#uk-economy
#uk-economy

UK economic outlook has worsened, warns OECD

UK's economic growth forecast downgraded by OECD from 0.7% to 0.4% in 2024 due to high interest rates and inflation effects. [ more ]

www.independent.co.uk

UK inflation falls less than expected to 3.2% in March

Inflation in the UK eased to 3.2% in March, the lowest level in two-and-a-half years, potentially leading to interest rate cuts in the future. [ more ]

www.independent.co.uk

Unemployment rate hits six-month high amid fears of a stalling economy

UK unemployment rate rises to 4.2%, showing a cooling job market with potential interest rate cuts on the horizon. [ more ]

www.independent.co.uk

UK inflation drops to 3.4 per cent as food pressures ease for households

UK inflation fell to 3.4%, lowest in over two years

Bank of England may consider interest rate cut due to inflation decline [ more ]

www.independent.co.uk

UK recession: Jeremy Hunt insists Tory party must stick to our guns' over economy

Jeremy Hunt insists prioritizing tackling inflation is the right thing to do after the UK slid into a recession.

Hunt believes that sticking to their plan will result in a relief for families with mortgages as interest rates may start to fall by early summer. [ more ]

moreinterest-rates

www.independent.co.uk

2 days ago

UK economic growth downgraded for next two years OECD

UK economy faces sluggish growth with downgraded projections for 2024 and 2025. [ more ]

www.theguardian.com

2 days ago

OECD cuts UK growth forecasts; interest rates to remain higher for longer, Fed indicates business live

OECD warns of slower UK economic growth and higher inflation compared to peers. [ more ]

www.independent.co.uk

4 days ago

Average UK worker 200 a week worse off than before 2008 crash, analysis says

Wages in the UK have not grown as much as before the 2008 crisis, leaving workers significantly worse off. [ more ]

www.theguardian.com

5 days ago

Real terms average pay lower in most UK local authorities than in 2008, TUC finds

Real wages in the UK have not recovered since the 2008 global financial crisis, leading to a decade of stagnant pay growth. [ more ]

www.independent.co.uk

Half a million firms in significant' financial distress as UK's economy stagnates

More than 550,000 British firms face financial distress due to high interest rates, low consumer confidence, and pandemic-induced debt, potentially leading to insolvency. [ more ]

London Business News | Londonlovesbusiness.com

The interest rate challenges facing the Bank of England

Inflation in the UK is decelerating, but consumer prices remain significantly higher than a few years ago, causing a cost-of-living crisis. [ more ]

moreBusiness

London Business News | Londonlovesbusiness.com

To revive LSE tax incentives needed for pre-IPO enterprises

To revive the London Stock Exchange, tax incentives for pre-IPO enterprises should be introduced by Shadow Chancellor Rachel Reeves, according to Yerbol Orynbayev. [ more ]

London Business News | Londonlovesbusiness.com

Trade body launches 'Manifesto to beat the skills crisis'

APSCo launched a manifesto to strengthen the UK's economy by enhancing the labor market through regulatory reforms and skill development. [ more ]

London Business News | Londonlovesbusiness.com

Cryptocurrency

How UK economic performance affects the GBP/BTC price

People turned to Bitcoin as a hedge against high inflation in the UK, seeking to protect their savings from the pound's depreciation. [ more ]

London Business News | Londonlovesbusiness.com

Small business growth forecasts reach a three year low

Only 30% of small business owners predict growth, the lowest since January 2021 lockdown. [ more ]

London Business News | Londonlovesbusiness.com

IMF economists warn the economy will grow slowly over the next two years

The IMF predicts slower growth for the UK economy over the next two years.

Global economic growth is projected to be resilient, but below the pre-pandemic average. [ more ]

www.theguardian.com

Kemi Badenoch: UK's wealth isn't from white privilege and colonialism

The UK's wealth shouldn't be solely attributed to colonial history or racial privilege but rather to the Glorious Revolution and economic certainty. [ more ]

www.independent.co.uk

Easter getaway traffic creates 20-mile Good Friday motorway queues

Heavy traffic on motorways due to Easter getaway with up to 20-mile queues.

