Rolling coverage of the latest economic and financial news
- Introduction: Car sales dropped last month, preliminary data shows
- UK labour crisis could last up to two years, CBI warns
The labour crisis could last for up to two years, Britain’s leading business lobby group has warned, as it called for ministers to take action on visas for foreign workers and stop “waiting for shortages to solve themselves”.
Amid the most severe labour crunch since the 1970s, the Confederation of British Industry (CBI) launched a broadside against the government, saying the UK’s economic recovery from the winter lockdown was being undermined by a lack of skills in key positions, with mounting risks that the problem would continue for some time.
“We need to simultaneously address short-term economic needs and long-term economic reform.”
“A refusal to deploy temporary and targeted interventions to enable economic recovery is self-defeating.
Related: UK labour crisis could last up to two years, CBI warns
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
UK car sales have dropped as the sector struggles with supply chain problems and staff shortages, and the pandemic weighs on the economy.
British new car registrations in August fell 22% year on year, preliminary industry data showed on Monday, with the sector still battling pandemic-related supply difficulties.
Over the first eight months of the year the market is up about 20% from 2020, the Society of Motor Manufacturers and Traders (SMMT) said, though numbers remain below pre-pandemic levels as the sector contends with semiconductor chip shortages caused by the coronavirus crisis.
UK new car sales fell 22% in August, preliminary data shows https://t.co/JdhjnrPvIK pic.twitter.com/lDOemjkQ20
Related: UK car production slumps to lowest June level in almost 70 years
Related: Volkswagen and Toyota face production cuts due to chip shortage
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