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Economy
Bank of England increases interest rates by 0.25 percentage point
The Bank of England raised interest rates by 0.25 percentage points, to 5.25 percent. It warned that borrowing costs would likely remain high despite a slowdown in inflation.
The Monetary Policy Committee of the central bank voted on…
Washington’s outrage at the downgrade and the calm of bond investors is a response to US…
On Wednesday, the reaction to Fitch Ratings downgrading the US's pristine credit rating was split on screen: the White House expressed outrage and investors on the Treasury bond market reacted with relative calm.
Fitch downgraded on…
UK house prices drop the most since 2009.
Nationwide data shows that UK house prices are at their lowest level in 14 years, as mortgage costs continue to rise.
The Nationwide House Price Index showed that prices fell by 0.2 percent in July compared to the same period last year…
Consumer borrowing reaches a five-year high, as inflation reduces earnings
Last month, families took on more debt than they had since 2018. Rising costs have put increasing pressure on household finances.
According to the Bank of England consumer credit increased by PS1.7bn in a single month as consumers…
Bank of England to increase rates to new 15-year high
The Bank of England will not be stopped from raising interest rates this week to a new 15-year-high, but the signs that UK inflation has finally cooled could allow the rate-setters slow down the pace of tightening.
After months of…
After receiving a red rating, HS2 has been officially declared ‘unachievable.
The government's infrastructure watchdog has deemed the HS2 project "unachievable", due to its severe delays and soaring cost.
After analyzing plans for construction of the two first phases of the high speed line from London to…
St James’s Place share prices drop sharply on proposed fee reduction
St James's Place will lower fees for a wide range of investment options, reducing its projected profits and causing the steepest drop in the share price of the FTSE100 company in seven years.
The UK's biggest wealth manager announced…
The decision that led to Britain’s debt crisis is one of the worst in the world
Few people have heard of the Debt Management Office. It is not just bond traders and pension fund managers.
This obscure part of the Treasury plays a crucial role in dealing with Britain's ever-growing mountain of debt. But, like…
What China’s Economic Measures Mean in Practice
Chinese stocks staged their biggest one-day rally since November after a call by China's leaders for strong "countercyclical" measures to support the world's second-largest economy, despite what economists said was a lack of detail in…
UK has highest interest debt bill in the developed world
The UK will have the highest interest rates in the developed world for the year due to persistently high inflation, and a large number of government bonds tied to price increases.
Fitch forecasts that the Treasury will spend £110bn in…
Businesses warn of inflation driven by wage increases.
Employers have warned that the driving force behind inflation is now higher wages, as companies pass along rising salaries costs to their clients.
According to S&P Global's influential purchasing managers index (PMI), the economy…
Is the UK still an outlier in global economics?
The UK economy has been a less outlier than thought in the peer group of countries, according to a recent flow of data. Figures showed unexpected resilience in the UK's economy and lowered inflation.
Few weeks ago, Britain remained the…
Covid will cost taxpayers an extra £15bn even though pandemic is over
The government will spend another £15bn on Covid despite the fact that the pandemic has been declared over.
Last week, in an update of the Treasury's Covid Cost Tracker, officials revealed that the Government would spend another…
Hong Kong billionaires bid for ownership of Britain’s offshore wind network
The richest family in Asia has bid for lucrative contracts to transfer electricity from Britain's largest offshore wind farm to the National Grid.
UK Power Networks Services is owned by the family of Hong Kong billionaire Li Kashing.…
UK productivity lags behind G7 peers due to “complacency”
A business survey found that UK companies are more complacent about improving productivity than their G7 counterparts.
Be the Business, a government-backed charity that surveyed more than 4,000 G7 leaders in the business world, found a…
Transatlantic inflation gap to reach highest level in decades
This week, the gulf between the price pressures in Britain and the US is likely to reach levels not seen since late 1970s as Britain becomes an inflationary outlier on the global stage.
The figures released last week confirm that US…
Does Xi Jinping have a Plan B for China’s Economy?
The Wuhan Greenland Center, which towers over the Yangtze River in Central China, was intended to be Central China’s answer to Burj Khalifa – the tallest building in the world.
The tower, which was first unveiled in 2011, was to be 120…
Turkey triples its petrol tax as Erdogan attempts to fix public finances
Turkey tripled its petrol tax to try to raise funds to pay for the huge giveaways made ahead of the May election, and to fund the $100billion reconstruction costs after the devastating earthquake in February.
According to an announcement…