Southwest and southeast regions experiencing significant congestion; drivers warned of doubled journey times. [ more ]

London Business News | Londonlovesbusiness.com

London 'confidence is booming'

Business confidence in London rose 14 points to 52% in March.

Top target areas for growth in London include new technology, evolving offerings, and entering new markets. [ more ]

London Business News | Londonlovesbusiness.com

Output growth begins to soften in February

London PMI Business Activity Index decreased from 58.3 to 56.5 in February, still showing robust expansion.

New orders in London private sector continued growing, with improving markets, sales campaigns, and new customers cited for growth. [ more ]

London Business News | Londonlovesbusiness.com

London commuters set to pay 7,481 per year as train prices rise by 4.9% next week

Commuters in London will spend over £7,481 on return tickets with a 4.9% price hike.

The rise in train prices, capped at 4.9%, will impact various cities with London being the most affected. [ more ]

www.theguardian.com

Put aside differences to focus on growth across UK, Ed Balls tells politicians

A 20-year cross-party consensus in the UK is needed for economic leveling up outside London and the south-east.

Reforms like a UK-wide growth strategy and multi-year financial settlements are crucial for the development of regions in England. [ more ]

www.independent.co.uk

Watch live as Oliver Dowden speaks on economic security at Chatham House

Britain aims to strengthen economic defenses to address security risks from global integration. [ more ]

www.independent.co.uk

Liz Truss says she was completely blindsided' as she is quizzed on mini-budget

Former PM Lizz Truss was unaware of the UK pension market's vulnerability before the disastrous mini-budget in September 2022, leading to market turmoil. [ more ]

www.independent.co.uk

3 weeks ago

UK takes step away from recession as economy grows for second month in a row

The UK's economy grew by 0.1% in February, signaling a step away from the recession. [ more ]

www.independent.co.uk

The 5 big money changes in April you need to know from energy bills to TV licence

April brings new financial changes for UK households.

Inflation in the UK has fallen to the lowest level since March 2021. [ more ]

www.independent.co.uk

Number of Britons without savings jumps by more than one million in a year

Over 1 million more Britons lack financial savings in 2022/23 compared to the previous year.

Less than half of working-age families in the UK have at least three months' income saved. [ more ]

www.independent.co.uk

April 2024 dates for Universal Credit and benefits as cost of living payments end

Support for low-income families in the UK includes a 2p National Insurance tax cut and changes to benefits, concerns raised about benefits favoring higher earners, economy shows signs of improvement with lower inflation. [ more ]

www.independent.co.uk

Britain's GDP falls by 0.3%, new ONS figures show

Britain's GDP decreased by 0.3% in Q4 2023, after no growth in Q3.

Inflation fell from over 11% to 3.4% as the economy grew in January. [ more ]

www.theguardian.com

Gordon Brown: UK has to get on war footing for economic growth

Britain needs to be on an economic war footing for growth

Creation of a National Economic Council for annual 3% growth target [ more ]

London Business News | Londonlovesbusiness.com

UK regional growth gap to widen as London expected to continue to pull ahead

London and the south-east of England forecasted to benefit most from economic growth, widening regional disparities.

Despite national efforts to level up, regional growth gap continues to widen, with London and south-east outpacing other regions. [ more ]

London Business News | Londonlovesbusiness.com

The country needs a Budget for growth not for votes as 'the economy is flatlining'

The UK economy is 10% smaller than it should be, requiring a Budget for growth not votes.

Chancellor faces limited options, needing significant cuts to public spending or tax increases. [ more ]

www.theguardian.com

Public health

Record long-term sickness bodes ill for UK economic growth

The UK's economy is struggling due to a growing number of people on long-term sickness, impacting workforce and economic growth.

Factors such as long Covid, NHS delays, poor workplace practices, stress, and austerity are contributing to the worsening trend of long-term illnesses in the UK. [ more ]

www.independent.co.uk

Britain to suffer highest inflation in the G7 in 2024 and 2025, OECD

The OECD predicts that Britain will have the highest inflation among G7 countries in 2024 and 2025.

