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Almost three-quarters of ophthalmologists surveyed said that outsourcing of cataracts to the private sector had a negative impact on their NHS eye care departments, with 54% flagging a large negative impact and 16% a small one.
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The survey of 200 eye doctors by the Centre for Health and the Public Interest (CHPI), shared with the Guardian, came after Wes Streeting, the new health secretary, pledged to divert billions of pounds from hospitals to GPs to “fix the front door to the NHS” and met junior doctors on Tuesday to try to end a long-running pay dispute.
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Nearly 60% of the ophthalmologists polled said outsourcing had a negative impact on NHS staffing, 62% said the same for staff training, and 46% said it harmed the ability of public eye care departments to treat patients with more complex conditions. Issues raised about staffing included the loss of consultants, nurses and optometrists to the private sector.
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Oil prices have fallen as the impact from Hurricane Beryl faded and inflation data highlighted weak consumer demand in China, the world’s biggest importer of crude.
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Brent crude, the global benchmark, dropped by 50 cents, or 0.6%, to $84.15 a barrel while US West Texas Intermediate crude slipped by 0.5% to $80.99 a barrel.
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There are signs that the Texas energy industry was little affected by Hurricane Beryl after it swept through the region on Monday, easing concerns over oil supply.
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Suvro Sarkar, DBS Bank’s energy sector team lead, told Reuters:
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Hurricane Beryl blowing over seems to be the biggest driver for the time being and an opportunity for traders to lock in some profits after a bullish run over the last two weeks.
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The latest inflation figures from China showed annual consumer price inflation dipped to 0.2% in June from 0.3% in May despite Beijing’s measures to revive consumer demand.
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Brent Falls After China Inflation Data
Brent crude futures dropped towards $84 per barrel on Wednesday, erasing earlier gains, as traders digested recent inflation data from China, the largest crude importer. Ch…
More here: https://t.co/NfyOcailXE pic.twitter.com/KkiFRFifuT
— TRADING ECONOMICS (@tEconomics) July 10, 2024
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
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Britons are cutting back on DIY and households goods purchases, but are splashing out on one-off treats such as holidays and days out, according to a report from TSB entitled How Britain spends.
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There was a 9.2% increase in spending with airline and travel companies between January and June compared with a year earlier.
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People spent more on entertainment such as concerts, theme parks, going to the cinema and theatre (up 5.1%), with spending on amusement parks jumping by 20.2%.
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Spending in pubs is also up, by 7.2% — driven by spending over Easter and the May Bank holidays rather than during the euro tournament, as spending in pubs fell by 2.5% in June compared to May.
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As people try to manage their household costs, many are shelving renovations or home improvement projects, with overall spending on DIY, electrical and furniture falling by 15.5%. They also spent less on new clothes, down 4%.
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As food price growth has slowed, supermarket spending has risen by 3.4%.
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The report, a six-monthly analysis of TSB debit card transactions, shows consumers spent £9.5bn in the first half of the year. While this is up 1.7% compared to the same period in 2023, it is lower than the rate of inflation of 2%.
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Delphine Emenyonu, head of loans and credit cards at TSB said:
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While many household budgets are under pressure, consumers are remaining optimistic – with many prioritising spend on treats such as holidays and entertainment.
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Consumers are feeling more confident about their finances, and with a potential interest rate cut later in August, we may see increased spending levels in the second half of the year.
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In China, consumer prices grew for a fifth month in June, but less than expected, while producer price deflation persisted, with domestic demand in slow recovery mode despite Beijing’s support measures.
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The Chinese government has sought to revive consumer demand following a lacklustre post-Covid recovery but people remain worried about the housing downturn and job insecurity.
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The consumer price index rose 0.2% in June from a year earlier, compared with a 0.3% rise in May, according to the National Bureau of Statistics. Economists had expected an annual rate of 0.4%. Food prices fell by 2.1% year on year despite supply disruptions caused by poor summer weather.
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Zhiwei Zhang, chief economist at Pinpoint Asset Management, said
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The risk of deflation has not faded in China. Domestic demand remains weak.
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The producer price index fell by 0.8% in June from a year earlier following May’s 1.4% decline.
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Asian shares remained close to two-year highs hit at the start of the week. Japan’s Nikkei rose 0.6% while Hong Kong’s Hang Seng slipped by 0.1% and the Shanghai market fell by 0.57%.
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Stocks have rallied on the back of growing expectations that the US Federal Reserve could start cutting interest rates soon, with Fed chair Jerome Powell saying yesterday that the US is “no longer an overheated economy”.
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The Agenda
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2.30pm BST: Bank of England chief economist Huw Pill speaks
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3pm BST: US Federal Reserve chair Jerome Powell speaks
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4.30pm BST: BOE policymaker Catherine Mann speaks on a panel at Manchester Business School
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Important Events
Ophthalmologists say private cataract surgery is hurting the NHS
The survey found that the majority of eye surgeons in England believe that the increase in the outsourcing of cataract surgery to private clinics in recent years has had a negative impact on the NHS sector.
Almost three-quarters of eye doctors surveyed said that outsourcing cataract treatment to the private sector has had a negative impact on the NHS eye care sector, with 54% saying it had a big negative impact and 16% saying it had a small negative impact.
