Economy

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…

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…

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 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.…

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 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…

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'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…

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…

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…

CPI on track to reach Andrew Bailey's spring target - when will interest rate drop? Andrew Bailey is being pressed. Andrew Bailey is under pressure. Bailey warned that the last mile in the battle against inflation was the most…

Jeremy Hunt has begun preparing for a public sale of NatWest shares worth billions of pounds, which could happen as early as June. This would be reminiscent of Margaret Thatcher's privatisation policy "Tell Sid", ahead of a General…

China's central banks has cut the amount of cash required by banks to hold in reserve. They hope to increase the lending to businesses and households as they try to steer an economy that is still recovering. Pan Gongsheng (Governor of…

The number of businesses on the verge of bankruptcy has increased by a quarter over the last three months due to a "perfect storm" that includes higher interest rates, increasing costs and a downbeat consumer market. According to Begbies…

According to research, the Scotch Whisky industry contributed more than £7 billion in one year to the UK's economy and supported 66,000 jobs. The Scotch Whisky Association trade body said that 41,000 direct and indirectly jobs were…

A senior International Monetary Fund official warned that "exuberant" investor optimism could undermine hopes for a soft landing of the global economy. Gita Gopiath, the deputy managing director, said to delegates attending the World…

According to an initial estimate published on Monday, German output declined by 0.3 percent last year due to high inflation, rising rates of interest and increased energy costs. This made Germany's largest economy, Europe, one of the worst…

Some of the world's top economists warned this weekend that a prolonged conflict in Red Sea and the escalating tensions throughout the Middle East could have devastating effects on global economic growth, rekindling inflation and disrupting…