Economy

In response to budgetary pressures, housing associations in England cut their spending plans on new affordable homes for 2024. This could worsen the acute shortage of social houses in the UK. According to Centrus, an adviser who works…

A survey by economists found that UK voters would enjoy higher wages, but struggle to pay their mortgages and rents ahead of the next general election. The cost of living crisis will give way to a "grey gloom" as the cost-of-living crisis…

Almost one-quarter of UK buy now, pay later users have been charged late repayment fees, with younger consumers hit hardest, according to research that points to how people have turned to the unregulated form of credit to cope with rising…

The UK chancellor Jeremy Hunt announced that the Spring Budget 2024 will take place on 6 March, leaving the door open for a potential early general election to be held in May. Hunt will announce tax cuts before the budget. He hopes this…

One of the largest active bond fund managers in the world has warned that there is a high risk for a severe economic downturn to occur next year. Daniel Ivascyn said that Pimco's chief investment officer, Daniel Ivascyn has placed larger…

As borrowing costs increase and governments remove pandemic-era support measures for businesses worth trillions, corporate bankruptcies in advanced economies are rising at double-digit rate. Following a decade of decline the number of US…

The UK has approved its first spaceport for vertical launch rockets in the northernmost part of the Shetland islands. The Civil Aviation Authority (CAA) has granted a licence to SaxaVord Spaceport, located on the small island Unst. This…

Net zero would shrink Britain's economy by £60bn and cause the global economy to be $3.6 trillion (£2.8 trillion) smaller, according to the Organisation for Economic Cooperation and Development. Eliminating coal and reducing reliance on…

According to data released just before the Bank of England’s final rate setting meeting of the year, the UK economy contracted unexpectedly in October. All three major sectors reported declines in production. According to Office for…

The bond markets are getting ahead of themselves by anticipating a sharp fall in the Bank Rate for next year. CPI inflation is down from double-digit levels last year. At 4.6pc, the CPI inflation rate is still more than double what it…

The head of a British business lobby group warned that a lack of workers had contributed to 'anti-growth situations' in the UK. Shevaun haviland, the director-general of British Chambers of Commerce said in an article that the…

The British Chamber of Commerce stated on Tuesday that UK businesses in China view 2024 as "a pivotal year" where Beijing will address the growing concerns about its faltering economy and investment climate. Beijing-based Chamber of…

A senior International Monetary Fund representative has warned that the world economy is at the brink a second Cold War, which could "annihilate", the progress made since collapse of the Soviet Union. Gita Gopinath is the first deputy…

For the first time since at least a decade the use of physical cash is increasing, as households are returning to coins or banknotes for managing their finances during the cost-of living crisis. According to the British Retail…

Western world's biggest central banks will likely keep interest rates at the same level this week, amid concerns about stubbornly high inflation. This is despite expectations of sharp reductions in borrowing costs for next year. In a…

Javier Milei is a libertarian economist who has been sworn in to be the president of Argentina. He promised to make deep cuts in expenditures after he was sworn in, saying only radical changes could pull South America out of its worst…

BlackRock, world's biggest asset manager, says that the world has entered a new age of low growth rates and high interest rate. The report warned that will be more volatile in coming years, and that economies cannot grow as fast as they…

Since the coronavirus outbreak, defaults by Chinese borrowers are at a record-high. This highlights the severity of China's economic crisis and the challenges to full recovery. Local courts report that 8.54mn people are on the blacklist…