In a survey of 200 ophthalmologists, Center for Health and Public Interest (CHPI)The comments came after new Health Secretary Wes Streeting promised to redirect billions of pounds from hospitals to GPs to “improve the doorstep of the NHS” and met with junior doctors on Tuesday in an attempt to end a long-running pay dispute, The Guardian reported.
Nearly 60% of eye doctors surveyed said that outsourcing had a negative impact on NHS staffing, 62% said it had the same impact on staff training, and 46% said that outsourcing had undermined the public eye sector’s ability to treat patients with more complex conditions. Issues raised regarding staffing included the movement of consultants, nurses and optometrists to the private sector.
Oil prices fall as U.S. Gulf supply concerns ease and Chinese inflation weakens
Oil prices fell as the effects of Hurricane Beryl faded and inflation data highlighted weak consumer demand in China, the world’s biggest oil importer.
Brent crude, the global benchmark, fell 50 cents, or 0.6 percent, to $84.15 a barrel, while U.S. West Texas Intermediate crude fell 0.5 percent to $80.99 a barrel.
There were signs that the Texas energy industry was little affected by Hurricane Beryl, easing concerns about oil supplies after it pounded the region on Monday.
Suvro Sarkar“We are excited about this opportunity,” DBS Bank’s energy team leader told Reuters.
The passage of Hurricane Beryl appears to be the biggest driver for now, offering traders a chance to lock in profits after the bull market of the past two weeks.
China’s latest inflation figures showed annual consumer price inflation slowed to 0.2 percent in June from 0.3 percent in May, despite measures by the Beijing government to revive consumer demand.
Brent Crude Oil Falls on China Inflation Data
Brent crude futures fell to nearly $84 a barrel on Wednesday, erasing the previous day’s gains, as traders digested recent inflation data from China, the largest crude importer.
Click here for details: https://t.co/NfyOcailXE pic.twitter.com/KkiFRFifuT
— Trading Economics (@tEconomics) July 10, 2024
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Brent Crude Oil Falls on China Inflation Data
Brent crude futures fell to nearly $84 a barrel on Wednesday, erasing the previous day’s gains, as traders digested recent inflation data from China, the largest crude importer.
Click here for details: https://t.co/NfyOcailXE pic.twitter.com/KkiFRFifuT
— Trading Economics (@tEconomics) July 10, 2024
Introduction: Brits spend more on rollercoasters and beaches than DIY and clothes; China’s inflation slows
Good morning and welcome to our continuing coverage of business, financial markets and the global economy.
TSB’s ‘The State of UK Spending’ report found that Brits are cutting back on DIY and household purchases, but spending on one-off treats like holidays and day trips.
Spending on airlines and travel companies from January to June increased 9.2% from a year ago.
Spending on entertainment, including concerts, theme parks, cinemas and theatres, increased (up 5.1%), with spending on amusement parks increasing 20.2%.
Spending in pubs also increased by 7.2%, however this was due to spending over Easter and the May bank holiday period rather than during the Euros tournament, with spending in pubs falling 2.5% in June compared to May.
As people try to get their finances under control, many are putting renovation and home improvement projects on hold, with total spending on DIY, electrical goods and furniture falling 15.5%. Spending on new clothes is also down 4%.
Spending at supermarkets rose 3.4% as food price increases slowed.
The report, a six-month analysis of TSB debit card transactions, found that consumers spent £9.5 billion in the first half of this year, up 1.7% compared with the same period in 2023 but below the inflation rate of 2%.
Delphine EmenillonneTSB’s head of loans and credit cards said:
While many household budgets are under pressure, consumers remain optimistic, with many prioritizing spending on pleasure such as vacations and entertainment.
Consumers are feeling more confident about their financial situation and a possible interest rate cut in late August could see spending levels rise later this year.
In China, consumer prices rose for the fifth consecutive month in June, but by less than expected.Meanwhile, producer price deflation continues and domestic demand is only recovering slowly despite Beijing’s supportive measures.
China’s government is seeking to revive consumer demand following a sluggish post-COVID recovery, but public concerns remain about a sluggish housing market and job insecurity.
Consumer prices rose 0.2 percent year-on-year in June, up from a 0.3 percent increase in May, according to the Office for National Statistics. Economists had been expecting an annual increase of 0.4 percent. Food prices fell 2.1 percent year-on-year, despite supply disruptions caused by bad weather over the summer.
Zhang ZhiweiChief Economist at Pinpoint Asset Management
Deflation risks remain in China and domestic demand remains weak.
The producer price index fell 0.8% year-on-year in June, following a 1.4% drop in May.
Asian shares hovered near two-year highs hit at the start of the week. Japan’s Nikkei rose 0.6%, while Hong Kong’s Hang Seng Index fell 0.1% and Shanghai’s fell 0.57%.
Stock prices rose on growing expectations that the Federal Reserve will soon begin cutting interest rates. Jerome Powell The United States is “no longer an overheated economy,” he said yesterday.
agenda
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2.30pm: Hugh Pill, Chief Economist at the Bank of England, speaks
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3pm BST: US Federal Reserve Chairman Jerome Powell speaks
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4.30pm: Bank of England policymaker Katherine Mann speaks to panel at Manchester Business School
