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Economy
Gig Economy Platform Accused of Promoting Tip Law Avoidance Schemes to UK Hospitality Sector
A controversial gig economy platform has come under intense scrutiny for allegedly encouraging hospitality businesses to circumvent the UK's newly implemented fair tipping legislation and upcoming zero-hours contract regulations through its…
Russian Exporters Turn to Soviet Era Barter System as Western Sanctions Bite
Russian exporters are increasingly embracing barter trade arrangements to circumvent payment delays stemming from Western sanctions imposed following Moscow's invasion of Ukraine. The shift comes as foreign banks distance themselves from…
Fed Set To Cut Interest Rates By Quarter Point Despite US Election Uncertainty
The Federal Reserve appears ready to implement a quarter-point reduction in its benchmark policy rate next week, maintaining its strategic direction despite a skewed employment report and clouded economic policy outlook surrounding the…
Chinese Government Intensifies Tax Collection Drive on Wealthy Citizens and Corporations
Chinese authorities have launched an aggressive campaign to recover unpaid taxes from wealthy individuals and corporations, signalling a significant shift in the nation's fiscal policy amid economic pressures. The move comes as local…
UK Government Borrowing Costs Surge to Year High as Labour Budget Triggers Market Concerns
British government bonds faced intense selling pressure on Thursday, driving borrowing costs to their peak levels for 2024, as investors grappled with the implications of Rachel Reeves' expansionary Budget plans. The 10-year gilt yield…
Labour Budget 2024 Delivers Historic Tax Overhaul and Economic Reforms
In a landmark fiscal announcement, Labour's Chancellor Rachel Reeves has unveiled a transformative budget featuring £40 billion in tax increases, marking a significant departure from previous Conservative policies. The comprehensive package…
British Tax Burden Inches Closer to European Union Average in Historic Shift
The United Kingdom's escalating tax burden has pushed government revenues nearer to European Union levels than witnessed in decades, marking a significant transformation that Labour's Rachel Reeves is poised to amplify with substantial tax…
UK Borrowing Costs Surge as Markets Brace for Reeves Historic First Budget
British long-term borrowing costs reached a post-election peak on Tuesday as financial markets prepared for Rachel Reeves' landmark first Budget. The chancellor is poised to unveil an ambitious plan to raise tens of billions of pounds for…
As tensions in the Middle East ease, oil prices fall 6%
The oil prices fell sharply Monday, after Iran did not announce an immediate response to Israel's attacks on the country.
Brent and US West Texas Intermediate crude futures have both fallen to their lowest levels since the September 11…
Look to Russia and China for the real reason why gold prices are soaring
A retailer is rare even in this exclusive district of London's St James's Street. Among the gentleman's clubs, shops that sell top-end cigars and shotguns are a number of retailers who have specialized in selling these items.
Sharps…
Reeves confirms that the budget will reverse massive cuts to UK public investment
Rachel Reeves, in her next budget, will promise to reverse massive cuts in public investments after she confirmed rules that limit her spending power would be overhauled so the government could release up to £50bn in infrastructure…
Barclays’ £2.2bn profit beats City expectations
Barclays' British High Street business performed better than expected, and its investment bank has resumed deal-making. This led to a larger than forecast increase in the lender’s quarterly profit.
The FTSE 100 results on Thursday were a…
IMF warns that Europe’s economy is poised to fall behind the US.
IMF warns that the gap between the US and European gross domestic products will widen by the end decade. It also sounded the alarm over the "lack" of business dynamism on the continent.
In , the IMF's latest Economic Outlook for Europe,…
Reeves announces major fiscal rule change releasing £50bn to spend
Rachel Reeves, at the International Monetary Fund will announce a plan for changing Britain's debt regulations that will allow the government to spend an additional £50bn on infrastructure projects.
After weeks' worth of speculation the…
Lloyds raises forecast on house prices
The UK's largest mortgage lender, which is also the country's largest bank by assets, has raised its expectations for house prices to rise this year. It has also posted a better-than-expected quarterly profit as customers are more…
BoE Governor: UK inflation is declining faster than expected
The Bank of England Governor said that the UK must continue to experience a decline in the price of services from its current level.
Andrew Bailey, speaking after the BoE's target of 2 percent for consumer price growth was missed,…
IMF warns Trump’s trade tariffs may damage the global economy, but it also upgrades UK outlook
The International Monetary Fund warned that the tariffs proposed by Donald Trump, the US presidential candidate, could harm global growth and upgraded its forecasts for the UK's economy.
The Washington-based organization said that…
Halfords warns budget concerns make the near-term outlook “uncertain”
Halfords Group warns that consumers are delaying purchases of expensive items due to the uncertainty surrounding the economy, and the upcoming tax changes in next week's budget.
Like-for-like, the retailer and repair shop that sells…