British consumers took on the most debt since July 2020 in the runup to Christmas, with a surge in borrowing on credit cards, Bloomberg News reported. Consumers added 1.2 billion pounds ($1.6 billion) to their unsecured debts in November, up from 828 million pounds in the previous month, Bank of England data published on Tuesday show. Economists had expected a gain of about 800 million pounds. The figures indicate strength in the economy in the weeks before the omicron variant of the coronavirus struck the U.K.

Some European property reinsurance rates rose by more than 50% at Jan. 1 renewals after the region suffered record insured losses last year from natural catastrophes such as floods and storms, a report by broker Gallagher Re showed on Tuesday, Reuters reported. Reinsurers insure the insurers, and reinsurance rate rises are often passed onto insurers' customers.

German retail sales rose unexpectedly in November, data showed on Tuesday, lifting them to a record annual high despite renewed COVID-19 restrictions which held back a consumer-led recovery in Europe's largest economy, Reuters reported. The Federal Statistics Office said retail sales were up 0.6% on the month in real terms. That beat a Reuters forecast of a fall of 0.5%. For 2021, retail sales rose 0.9% in real terms and 3.1% in nominal terms, reaching record highs despite curbs on non-essential visits to the shops.

German unemployment fell more than expected in December, data showed on Tuesday, in a further sign that the labour market in Europe's largest economy remains resilient despite rising COVID-19 infections, Reuters reported. The Labour Office said the number of people out of work fell by 23,000 in seasonally adjusted terms to 2.405 million. A Reuters poll had forecast a fall of 15,000. "The labor market developed well at the end of the year. The recovery of the previous months continued," Labour Office head Detlef Scheele said.

Poland may decide to introduce new restrictions if cases of new coronavirus infections continue to grow, Polish health minister Adam Niedzielski told radio station RMF FM on Monday, as the country prepares for the spread of the Omicron variant, Reuters reported. Poland has been dealing with persistently high daily case numbers in a fourth wave that forced authorities to tighten restrictions in December.

Restaurateur Jay Bourke faces a battle to get court approval for a massive debt write-off, after a creditor owed €12.2m lodged an objection to the proposal, the Sunday World reported. Mr. Bourke has debts totaling €13.7m, and it emerged in November he intended to ask the High Court to sanction a personal insolvency arrangement (PIA) that would wipe out around €12.5m of what he owes and allow him to keep his €1.4m family home in Rathmines, south Dublin.

A former member of the Committee of Public Accounts (PAC), the Dáil’s State spending watchdog, has asked it to investigate the payment of taxpayer-funded Covid supports to businesses that subsequently distributed cash to shareholders in the form of dividends, the Irish Times reported.

Manufacturing activity in the euro zone remained resilient at the end of 2021 as factories took advantage of an easing in supply chain bottlenecks and stocked up on raw materials at a record pace, a survey showed, Reuters reported. The global coronavirus pandemic had left factories struggling to get the materials they need and sent costs soaring, but a tentative easing of the supply issues led to a marked decrease in price pressures.

For 12 months, British businesses have been confronting the reality of the country’s decision to distance itself from its largest trading partner. Initially, the new system collapsed: Perishable goods got stuck at ports, retailers discovered their supply chains were obsolete and trucking companies stopped delivering to the whole island of Ireland. The worst of the problems (outside of Northern Ireland) eased after a few months. But what remains is a frustrating regime of higher costs, time-consuming customs paperwork and countless lost opportunities, the New York Times reported.

The British government has asked public sector managers to test their contingency plans against a worst-case scenario of 25% staff absence as part of efforts to minimise disruption from the rapid spread of the Omicron variant of COVID-19, Reuters reported. With daily infection numbers at a record high and people who test positive required to self-isolate for at least seven days, the government expects businesses and public services to face disruption in the coming weeks, it said in a statement.