4 – a level not seen since the UK entered recession in 2009 – indicated the country is in a “slowdown”, the Telegraph reported. MORE
Banks will be given a time limit of seven days to switch a customer’s current account and must transfer direct debits and standing orders ‘seamlessly’, as part of reforms proposed by the Independent Commission on Banking, the Daily Mail reported. MORE
The Institute for Fiscal Studies has warned that the Chancellor’s austerity programme could cut the living standards of Britain’s families by more than 10% over the next three years as those on the lowest incomes suffer most from the tax increases and spending cuts, reported the Guardian. MORE
