UK-based audit, tax and consulting firm among the largest in its sector
US consumer prices have fallen 0.4% in June, pulling annual CPI down to 3.5% after a 4.2% rate in May. The monthly decline has been driven by a 5.7% drop in energy and a near 10% fall in gasoline; core inflation excluding food and energy remains sticky at 2.6% year‑on‑year. Rising oil prices since July threaten the relief.
The ONS has shown wage growth in the private sector has slipped below 3% for the first time since 2020, with three-month vacancies dropping to 712,000. Unemployment remains at 4.9%, payroll numbers fall slightly, and market signals suggest softening conditions ahead as pay growth in the public sector keeps overall earnings above inflation.
The Office for National Statistics has shown March inflation at 3.3%, driven by higher motor fuel prices and air travel costs. Analysts expect energy bills to rise later this year amid geopolitical tensions, while clothing costs have eased. Next month’s data may reflect changes in the energy price cap and further shifts in transport pricing.
The UK has reported a lower-than-expected public sector deficit of £132 billion for the year to March, driven by higher tax receipts. However, ongoing conflicts in the Middle East are expected to increase borrowing costs and reduce fiscal space, threatening future economic stability.
Official data show the UK unemployment rate has risen to 5% in the three months to March, with pay growth slowing to 3.4% and a sharp 100,000 fall in payroll employees in April. Vacancies have dropped to a five-year low as firms in retail and hospitality curb hiring amid economic and geopolitical uncertainty linked to the Iran war and rising energy costs.
China's official manufacturing PMI has edged into expansion at 50.3 in June from May's 50.0, with improvements in new orders and production. Export demand remains a key engine, while domestic consumption shows caution amid a prolonged property downturn. Analysts expect policy support to sustain momentum.
EY and Scottish authorities report Scotland as the UK’s top destination for foreign direct investment outside London for the 11th year in a row, despite a dip in total projects in 2025. Edinburgh leads cities for FDI, with strong talent, infrastructure and sector strengths underpinning investor confidence amid a slower global environment.