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Economy
UK Inflation Set to Rise and Remain Above Target Until 2027 Warns BCC
The British Chambers of Commerce (BCC) has issued a stark warning about the UK's inflation outlook, projecting that consumer price inflation will climb steadily to 2.6% by the end of the year and remain above the Bank of England's 2% target…
Britains Coal Power Era Ends After 140 Years Marking Milestone in Energy Transition
The United Kingdom is set to close its final coal-fired power station at the end of September, marking the end of a 140-year reliance on coal for electricity generation. This closure is a significant step in the nation's efforts to…
Record Breaking Renewable Energy Auction Secures Nine New Offshore Wind Farms
The government's first renewable energy auction has resulted in a record-breaking 131 new green infrastructure projects, including nine offshore wind farms. This is a notable increase from the 92 projects approved in the previous auction,…
Sterling Set to Soar as One of the Strongest Currencies This Year
The pound is expected to become one of the top-performing major currencies in 2024, according to leading American investment banks. Analysts predict that sterling will reach a four-year high of $1.41 against the dollar by the end of next…
Volkswagen Contemplates Factory Closures and Job Cuts in Germany as Cost Savings Fall Short
In a significant shift from its 87-year history, Volkswagen is contemplating the closure of factories in Germany and potential job cuts as it faces a challenging economic environment. This consideration arises after the company's savings…
Oasis Reunion Tour Set to Be a Financial Phenomenon
The music industry is abuzz with the news of the Oasis reunion tour, which is expected to be the most popular tour in British history and a solid gold financial hit. The band's shows next summer are anticipated to generate a massive…
Business Travel Bounces Back with a Focus on Affordability and Sustainability
As the world emerges from the shadows of the pandemic, business travel is making a strong comeback, but with a notable shift in priorities. Companies are now prioritising cost-effectiveness and environmental responsibility over the luxuries…
UK Firms Losing Billions by Failing to Protect Inventions Overseas
British businesses are losing out on billions of pounds in revenue by neglecting to file international patents at the same rate as their counterparts in other countries, experts have cautioned. A report by the Chartered Institute of Patent…
Macys Cuts Sales Forecast as Shoppers Tighten Belts Amid Economic Uncertainty
As cautious consumers reduce their spending, Macy's, America's largest department store chain, has revised its sales outlook for the rest of the year downward. The retailer cited significant discounting as a reason for this change,…
Why Workers are Staying Put Amidst Economic Uncertainty
In the wake of the Covid-19 pandemic, the job market has experienced a significant shift from the "Great Resignation" to what can now be described as the "Great Retention". As economic uncertainty looms, employees are increasingly opting to…
Unite Calls for Wealth Tax on Super-Rich to Fund Public Sector Pay Rises
Britain's second-largest trade union, Unite, is urging the new Labour government to introduce an emergency 1% wealth tax on the assets of the super-rich. The proposed tax would be applied to individuals with assets exceeding £4 million,…
Pound Surges as UK Firms Record Fastest Growth in Four Months
The pound has reached a 13-month high against the dollar, trading at $1.3118, as British companies reported their fastest growth in four months during August. According to the latest S&P flash survey of purchasing managers, factors such…
UK Chancellor Plans to Raise Social Rents Boosting Affordable Housebuilding
In an effort to boost the construction of affordable homes, UK Chancellor Rachel Reeves is planning to introduce a 10-year formula in the upcoming October Budget. This formula will allow for annual rent increases in England based on the…
Reeves Faces Tough Choices as July Borrowing Exceeds Expectations
The newly appointed Chancellor, Rachel Reeves, faces challenging decisions as recent official data indicates that government borrowing in July reached £3.1 billion, significantly surpassing expectations. This figure is £1.8 billion higher…
Small Business Owners Turn to Pawnbrokers as Banks Tighten Credit
The economic landscape for small businesses in Britain has become increasingly challenging, with many entrepreneurs resorting to pawning personal belongings to secure working capital. Chris Gillespie, the chief executive of…
Mortgage Rate Price War Brings Relief to UK Homebuyers as Fixed Deals Hit Lowest Since Mini Budget…
The UK mortgage market is experiencing a significant improvement for both homeowners and buyers, as mortgage rates have dropped to their lowest levels since the aftermath of the Liz Truss mini-budget in September 2022. Currently, NatWest is…
Global Wealth Tax on Super-Rich Could Raise £15 Trillion Campaigners Say
The price of gold has reached a new all-time high, with spot gold surpassing $2,525 per ounce this morning. This unprecedented surge in value means that a standard bar of gold is now worth an astonishing $1 million. The previous record high…
Labours Autumn Budget Must Tackle Decade of Infrastructure Decline Says Make UK
As Rachel Reeves prepares to deliver her autumn budget on 30 October, Britain's largest manufacturers have issued a stark warning: the country's infrastructure has suffered a decade of decline, and urgent action is needed to boost economic…