The UK economy is expected to be the third-worst performer this year, with only France and Germany growing at a slower rate. [ more ]

TechRepublic

Microsoft: 87% of UK Businesses Are Unprepared for Cyberattacks

Only 13% of UK businesses are resilient to cyberattacks, 87% are at risk.

AI in cybersecurity can increase resilience and reduce costs for organizations. [ more ]

Australian Financial Review

moreArtificial intelligence

PwC boss says AI means young staff need to be in the office

British companies are adopting AI more rapidly than their international peers.

AI in the audit sector may lead to the end of charging clients by the hour.

British CEOs are more positive about the global economy than domestic growth. [ more ]

www.independent.co.uk

Cost of living crisis is ending and everyone has cheered up, says Tory MP

Inflation in the UK has fallen by 3.4 percent, leading to optimism among the public.

Cost of living crisis seems to be ending, improving people's financial situations. [ more ]

www.theguardian.com

Mental health

Don't believe the right, Britain doesn't have 9m shirkers theyjust want better work | Will Hutton

Millions of economically inactive adults in the UK receive benefits, leading to debates about welfare abuse.

There is a call for genuine conservatism to address economic and social crises, despite recognizing the importance of mental health issues. [ more ]

www.independent.co.uk

UK probably left recession as economy grows 0.2% in January

UK economy rebounded in January with a 0.2% growth in GDP

Services sector and retail sales were major contributors to the economic growth [ more ]

London Business News | Londonlovesbusiness.com

Health

Poor sleep is costing the UK economy a staggering 40 billion a year

Poor sleep costs UK businesses over £40 billion annually in productivity losses.

Sleep deprivation affects both individual health and the overall economy negatively. [ more ]

ComputerWeekly.com

Labour will use AI to grow the economy by 0.5% says shadow tech secretary Peter Kyle | Computer Weekly

AI can boost UK economy by 0.5% in five years

Labour party addresses public fears about AI impacting jobs by emphasizing transparency and trust-building [ more ]

www.theguardian.com

Labour in power faces dire economic inheritance, says Rachel Reeves

Reeves acknowledges time needed for economic turnaround under Labour government

Labour highlights Conservative economic mismanagement [ more ]

www.theguardian.com

Labour must spend billions on welfare or poverty will soar'

Organizations warn Labour of soaring poverty without welfare reform

Pressure on Labour to address welfare policies amidst cost of living crisis [ more ]

www.independent.co.uk

Labour says Sunak's promise to grow economy in tatters' as UK slips into recession

Labour criticizes UK government as economy enters technical recession

Economists expect recession to be short-lived [ more ]

www.independent.co.uk

Britain's Labour Party is watering down a green investment pledge. Environmentalists are unimpressed

The UK's Labour Party has dropped its pledge to invest £28 billion annually in green projects if it wins the upcoming general election.

Labour leader Keir Starmer cited the dire state of the economy as the reason for reneging on the promise. [ more ]

www.theguardian.com

Business leader urges Labour to stand by 28bn pledge for green economy

Investing in the low-carbon economy is essential to avoid decline in the UK

Jurgen Maier believes Labour's proposed investment of £28bn is necessary for the future of the country [ more ]

London Business News | Londonlovesbusiness.com

Scrapping the remittance basis of taxation will damage Franco-British relationships and the economy

Scrapping remittance basis of taxation could deter FDI from French entrepreneurs, affecting the UK economy.

The UK not having a wealth tax and allowing non-doms to shield investments could attract high-net-worth individuals from France. [ more ]

www.theguardian.com

The Guardian view on Treasury fiscal rules: no way to run a country | Editorial

Fiscal rules are not fixed and can change frequently in the UK, impacting government spending and economic decisions.

The current approach of UK politicians towards fiscal rules may result in inadequate public investment and social repair. [ more ]

BBC News

Looming election takes centre stage in Budget week

Theater surrounding budget announcements involves intentional leaks and strategic floats to test reactions and unsettle opponents.

