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Economy
UK Economy Shows Signs of Recovery Amidst Lingering Structural Challenges
The UK economy has shown signs of recovery in the first half of 2024, with quarterly growth at 0.6%, an annual inflation rate of 2.2%, and unemployment at 4.2%. However, it is important to note that the economy continues to grapple with…
UK Statistics Authority Chair Advocates Government Data Sharing to Boost Economy
Sir Robert Chote, the chair of the UK Statistics Authority, has recently advocated for increased data sharing among government departments as a means to stimulate economic growth and enhance public services. In his statement, Chote…
UK Economy Expands 06 Percent in Second Quarter Amid Challenges
The UK economy grew by 0.6 percent in the second quarter, according to the latest figures from the Office for National Statistics (ONS). This marginal slowdown compared to the previous three months' robust growth of 0.7 percent was in line…
UK Unemployment Rate Drops as Wage Growth Slows Amid Mixed Labour Market Signals
The UK labour market has presented a mixed picture in the second quarter of the year, with the unemployment rate unexpectedly falling and wage growth slipping to a two-year low. These developments provide conflicting signals for the Bank of…
Bank of England Cautioned Against Premature Interest Rate Cuts
The Bank of England should exercise caution when considering lowering interest rates too quickly, according to Catherine Mann, a member of the Bank's Monetary Policy Committee (MPC). In an appearance on the Financial Times's The Economics…
UK Inflation Rises to 2.2% in July, Surpassing Bank of England’s Target
Inflation in the UK rose for the first time this year in July, climbing to 2.2% and surpassing the Bank of England’s 2% target, according to official figures released by the Office for National Statistics (ONS). This increase was primarily…
Janus Henderson Bolsters Private Credit Presence with Victory Park Capital Stake
In a move that underscores the growing investor appetite for private credit, Janus Henderson, the British-American asset management firm with approximately £361 billion in assets under management, has announced a deal to acquire a…
Government Urged to Reform Business Rates as 17000 Shops Face Closure Risk
The chief executive of Sainsbury's, Simon Roberts, and the general secretary of the Union of Shop, Distributive and Allied Workers (Usdaw), Paddy Lillis, have issued a stark warning to the Labour government. They assert that unless the…
Global Push for Higher Taxes on the Super-Rich Gains Momentum
In a significant shift in global sentiment, calls for higher taxes on the super-rich are gaining traction, with even conservative governments joining the chorus. The G20, a group of the world's largest economies, has recently agreed that…
Pensioner Housing Benefit Costs Set to Soar Reaching 15 Billion Pounds by 2035
The UK Treasury is bracing for a significant increase in housing benefit payments to pensioners, with projections indicating that the annual cost could skyrocket to £15.4 billion by 2035.
This staggering figure, revealed by the Centre…
Chinas Economic Woes Pose Greater Threat to Global Markets than US Recession Fears
As financial markets fixate on the specter of a potential US recession, they may be overlooking more significant threats to global economic stability. While the US economy shows resilience, with unemployment rising from historically low…
Reeves Considers Capital Gains Tax Hike as UK Faces 22bn Shortfall
As Chancellor Rachel Reeves grapples with a £22 billion shortfall in public finances for the 2024-25 fiscal year, speculation is mounting that she may turn to capital gains tax (CGT) to bridge the gap. With limited options available due to…
Repossession Claims in England and Wales Reach Five-Year High Amid Interest Rate Hikes
The number of repossession claims made by banks and landlords in England and Wales has climbed to its highest level in five years, as households grapple with the impact of rising borrowing costs. According to data from the Ministry of…
ONS: UK post-pandemic recovery higher than previously thought
According to updated data, which gives more weight to healthcare and energy industries, the UK economy has recovered from the Covid-19 epidemic in a better state than was previously believed.
Office for National Statistics has now…
HMRC’s Flagship Innovation Scheme Loses £4bn to Fraud and Error
In a shocking revelation, it has come to light that the UK government's flagship scheme to promote research and development has been marred by widespread abuse, resulting in a staggering loss of over £4bn due to fraud and error since 2020.…
The UK economy’s growth rate has been upgraded, but it falls short of Labour’s target
After the Bank of England lowered rates for the first in over four years, the pound and FTSE 100 both fell dramatically.
According to central bank forecasts, the economy is expected to grow much faster than originally thought this year,…
UK Interest Rates Cut to 5%
Bank of England cuts interest rates first in four years. This is a relief for millions of homeowners, and families who are still struggling with the rising cost of living.
After holding borrowing costs at their highest level for more…
Eurozone economy grows by 0.3% in second quarter
The Eurozone's economy grew faster than expected, by 0.3 percent in the second quarter. This has allayed fears that the fragile recovery is losing steam.
The growth rate of the gross domestic product on Tuesday was 0.3 percent higher…