As part of the new UK budget, Rishi Sunak, Chancellor of the Exchequer, announced temporary tax deduction on Wednesday. Companies can temporarily deduct 130% of their investment costs from their taxes. Hopefully, in this way lagging British investment can be boosted. “We need an investment-led recovery,” said Sunak. In addition, corporate tax will go from 19% to 25% in 2023 to recoup some of the crisis expenditure.
Based on figures from Statistics Netherlands (CBS), the number of unemployed young people has increased. In the fourth quarter of 2020, the number of unemployed young people was 36,000 higher compared to the fourth quarter of 2019. Before the corona crisis, there was a constant increase in the labor participation of young people between the ages of 15 and 25 for many years. In the second quarter, the labor participation rate among young people fell from almost 66% to 60%.
In the past year, the amount of electricity produced in 2020 and the amount of green electricity in the Netherlands reached all-time highs. This is evident from figures from Statistics Netherlands (CBS). In 2020 about 60% of the electricity production came from gas-fired power stations, and more than 26% was generated by solar and wind. Power production from coal has halved in the past year, while the production of electricity from renewable sources has increased by more than 40%.
The 6M Euribor decreased with 1 basis point to -0.52% compared to previous business day. The 10Y Swap increased with 6 basis points to 0.02% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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