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Economy
Pound Surges as UK Firms Record Fastest Growth in Four Months
The pound has reached a 13-month high against the dollar, trading at $1.3118, as British companies reported their fastest growth in four months during August. According to the latest S&P flash survey of purchasing managers, factors such…
UK Chancellor Plans to Raise Social Rents Boosting Affordable Housebuilding
In an effort to boost the construction of affordable homes, UK Chancellor Rachel Reeves is planning to introduce a 10-year formula in the upcoming October Budget. This formula will allow for annual rent increases in England based on the…
Reeves Faces Tough Choices as July Borrowing Exceeds Expectations
The newly appointed Chancellor, Rachel Reeves, faces challenging decisions as recent official data indicates that government borrowing in July reached £3.1 billion, significantly surpassing expectations. This figure is £1.8 billion higher…
Small Business Owners Turn to Pawnbrokers as Banks Tighten Credit
The economic landscape for small businesses in Britain has become increasingly challenging, with many entrepreneurs resorting to pawning personal belongings to secure working capital. Chris Gillespie, the chief executive of…
Mortgage Rate Price War Brings Relief to UK Homebuyers as Fixed Deals Hit Lowest Since Mini Budget…
The UK mortgage market is experiencing a significant improvement for both homeowners and buyers, as mortgage rates have dropped to their lowest levels since the aftermath of the Liz Truss mini-budget in September 2022. Currently, NatWest is…
Global Wealth Tax on Super-Rich Could Raise £15 Trillion Campaigners Say
The price of gold has reached a new all-time high, with spot gold surpassing $2,525 per ounce this morning. This unprecedented surge in value means that a standard bar of gold is now worth an astonishing $1 million. The previous record high…
Labours Autumn Budget Must Tackle Decade of Infrastructure Decline Says Make UK
As Rachel Reeves prepares to deliver her autumn budget on 30 October, Britain's largest manufacturers have issued a stark warning: the country's infrastructure has suffered a decade of decline, and urgent action is needed to boost economic…
UK Banks Race to Repay £100bn in Covid Loans Could Benefit Savers
The potential takeover of Seven & i by Alimentation Couche-Tard (ACT) indeed represents a significant moment in the global convenience store industry. If the acquisition goes through, it would not only be the largest foreign acquisition…
UK Economy Shows Signs of Recovery Amidst Lingering Structural Challenges
The UK economy has shown signs of recovery in the first half of 2024, with quarterly growth at 0.6%, an annual inflation rate of 2.2%, and unemployment at 4.2%. However, it is important to note that the economy continues to grapple with…
UK Statistics Authority Chair Advocates Government Data Sharing to Boost Economy
Sir Robert Chote, the chair of the UK Statistics Authority, has recently advocated for increased data sharing among government departments as a means to stimulate economic growth and enhance public services. In his statement, Chote…
UK Economy Expands 06 Percent in Second Quarter Amid Challenges
The UK economy grew by 0.6 percent in the second quarter, according to the latest figures from the Office for National Statistics (ONS). This marginal slowdown compared to the previous three months' robust growth of 0.7 percent was in line…
UK Unemployment Rate Drops as Wage Growth Slows Amid Mixed Labour Market Signals
The UK labour market has presented a mixed picture in the second quarter of the year, with the unemployment rate unexpectedly falling and wage growth slipping to a two-year low. These developments provide conflicting signals for the Bank of…
Bank of England Cautioned Against Premature Interest Rate Cuts
The Bank of England should exercise caution when considering lowering interest rates too quickly, according to Catherine Mann, a member of the Bank's Monetary Policy Committee (MPC). In an appearance on the Financial Times's The Economics…
UK Inflation Rises to 2.2% in July, Surpassing Bank of England’s Target
Inflation in the UK rose for the first time this year in July, climbing to 2.2% and surpassing the Bank of England’s 2% target, according to official figures released by the Office for National Statistics (ONS). This increase was primarily…
Janus Henderson Bolsters Private Credit Presence with Victory Park Capital Stake
In a move that underscores the growing investor appetite for private credit, Janus Henderson, the British-American asset management firm with approximately £361 billion in assets under management, has announced a deal to acquire a…
Government Urged to Reform Business Rates as 17000 Shops Face Closure Risk
The chief executive of Sainsbury's, Simon Roberts, and the general secretary of the Union of Shop, Distributive and Allied Workers (Usdaw), Paddy Lillis, have issued a stark warning to the Labour government. They assert that unless the…
Global Push for Higher Taxes on the Super-Rich Gains Momentum
In a significant shift in global sentiment, calls for higher taxes on the super-rich are gaining traction, with even conservative governments joining the chorus. The G20, a group of the world's largest economies, has recently agreed that…
Pensioner Housing Benefit Costs Set to Soar Reaching 15 Billion Pounds by 2035
The UK Treasury is bracing for a significant increase in housing benefit payments to pensioners, with projections indicating that the annual cost could skyrocket to £15.4 billion by 2035.
This staggering figure, revealed by the Centre…