This week’s currency crisis has prompted a flood of overseas buyers seeking bargains
Property investors have been flocking to Turkey this week in a bid to grab houses and apartments that have in some cases dropped from £55,000 a month ago to below £37,000 now.
The highly-publicised collapse in the Turkish lira may have been a disaster for the country – and any British expat who bought there in the last two years – but it has been described as a bonanza for those holding US dollars, pounds or euros.
Retail volumes rose by 0.7% giving cheer to beleaguered high street merchants
England’s extended World Cup run and the summer sunshine gave an unexpected lift to retail sales in July on the back of a consumer splurge on supermarket food and drink.
Heavy discounting by clothing stores also brought shoppers back to the high street to reverse a decline in sales in June.
Maplin, Toys R Us and Jacques Vert have all collapsed in recent months, but a raft of retailers and restaurant groups are facing financial problems and are trying to close stores or negotiate rent cuts.
Anglo-Saxon capitalism’s drive to maximise profits in the short term won’t save the planet. Perhaps the Chinese model can?
This summer’s heatwave has provided a glimpse of the future, and it is not a pretty one. On current trends, the years to come will see rising temperatures, droughts, a fight to feed a growing population, and a race against time to reduce dependency on fossil fuels.
The struggle to combat climate change brings out the best and worst of capitalism. Decarbonisation of the economy requires alternatives for coal and cars that run on diesel, and that plays to capitalism’s strengths. Innovation is what capitalism is all about, and there has been staggeringly rapid progress in developing clean alternatives to coal, oil and gas. The cost of producing solar- and wind-powered electricity has collapsed. Great advances are also being made in battery technology, which is vital for the new generation of electricity-powered vehicles. Humans are endlessly creative. In the end, they will crack climate change.
Related: Extreme temperatures ‘especially likely for next four years’
Related: Climate change denial won’t even benefit oil companies soon | Phil McDuff
Higher costs at the pump add to squeeze on household incomes after months of falling wages growth
Higher fuel prices in July pushed up the rate of inflation for the first time this year to put an extra squeeze on household incomes following several months of falling wages growth.
The consumer prices index (CPI) rose at an annual rate of 2.5% last month after holding at 2.4% in the previous three months, following a steep rise in annual energy price growth from 8.7% in June to 9.3%.
Commuter and campaign groups call for freeze on train fare hikes following year of mass cancellations and strikes
Rail fares will increase by up to another 3.2% in January, the government has confirmed, with the cost of some season tickets to rise by hundreds of pounds.
The figure is below the 3.6% hike to regulated fares in January this year, the steepest in five years, but continues the trend of fare increases far outstripping average wage rises.
Studies have repeatedly found weekday commuter fares to be significantly higher in Britain than elsewhere in Europe.
Related: Top pay in UK up by 11% as workers’ wages fail to match inflation
Germany beats forecasts in the second quarter, outpacing the UK and France
The eurozone economy has shrugged off growing trade tensions to grow faster than previously estimated in the three months to the end of June, as Germany and the Netherlands beat expectations.
GDP growth in the eurozone was revised higher from 0.3% to 0.4% between April and June, matching the rate in the first quarter, said Eurostat, the EU’s statistical office. GDP was also up 0.4% in the 28 EU countries.
Jobless rate declines to 4% in the three months to June, the lowest since the winter of 1975
The UK unemployment rate has fallen to a 43-year-low but pay growth has slowed to the weakest rate in almost a year, according to official figures released on Tuesday.
The jobless rate fell to 4% in the three months to June, down from 4.2% in the previous quarter and the lowest since the three months to February 1975, said the Office for National Statistics.
Related: High street job losses mount with Homebase next in line for closures
Fears over emerging markets’ currencies ease slightly amid financial crisis in Turkey
The Turkish lira recovered some of its losses on Tuesday morning as India’s national currency became the latest focus of investors’ concerns over the strength of emerging economies.
With investors fretting that Turkey’s currency woes will spread, the rupee fell to 70.09 to the dollar. Traders in Mumbai reported that the Indian central bank may have stepped in to stabilise the currency after it fell through the 70-point mark for the first time.
Related: Turkish crisis: Indian rupee hits record low but lira recovers – business live
Related: Erdoğan’s high-risk path is surely leading Turkey to the IMF | Nils Pratley