The UK economy is struggling with stagnant growth, recession, high tax rates, and increased debt leading to challenges for tax burdens and public services. [ more ]

www.theguardian.com

Tory former business secretary criticises successors abandoning industrial strategy'

Former Conservative business secretary criticizes successors for abandoning industrial strategy

UK failing to keep up with US, EU, and China in promoting domestic advanced industries [ more ]

www.theguardian.com

Britain's economy is deeply flawed. These are the three pledges Labour must make to fix it | Larry Elliott

The UK needs an industrial strategy built on partnership with business to address its structural flaws.

A UK development bank, pension system reform, and mandatory worker representation on boards could help stimulate business investment and economic growth. [ more ]

BBC News

Bankers' bonuses: No cap under Labour, says Reeves

Labour says it would not reinstate a bankers' bonuses cap that was scrapped by the Conservative government last year.

Labour's new plan for the financial services sector marks a big change from previous policies and has received criticism.

Labour's policies include closer ties with the EU, expanding finance centres outside London, streamlining regulation, and boosting pension investment in UK companies and green technologies. [ more ]

www.theguardian.com

Iceland supermarket boss and ex-Tory donor backs Starmer for PM

Former Conservative donor and Iceland supermarket chair Richard Walker publicly backs Keir Starmer as the next prime minister.

Walker believes Labour and Starmer have a credible program to improve the UK economy and people's lives. [ more ]

www.independent.co.uk

What time is the Budget speech as Jeremy Hunt to unveil spending plans

Jeremy Hunt's upcoming spring Budget to include further tax cuts and public spending reductions.

Inflation under Mr. Hunt's tenure has decreased from 11.1% to 4%, although the UK entered a recession. [ more ]

www.independent.co.uk

Everything we learnt about Jeremy Hunt's budget from Sunday interviews

Chancellor Jeremy Hunt expected to cut taxes with minimal public spending increases

UK economy showing resilience despite challenges [ more ]

BBC News

Budget 2024: When is it and what will it mean for my money?

The chancellor's Budget outlines tax changes and spending plans.

The 2024 spring Budget may include tax cuts and changes to National Insurance. [ more ]

www.independent.co.uk

IMF warns Jeremy Hunt against further tax cuts in March Budget

The IMF has warned Jeremy Hunt against cutting taxes in the March Budget due to Britain's ageing population and mounting debt pile.

The IMF argues that funding the transition to net zero and protecting public services will require higher spending in the medium term. [ more ]

www.independent.co.uk

Energy companies rake in 1bn a week as families struggle in cost of living crisis

Energy companies made over £1bn per week in profits in 2023, amid rising energy bills for Britons.

13% of households in England were in fuel poverty last year due to increased energy costs. [ more ]

www.independent.co.uk

Watch live: Bank of England governor Andrew Bailey takes questions from MPs

Bank of England's Andrew Bailey to address Treasury Committee on inflation rate and possible interest rate cuts.

UK's major banks to report record profits for 2023 after benefiting from higher borrowing costs. [ more ]

www.independent.co.uk

ONS to release GDP figures amid fears UK may have entered recession latest

The UK is likely to have entered a recession at the end of 2023, with a contraction in GDP for the second consecutive quarter.

The economy was weak throughout the year, with estimates suggesting no growth between April and June and contraction between July and September. [ more ]

www.independent.co.uk

UK could already be in technical recession, Jeremy Hunt warned

Leading economists warn that Britain may already be in a technical recession, despite government claims of economic recovery.

Economist Martin Beck suggests that there is a good chance the UK's economy contracted at the end of 2023 and slipped into a recession. [ more ]

www.independent.co.uk

Britain's economy grows by more than expected in hope to avoid recession

UK economy grew by 0.3% in November, beating expectations and boosting hopes of avoiding a recession.

Services sector was the biggest contributor to economic growth in November, rising by 0.4%.

