The pound is struggling to recover from lows against the dollar amid rampant inflation and fears that a recession is looming.
Early on Tuesday, sterling rose 0.08 per cent to $1.17145, continuing a partial recovery from an almost two-and-a-half year low of $1.16495 reached on Monday.
That remains close to its lowest level since March 2020, and there was minimal change against the euro at 85.4 pence.
Goldman Sachs said on Monday it expected the UK economy go into recession later this year, with the risk that it could turn out to be a deep contraction as energy costs soar.
The UK’s gross domestic product is expected to fall by about 1 per cent through to the middle of 2023, Goldman Sachs said.
The country is reeling from inflation at a 40-year high — at 10.1 per cent and rising — and an 80 per cent rise in the country’s energy price cap announced last week.
The cost-of-living crisis has led to demands for more pay in numerous sectors, with train drivers, airport staff, refuse workers and criminal lawyers going on strike.
Earlier this month the Bank of England announced its biggest interest-rate increase in 27 years. It also said the UK was heading for more than a year of recession under the weight of inflation.
Inflation could exceed 20 per cent early next year, Goldman Sachs warned.
“In a scenario where gas prices remain elevated at current levels, we would expect the price cap to increase by over 80 per cent in January [versus 19 per cent assumed in our baseline],” Goldman economists said.
“[This] would imply headline inflation peaking at 22.4 per cent, well above our baseline forecast of 14.8 per cent.”
Britain's FTSE 100 reversed early losses on Tuesday, as banks and energy stocks bounced back after a rough sell-off in the blue-chip index last week.
The FTSE 100 index was up 0.6 per cent at 0801 GMT, and on track for its best performance in a month.
UK markets were closed on Monday for the August bank holiday and are playing catch-up with European and US markets.
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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