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Economy
UK economy: revised ONS figures show better growth
Researchers from the Office for National Statistics reported that after gathering more detailed data about wages and business profits, the UK economy will grow three times faster than initially predicted by 2023. ONS announced on Monday…
Nightmare on Aim Street scares investors
The City of London is preparing for a "Halloween Nightmare on Aim Street", which could be announced at the budget meeting next month. Investors have been scared by fears that Treasury may consider cutting an "essential" tax relief which has…
Aston Martin shares plummet after profit warning
Aston Martin Lagonda's new chief executive has forced the luxury carmaker to cancel its financial plans and reduce production for the year. Shares in the company have plummeted since the arrival of the new executive.
The stock fell to a…
The Ronaldo of Banking is about to strike Germany’s financial core
The audience fell silent as the Italian with grey hair and a sharp suit entered the packed conference in London. The Bank of America CEO Conference in Marylebone was attended by hundreds of delegates who knew this tall, perma tanned banker…
ISG’s owner speaks out about firm’s collapse
The Texan tycoon who led the bankrupt prison-builder ISG to bankruptcy has finally spoken out about the collapse of the company, with details emerging of a debt of $1 billion his firm owes Goldman Sachs.
William Harrison III, former…
Rachel Reeves expects a £50bn windfall after fiscal rules are reformed
Rachel Reeves' plans, which are being developed by officials, will allow her to free up up to £50 billion for roads, housing, and energy projects, as well as other large-scale initiatives. The chancellor asked Treasury to examine changing…
Starmer signals that the UK budget will include an increase in capital expenditure.
Sir Keir has cleared the path for a large increase in capital expenditure at the Budget next month, after his government received the backing of Paris-based OECD reforms that boost growth-enhancing investment. In New York, Prime Minister…
DFS is in the red due to a drop in sales and delays with shipping
The biggest sofa retailer in Britain has suffered a loss due to a combination of sluggish sales, delays on Red Sea shipping and increased debt costs. DFS Furniture reported that it had lost £1.7 million before tax for the 53-week period…
PwC partners face pay cuts as profits fall
PwC's 1,036 UK-based partners received an average of £862,000 in profits for the year ending June. This is down from £906,000 a decade ago, when Britain's largest auditor invested in its business. Total revenue (which includes UK, Middle…
OECD raises UK growth forecast
A leading international forecaster has given the UK economy the largest annual growth upgrade of the G7 in this year, a boost for the government's efforts to kickstart its economy. The Organisation for Economic Cooperation and Development…
The new French government is considering tax increases on business and the wealthy
The new French government has begun to study options for taxing the wealthy and companies in order to reduce deficits while maintaining President Emmanuel Macron’s pro-business record.
Antoine Armand is the finance minister of France. He…
The first skyscraper laboratory in Britain is under construction
The construction of Britain's very first laboratory skyscraper will begin on Tuesday in Canary Wharf (east London) with the goal of providing more space for scientists. A partnership between Canary Wharf Group, a Dutch developer and Kadans…
German economy stuck in a vicious cycle of stagnation
After a key activity measure fell for the fifth month in a row in September, economists warned that Germany's economy was stuck in a vicious cycle of stagnation. This month, the Ifo monthly business climate index fell from 86.6 down to…
Andrew Bailey: Interest rates are not likely to drop rapidly.
The Bank of England governor has stated that interest rates will continue to fall slowly, even as inflation is brought under control. They are unlikely to return near zero rates of previous decades.
Andrew Bailey was "very encouraged by…
Businesses say that budget uncertainty is impacting the UK economy.
Two separate surveys of businesspeople indicate that uncertainty ahead of Labour's first Budget since 2010 next Month is impacting the UK economy. S&P Global, a data company, said that the UK private sector growth in September slowed…
The Fed is expected to cut interest rates again, and traders are betting on this.
The US Federal Reserve is expected to cut interest rates again in November. This has led traders to increase their bets, boosting hopes that the US economy will avoid a recession. Investors think there is a 53 per cent chance that the Fed…
Global investors warn Labour that UK utilities are “off our radar”
One of the largest sovereign wealth funds in the world has announced that it will not be investing in the UK’s regulated utilities for water, electricity and natural gas. This is a major blow to Labour’s hopes of attracting global…
Interest rates in the UK held at 5%
After voting 8-1 to not change monetary policy, the Bank of England held interest rates at 5%.
The nine-strong monetary committee announced that it would adopt a "gradual" approach to lowering the interest rates, as the inflation rate is…