Chancellor of the Exchequer Jeremy Hunt sees slower growth ahead but believes tax cuts will put the UK in a strong position for future growth. [ more ]

www.independent.co.uk

Canada news

Live: Bank of England governor faces Lords committee as inflation stays at 4%

Inflation in the UK remained at 4%, lower than economists' forecasts

Food prices fell for the first time in almost two-and-a-half years [ more ]

www.independent.co.uk

Canada news

Boost for Rishi Sunak as he meets pledge to halve inflation

UK inflation fell to 4.6%, meeting Rishi Sunak's goal to halve the rate

Labour criticizes the government for economic failure despite the decrease in inflation [ more ]

London Business News | Londonlovesbusiness.com

900,000 new companies were incorporated in the UK in 2023, making it a record year for new businesses

London experienced a 20% increase in new businesses registered last year, making it the second fastest growing region in the UK.

The growth in female-founded businesses in the UK is increasing, with a record 164,000 companies incorporated by women in 2023. [ more ]

www.independent.co.uk

The Brexit bill: 100bn hit to UK exports as toy and jewellery sales slump

Brexit is resulting in a loss of almost 100bn in annual UK exports, leaving the economy worse off than if it had remained in the EU.

Businesses producing sporting goods, toys, jewelry, and medical equipment have been particularly affected by border costs imposed by Brexit, leading to a 30% decrease in trade between 2020 and 2023 compared to if the UK had stayed in the EU. [ more ]

www.theguardian.com

The list of Brexit wins is in. It's short and feeble | Observer editorial

Brexit has not delivered on the promises made by campaigners.

The UK's economy has not been improved as a result of Brexit. [ more ]

www.theguardian.com

Brexit cost us the only good thing Margaret Thatcher did | William Keegan

Brexit has opened the back door for Britain and has had negative consequences for the country

The rejection of membership in the single market is hindering the economic performance of the UK [ more ]

www.theguardian.com

By every measure, Brexit is harming Britain | Letters

The UK economy is being damaged by Brexit in the long run, with reduced productivity and trade

The Tories are adopting the language and policies of the far-right parties [ more ]

www.theguardian.com

I've got news for those who say Brexit is a disaster: it isn't. That's why rejoining is just a pipe dream | Larry Elliott

Brexit debate is unlikely to be reopened in Westminster

UK economy has not become a 'basket case' since Brexit [ more ]

moreEurope politics

www.independent.co.uk

Rishi Sunak: I can't keep pledge to reduce NHS waiting lists

Rishi Sunak has admitted to failing on his promise to cut NHS waiting lists, which is the first time the prime minister has acknowledged being off track on his key targets.

Sunak's pledge to get the UK economy growing again is still uncertain, but he claims that he will stop the boats once deportation flights to Rwanda start running. [ more ]

London Business News | Londonlovesbusiness.com

Warning signs for Rishi Sunak as UK public showing widespread pessimism about economy

27% of UK adults have less than £500 in savings

1 in 3 believe a reduction in interest rates would benefit them financially [ more ]

www.hamhigh.co.uk

Revealed: how much Camden and the City are worth to the UK economy

Tower Hamlets, Camden, and the City of London are the most economically valuable areas in the UK.

Camden and the City of London produce 65.9 of GVA per hour worked. [ more ]

London Business News | Londonlovesbusiness.com

London business confidence soars in January

Business confidence in London rose at the fastest rate of any UK region or nation in January to the joint-highest level in the country.

London businesses identified their top target areas for growth in the next six months as investing in their teams, introducing new technology, and entering new markets. [ more ]

www.independent.co.uk

Rising interest rates kill off the most British businesses in a year since 1993

Number of company insolvencies in England and Wales hits 30-year high

Voluntary liquidations reach highest level since records began in 1960 [ more ]

www.theguardian.com

UK should invest in green economy instead of tax giveaways, Lstudy shows

Investing 26bn a year in a low-carbon economy could boost the UK's economy rapidly.

Public investment in a sustainable economy would generate twice as much private sector investment and lead to higher productivity and economic growth. [ more ]

www.independent.co.uk

Inequality costing UK economy 34bn a year, says Labour

Inequality in the jobs market is costing the UK economy 34bn a year.

Labour accuses the Conservatives of failing to tackle unfairness at work. [ more ]

www.independent.co.uk

Hunt insists government plan to bring inflation down is working despite increase

Jeremy Hunt defends the government's plan to bring down inflation despite it rising in December.

