3 Things You Need To Know (25/7/17)
Welcome to our daily update, where we summarise the key talking points from the last 24 hours.
1. Trump on UK trade deal
President Donald Trump has weighed in on Brexit, with a tweet stating “Working on major Trade Deal with the United Kingdom. Could be very big & exciting. JOBS! The E.U. is very protectionist with the U.S. STOP!”
He followed up with a tweet from the official @POTUS account, saying, “Our special relationship w/ UK is going to be even better. US Trade Representative & UK’s Liam Fox met today to begin new chapter for stronger trade!”
Fox, the UK’s Secretary Of State For International Trade, is in Washington DC to discuss a potential trade deal. Such a deal couldn’t be formally agreed upon until the Brexit process has been completed.
2. Household debt rising faster than incomes
Household debt is rising faster than incomes, Bank Of England financial stability director Adam Brazier has warned.
Car loans, credit cards, and personal loans have increased by 10% over the past year. However, household incomes have risen by just 1.5%.
“Lending standards can go from responsible to reckless very quickly,” Mr Brazier has warned.
3. Electric car will be built in Oxford
BMW will build their electric Mini in Oxford, with production starting in 2019. UK Business Secretary Greg Clark has said the announcement is a “vote of confidence” in Britain’s vehicle production industry.
He added that “UK car production hit a 10-year high last year, with 1.7 million cars made and over 800,000 people employed across the wider industry.”