The UK’s economic growth for the period between April and June 2024 was lower than initially estimated, as reported by the ONS The Gross Domestic Product (GDP), which quantifies the economic activity of companies, governments, and individuals within a country, increased by 0.5%, a revision from the preliminary figure ofRead More →
The UK’s economy did not experience growth in July 2024, continuing the stagnation from June 2024, as indicated by official data Analysts had anticipated a modest growth of 0.2% for July. However, the Gross Domestic Product (GDP) fell short of the expectations set by economists surveyed by Reuters, who hadRead More →
The UK’s inflation rate has risen for the first time this year, official ONS figures show. This indicates that overall prices increased by 2.2% in the year leading up to July, a rise from 2% in June, surpassing the Bank of England’s target. The anticipated increase is primarily attributed to theRead More →
Official figures indicate a slight decrease in the UK’s unemployment rate, which was 4.2% in the three months to the end of June 2024, a drop from the previous quarter’s 4.4%. In contrast, UK wage growth has decelerated, with an annual increase of 5.4%, marking the lowest rate in approximatelyRead More →
U.K. inflation matched the Bank of England’s target of 2% in June 2024, as calculated by data from the Official for National Statistics on Wednesday 17th July 2024. The main figure was slightly higher than the 1.9% forecast by analysts surveyed by Reuters, aligning with May’s 2% figure. Following theRead 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 →
Inflation in the U.K. eased to 3.2% from 3.4% in March, the Office for National Statistics said on Wednesday 17th April 2024. But a higher-than-expected reading creates more concern as investors push back bets on the timing of the first Bank of England (BoE) rate cut. Economists expected 3.1% asRead 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 →
In February 2024, inflation decreased to 3.4%, a decline from January’s 4%, moving closer to the Bank of England’s self-imposed target of 2% This reduction signifies that the cost of living is increasing at its least rapid rate since September 2021, when it was recorded at 3.1%. Since reaching aRead More →
The U.K. logged a record £16.7 billion net budget surplus in January 2024, according to official figures released on Wednesday 21st February 2024 The Office for National Statistics noted that the country’s public finances usually run a surplus in January, unlike during other months, as receipts from annual self-assessment taxRead More →
Spinning the benefits of a tax cut scenario as Chancellor Jeremy Hunt hints at further tax cuts The Chancellor, Jeremy Hunt, has given strong hints that he wants to cut taxes in the spring Budget. Mr Hunt reportedly said that countries with lower taxes have more ‘dynamic, faster growing economies.‘Read More →
Retail sales volumes fell by 3.2% in December in the sharpest drop since the UK was in a Covid lockdown says the ONS. Official figures revealed a sharp decline in demand for goods, but surprisingly food sales also declined in the run-up to Christmas. The Office for National Statistics (ONS)Read 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 →
Shoppers bought less food and fuel in October 2023 as they were hit by rising living costs and poor weather, according to ONS data. The volume of products sold last month fell by 0.3% to the lowest level since February 2021 when large parts of the UK were in CovidRead More →
Pay growth has outstripped inflation by the most since 2021, in a further sign that the pressure on living costs may be starting to ease. Regular pay rose at an annual rate of 7.7% between July and September 2023, official figures show; higher than average inflation over the same threeRead More →
The UK rate of inflation is stuck at 6.7% for September 2023, the same rate as August 2023, according to the Office for National Statistics (ONS). It means prices are still rising at the same rate as the previous month. Petrol and diesel costs kept inflation up, the Office forRead More →
U.K. Gross Domestic Product (GDP) grew by 0.2% in August, the Office for National Statistics (ONS) reported Thursday 12th October 2023, slightly recovering from a downwardly revised 0.6% contraction in July 2023. Services output was the main contributor to growth in August 2023, adding 0.4% on the month to offsetRead More →
ONS says inflation dropped in August 2023 According to the Office for National Statistics (ONS), the UK’s inflation rate dropped unexpectedly in August 2023 to its lowest level since the start of Russia’s invasion of Ukraine, which led to sharp rises in energy and food costs which were already onRead 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 →
According to the Office for National Statistics (ONS) – Inflation fell to 6.8% in the year to July 2023, down from 7.9% in June. A reduction was anticipated by analysts, and there are signs the cost of living could be easing finally, after figures on Tuesday revealed wages rose 7.8% annuallyRead More →
Wages grew at a record annual pace between April and June 2023, according to new figures from the Office for National Statistics (ONS). Regular pay grew by 7.8%, the highest annual growth rate since comparable records began in 2001.Inflation, which measures the pace at which prices are rising, has easedRead More →