The rate of Consumer Prices Index (CPI) inflation rose to 4% in December, the first increase since February 2021. [ more ]

www.independent.co.uk

Inflation rises unexpectedly in December in first jump in 10 months

Inflation rose to 4% in December, higher than expected

Labour and Liberal Democrats criticize government's handling of the economy [ more ]

www.independent.co.uk

Wage growth cools and job vacancies fall, new ONS figures show

UK wage growth has slowed down and the job market is cooling.

UK average regular earnings increased by 6.6% in the three months to November, the lowest rate since January 2021. [ more ]

www.independent.co.uk

EU data protection

Brexit will leave UK 300bn worse off by 2035, say economists

Brexit will cost the UK economy 311bn by the middle of the next decade.

The decision to leave the EU has already cost the UK 140bn. [ more ]

London Business News | Londonlovesbusiness.com

The UK economy is almost 140 billion smaller as a result of Brexit

Brexit could cost the UK economy £140 billion, according to new analysis

London's economy has shrunk by over £30 billion due to Brexit [ more ]

www.independent.co.uk

Red Sea ship attacks could push UK inflation up

The UK economy may see inflation rise by 0.2 to 0.5 percent due to commercial disruptions caused by the Houthis targeting vessels in the Red Sea.

The shipping industry forecasts a rise of up to 0.5 percent inflation, indicating that the UK will not escape the commercial fallout from the Houthi offensive. [ more ]

www.standard.co.uk

Tory mayoral candidate Susan Hall urges Jeremy Hunt to scrap 'tourist tax' for London

London mayoral candidate Susan Hall is calling for a 20% VAT refund for international tourists on their shopping to boost the UK economy.

The reintroduction of VAT-free shopping for tourists could bring in Â£10.7 billion and improve London's competitiveness. [ more ]

www.independent.co.uk

UK economy shrank faster than expected in October, new data reveals

The UK economy shrank in October due to bad weather affecting the manufacturing and construction sectors.

All three main sectors - manufacturing, construction, and services - experienced negative growth during this period. [ more ]

www.independent.co.uk

December dates for benefits, pensions and cost of living payments

UK inflation drops to 4.6%, achieving government's pledge to halve it ahead of schedule.

Low-income families continue to struggle despite decreasing inflation. [ more ]

www.independent.co.uk

December dates for benefits, pensions and cost of living payments

UK inflation drops to lowest level in almost two years

Cost of living crisis continues to impact low-income families [ more ]

www.theguardian.com

Jeremy Hunt's post-Brexit City shake-up is damp squib', say MPs

Jeremy Hunt's post-Brexit City shake-up, known as the Edinburgh reforms, has had little impact on the UK economy a year after its launch.

The reforms were found to be lacking in substantial achievements and were deemed to be more preparatory work than actual reforms. [ more ]

www.theguardian.com

Britain has been in a 15-year economic slump. This is our route out of it | Torsten Bell

Britain is experiencing a phase of relative decline characterized by poor productivity growth and stagnant wages.

The UK is Europe's most unequal large economy, with poorer families 27% worse off than their French and German counterparts. [ more ]

www.independent.co.uk

Blow for Rishi Sunak as UK to have second-slowest growth in G7

UK projected to have highest inflation and second-slowest growth rate among G7 countries.

OECD has downgraded UK's economic growth forecast to 0.5% this year and expects inflation to average 7.3%. [ more ]

www.independent.co.uk

Andrew Bailey says Britain's growth prospects are among the worst he has ever seen

The governor of the Bank of England, Andrew Bailey, stated that the UK's growth outlook is the worst he has ever seen.

Bailey expressed concern about the slow supply side of the economy and the difficulty in reducing inflation rate.

The Bank's monetary policy committee (MPC) will not be cutting interest rates in the foreseeable future, according to Bailey. [ more ]

London Business News | Londonlovesbusiness.com

Business intelligence

Government to unveil multibillion investment plan creating 'thousands of new jobs'

The Prime Minister will unveil a multibillion pound investment plan to create new jobs.

The plan focuses on projects in life sciences, technology, renewable energy, and housing. [ more ]

www.theguardian.com