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Economy
Interest rate policy may ‘crush’ recovery, ex-central banker warns
The Bank of England's ex-chief economist has cautioned policymakers about the risk of damaging the economy by maintaining high interest rates for an extended period.
Andy Haldane, who was chief economist for seven years until 2021, said…
What does the UK economy mean in terms of recession?
Last week, official figures revealed that the UK had entered a "technical recession" in the second half last year. The drop in Gross Domestic Product (GDP) was 0.3 percent in the fourth quarter after a 0.1 percent fall in the third.…
The Brexit bill: 100bn pounds of lost exports to the UK as jewellery and toys sales fall
New analysis claims that Brexit will leave a gap of nearly £100bn for UK exports each year, which would make Britain's economy worse than if they stayed in the European Union.
The UK's decision not to remain in the EU has led to a 30…
China’s consumers tighten their belts despite falling prices
Chinese electric vehicle prices are tumbling, but 38-year-old Beijinger Rio Liu is loath to part with cash for the new car he badly wants for his young family. For a start, he needs to sell his current car, but second-hand prices are…
The tax payer bill for benefits for workers of working age will reach 100 billion pounds this year
The first-ever increase in disability claims following the lockdown will see Britain's benefits bill for working age reach £100bn this year.
According to the Department for Work and Pensions' (DWP) forecasts, the cost of welfare…
China exports deflation around the globe as its economy falls apart
Global investors expect falling prices in China to push down inflation rates worldwide this year, as excess capacity in its slowing economy prompts Chinese exporters to cut prices on goods they sell abroad.
Prices of Chinese exports have…
China’s rising prices create uncertainty amid the property crisis
The pace of inflation in China is the lowest since the financial crisis. This has led to concerns about the weakening demand in the second largest economy in the world.
According to the National Bureau of Statistics, China's consumer…
High street battles back against online retail failures
As the "pendulum is swinging back to brick-and-mortar retailers", the number of online-only retail stores going bankrupt has reached a new record.
Price Bailey reports that 615 companies went bankrupt last year. This is a 13 percent…
ONS reveals the depth of the crisis as it finds 400,000 additional dropouts
The jobless crisis in Britain is more serious than thought. New estimates reveal that over 400,000 people have left the workforce due to long-term illness at a record high.
According to the Office for National Statistics, there are 9.25…
Savings of over a trillion pounds is held in low-interest savings accounts
More than £1 trillion of the nation's savings is sitting in accounts earning less than 2 per cent, while the base interest rate is 5.25 per cent, according to an analysis of Bank of England credit data.
The figures, which include money…
Companies say that high energy prices will increase their prices
Over 80 percent of British firms expect to raise the prices of their products and services in the next two-year period, raising concerns that inflation won't fall back to Bank of England target.
PwC conducted a survey on companies and…
Jeremy Hunt’s review aims to eliminate tourist tax
Jeremy Hunt ordered a review of the so-called tourist tax, the clearest indication yet that the Treasury could be on the verge of a major policy reversal which would give Britain's retailing and leisure industries a much needed boost.…
Bank of England hopes interest rates are at their peak
The Bank of England said that borrowing costs had peaked, and inflation would fall to the target of 2% in the spring.
Andrew Bailey, governor of the state, stated that the "key" question was now when to reduce rates. This could provide…
Sky cuts 1,000 jobs due to the shift from pay-TV customers to internet
Sky will cut 1,000 jobs due to the shift from traditional satellite pay TV to streaming services. This is the latest round of redundancies that has hit the UK media sector.
The company employs around 26,000 people in the UK and is…
Insolvencies in England and Wales to reach 30-year high by 2023
According to official statistics, corporate insolvencies in England & Wales reached their highest level in 1993 last year. This highlights the challenges faced by companies due to a slowing economy and high production costs.
The…
Germany is on the brink of recession
Germany's economy contracted by 0.1% in 2023. This means that it is almost certain to have had the worst performance of the G7 club.
The largest economy in Europe has, however, avoided a technical contraction -- defined as two…
Little room for big tax cuts, Hunt tells Tories
Jeremy Hunt warned the cabinet of the possibility that the tax cuts included in the spring budget could be less than expected due to "major structural weakness" in the economy.
On March 6, the chancellor or prime minister will consider…
Court to tell Bank that they encouraged Libor rigging
In a dispute between Lloyds Banking Group and a businessman worth £1.3 billion, the High Court will hear claims that the Bank of England encouraged manipulation of Libor.
Ardeshir Naghshineh is suing Lloyds for allegedly "fraudulently…