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The Bank of England held its base interest rate steady at 4.25% on Thursday 19th June 2025, with a 6–3 vote from the Monetary Policy Committee (MPC). Three members pushed for a 0.25% cut, but the majority opted for caution amid persistent inflation and global uncertainty. Inflation ticked up slightly to 3.4% in May, driven …
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The UK economy contracted by 0.3% in April 2025, a sharper decline than the 0.1% forecast by economists, according to the Office for National Statistics (ONS). The unexpected downturn has raised fresh concerns about the country’s economic resilience amid rising costs and global trade tensions. April’s contraction was driven by a combination of domestic and …
The latest OECD report presents a cautious outlook for the UK economy, predicting slower growth amidst global uncertainties and domestic fiscal challenges. The UK’s GDP is projected to grow by 1.3% in 2025 and 1% in 2026, reflecting a slight downward revision. According to the OECD, trade tensions, particularly U.S. tariffs, are disrupting global supply …
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UK inflation rose to 3.5% in April 2025, exceeding expectations and placing further financial strain on households. The increase, reported by the Office for National Statistics, was driven by higher energy costs, water bills, and taxation pressures on businesses. One of the most striking factors behind the surge was the 26.1% increase in water and …
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The UK economy has defied expectations, recording a 0.7% increase in GDP in the first quarter of 2025 – better than the forecast of 0.6%. This surge places Britain ahead of economic heavyweights, including the United States, Canada, France, Italy, and Germany. A key driver of this growth has been the service sector, which demonstrated …
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British fintech giant Revolut has achieved a major financial milestone, reporting £1.1 billion ($1.5 billion) in net profit for 2024, marking a 149% increase from the previous year. The company’s revenue also saw significant growth, surging 72% to £3.1 billion, driven by a combination of subscription services, wealth management, and interest income. One of the …
The UK economy displayed unexpected resilience in February 2025, with GDP growing by 0.5%. This figure has exceeded market expectations and provided a welcome boost to UK economic confidence. The growth was fueled by robust activity in the services and manufacturing sectors, which helped counterbalance ongoing challenges in other areas. February’s performance marks a recovery …
In February 2025, UK government borrowing reached £10.7 billion, significantly exceeding the £6.5 billion forecast by the Office for Budget Responsibility (OBR) This marks the fourth-highest borrowing figure for February since records began in 1993. The unexpected rise in borrowing has intensified pressure on Chancellor Rachel Reeves ahead of her upcoming Spring Statement. The increase …
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The UK economy faced an unexpected contraction of 0.1% in January, marking a surprising downturn following a 0.4% growth in December 2024 This decline, reported by the Office for National Statistics (ONS), has raised concerns about the nation’s economic trajectory, particularly as the government prioritizes boosting growth. The contraction was primarily attributed to a slowdown …
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The UK government has announced a significant budget surplus for January 2025, marking a notable achievement in its fiscal management The surplus, which is the difference between what the government spends and the tax it takes in, amounted to £15.4 billion. This figure represents the highest level for the month of January since records began …
UK inflation rose sharply in January 2025 after airfares failed to fall by as much as usual and private school fees jumped. The higher-than-expected inflation increase to 3% in the year to January 2025, from 2.5% in December 2024, means that consumer prices rose at the fastest rate for 10 months. Why? The U.K.’s inflation …
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The U.K. economy grew by just 0.1% in the fourth quarter according to a preliminary estimate from the U.K.’s Office for National Statistics (ONS) released Thursday 13th February 2025. Economists had expected the country’s GDP to contract by 0.1% over the period. The services and construction sectors contributed to the better-than-expected performance in the economy, …
The latest UK borrowing figures, reveal a significant increase in public sector net borrowing. In December 2024, the UK government borrowed £17.8 billion, which is the highest figure for the month for four years. This amount was reportedly £10.1 billion higher than the same month last year and exceeded the £14.1 billion forecast by most …
The FTSE 100, the UK’s premier stock market index, has recently reached unprecedented new highs, marking a significant milestone in the UK financial world. On 20th January 2025, the FTSE 100 closed at a record high of 8,548, surpassing the 8,500 barrier for the first time. This achievement is a testament to the resilience and …
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In a bold move to establish as a global leader in artificial intelligence, the United Kingdom is undertaking an ambitious initiative to develop a homegrown competitor to OpenAI. This initiative is part of a broader strategy to enhance the nation’s computing infrastructure and foster innovation in AI technology. Prime Minister Keir Starmer’s administration has committed …
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The UK economy grew for the first time in three months – but only just. The tiny growth was driven in part by an increase in trade for pubs, restaurants, and the construction industry. Official figures showed an expansion of 0.1% after the economy contracted in each of the two months. The return to growth …
The UK is charting its own course when it comes to regulating artificial intelligence, signaling a potential divergence from the approaches taken by the United States and the European Union. This move is part of a broader strategy to establish the UK as a global leader in AI technology. UK AI framework Britain’s minister for …
The pound has continued to fall after UK government borrowing costs rose and concerns grew about public finances Sterling dropped as UK 10-year borrowing costs surged to their highest level since the 2008 financial crisis when bank borrowing virtually ground to a halt. Economists have warned the rising costs could lead to further tax rises …
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Revised official figures indicate that the UK economy was weaker than initially estimated between July and September 2024. The economy experienced zero growth in these three months, down from an earlier estimate of 0.1%. UK Chancellor, Rachel Reeves reportedly stated that the challenge to fix the economy “after 15 years of neglect is huge,” and …
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The UK inflation rate has gone up for the second month in a row, rising at the fastest pace since March 2024. The UK inflation rate rose to 2.6% in the year to November 2024, according to official figures. However, the rise was predicted by economists and was apparently within the range of the expected …
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The U.K. economy contracted unexpectedly in October 2024, according to data from the Office for National Statistics (ONS). Gross Domestic Product (GDP) fell by an estimated 0.1% on a monthly basis, the ONS said Friday 13th December 2024, attributing the downturn to a decline in production output. It marked the second consecutive economic downturn, following a 0.1% …
In November 2024, business confidence in the U.K. dropped to its lowest point since January 2023, as reported by BDO, a business advisory and accountancy firm. Concurrently, KPMG noted that UK job vacancies decreased at the quickest pace since the pandemic began. This downturn coincides with warnings from businesses that the Labour Party’s ‘pro-growth’ budget …
The inflation rate, which measures price changes, hit 2.3% in the year to October 2024, a bigger-than-expected increase from 1.7% in September 2024. The increase was in part due to an increase in the regulator-set energy price cap that took effect in October 2024, which is expected to increase energy price inflation through the winter. …
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The UK economy expanded by just 0.1% from July to September 2024, as announced in the most recent official data release. The growth was less than anticipated, and the Office for National Statistics (ONS) reported that most sectors experienced subdued activity over the quarter. Labour, having prioritised economic growth upon assuming power, found Chancellor Rachel …
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The Bank of England cut interest rates by 0.25% Thursday 7th November 2024, even as Labour’s budget announcement confuses the outlook for future policy easing. The anticipated reduction, marking the central bank’s second this year, lowers the key rate to 4.75%. Financial markets had forecast a high probability of the quarter-point decrease at the November 2024 meeting, …
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As of September 2024, the UK’s national debt stands at £2,685.6 billion, which is approximately 100% of the country’s GDP. This is the highest level of public sector debt since 1961. UK debt and its borrowing As of 2024, the United Kingdom’s national debt has reached a staggering £2,685.6 billion, an amount equivalent to the …
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