One tenth of 1% is very little but we can at least hope the UK is on it’s on way out of recession Let’s blame the weather The economy grew by 0.1%, figures show, boosted by production and manufacturing in areas such as the car sector. The Office for NationalRead More →
The UK fell into recession during the final three months of 2023, official figures show, after the economy shrank by more than expected. The Office for National Statistics said U.K. gross domestic product shrank by 0.3% in the final three months of the year, giving the second consecutive quarterly decline.Read More →
The economy fell by 0.3% October, after growth of 0.2% in September 2023. UK GDP is 0.0% The UK economy shrank more than expected in October 2023, as higher interest rates hit consumers. The bad weather didn’t help either. Household spending has been dented by rate rises as the BankRead More →
The UK economy will grow much more slowly than expected in the next two years as inflation takes longer to fall, the Office for Budget Responsibility (OBR) says. Are we locked in a never-ending austerity cycle? Living standards are also not expected to return to pre-pandemic levels until 2027-28, theRead More →
The U.K. economy flatlined in the third quarter, initial figures showed Friday 10th November 2023. Gross domestic product (GDP) showed zero quarterly growth in the three months to the end of September 2023, following an increase of 0.2% in the previous quarter. In annual terms, the UK’s Q3 GDP wasRead More →
The UK economy shrank more than expected in July due to strike action taken by NHS workers, doctors and teachers – ONS data shows. Wet weather also hit the construction and retail industries, the Office for National Statistics (ONS) said, causing the economy to contract by 0.5%. The figures wereRead More →
U.K. economy beat expectations with 0.2% growth in the second quarter, boosted by household consumption and manufacturing output, the Office for National Statistics said Friday. Economists had expected U.K. GDP to level off in the second quarter, after a surprise increase of 0.1% in the first quarter, as the BankRead More →
UK economy purring but not roaring like a lion… yet! The UK economy expanded more than initially thought in the first quarter of 2024, signalling a recovery from recession, according to updated official data. The Office for National Statistics (ONS) reported that from January to March 2024, the economy experiencedRead More →
Inflation has reached the Bank of England’s target for the first time in nearly three years, having soared to 11.1% in October 2022, the highest in over four decades – driven by a spike in energy and food prices following the pandemic and Russia’s invasion of Ukraine. In the yearRead More →
The International Monetary Fund (IMF) advises that the Bank of England should contemplate reducing its interest rates to 3.5% by the end of 2025. This suggestion is made as the UK’s economy steadily recovers from the recession caused by the pandemic, while policymakers are dealing with inflationary challenges. The ‘thinking’Read More →
On 22nd May 2024, UK Prime Minister Rishi Sunak announced a snap general election for 4th July 2024 This decision caught many by surprise, as the election was called more than around six months earlier than legally required. Election Date: 4th July 2024 – let the fireworks begin The Conservative Party, led by Rishi Sunak, isRead More →
The April inflation came in higher than anticipated, falling to 2.3%, as reported by the Office for National Statistics on Wednesday 22nd May 2024. Traders have now reduced their expectations of a June interest rate cut by the Bank of England (BoE). Markets reacted negatively in early trading. The headlineRead More →
The U.K. economy has recovered from its ‘technical’ recession, with the gross domestic product (GDP) increasing by 0.6% in the first quarter, surpassing expectations. Official figures released on Friday revealed this growth, which exceeded the 0.4% predicted by economists surveyed by Reuters for the previous quarter. In the latter halfRead More →
The decision comes as inflation, which measures price rises over a period of time, remains above the Bank’s 2% target at 3.2%. But bank says cuts are coming. Is the 2% target still a sensible benchmark? The 2% inflation target set by central banks has been a widely adopted benchmarkRead More →
Tensions between Washington and Beijing have intensified, with the U.S. ramping up trade restrictions and sanctions on China due to national security concerns. Since Ukraine’s invasion, there has been a roughly 12% drop in trade between the blocs, and foreign direct investments have decreased by 20% compared to those withinRead More →
Forecasts indicate that the UK economy will experience sluggish growth among the largest developed nations in 2025. The Organisation for Economic Co-operation and Development (OECD) has projected a 1% increase in the UK’s gross domestic product (GDP) for 2025, which lags behind the growth rates of other G7 nations, includingRead More →
The latest figures on UK pay growth and unemployment present a complex picture of the country’s labour market. The unemployment rate has seen a slight uptick to 4.2%, a rise from the previous 3.9%. This increase, which is more than anticipated, suggests a softening in the labour market. Conversely, wage growthRead More →
The Office for National Statistics (ONS) has released updated UK GDP figures, confirming that the UK entered a technical recession in the last six months of the previous year. The new data shows the economy contracted by 0.1% in the three months from June to August 2023, with a furtherRead More →
More than a fifth of working-age adults in the UK are currently not actively seeking employment, according to recent figures. The economic inactivity rate during the period from November 2023 to January 2024 stood at 21.8%, a slight increase compared to the previous year. This means that approximately 9.2 million people aged between 16 and 64 are neither employed nor activelyRead More →
The economy grew by 0.2%, ONS figures show, boosted by sales in shops and online and from more construction activity. Hopefully this means the UK is on its way out of recession. The Office for National Statistics (ONS) said the services sector led the bounce back. This is an earlyRead More →
The new UK British ISA UK chancellor Jeremy Hunt revealed the British ISA as part of the Spring Budget 2024. The British ISA aims to boost demand for UK businesses and encourage investment in UK-focused assets. Key Features Additional Allowance The British ISA provides a separate £5,000 annual allowance in addition to the existingRead More →
The UK is at risk of recession after revised figures indicate the economy shrank between July and September 2023. A recession is defined as when the economy shrinks for two three-month periods in a row. Gross Domestic Product (GDP), which measures the health of the economy, contracted by 0.1% afterRead More →
Britcoin is a potential British digital currency that would be issued by the Bank of England and backed by the Government. It would be tied to the pound and have a stable value, unlike cryptocurrencies such as Bitcoin. It would be accessible through digital wallets and interchangeable with cash andRead More →
Spending plans outlined in the chancellor’s Autumn Statement represent ‘a very big fiscal risk’, according to the UK’s OBR. Mr Richard Hughes, chair of the Office for Budget Responsibility (OBR), told MPs on the Treasury Select Committee that spending plans carried a level of ‘uncertainty’. He suggested that much ofRead More →
The governor of the Bank of England, Andrew Bailey has raised concerns over economic growth as he warned again that interest rates will not be cut in the ‘foreseeable future’. The bank boss said he was concerned over the UK economy’s potential to grow. It comes after the government’s forecasterRead More →
Some of the main takeaways from the chancellor’s autumn statement November 2023 National Insurance rate cut from 12% to 10% from 6 January, affecting 27 million people. The 75% business rates discount for retail, hospitality and leisure firms in England extended for another year. Class 2 National Insurance – paidRead More →