Page 2 - Uk Economy

India, China to Germany and UK: How major economies performed in 2024

While India and US have optimistic outlooks going into 2025, Germany and UK may see sluggish growth

BoE keeps interest rates steady at 4.75%, but MPC members split on decision

Three of the BoE's nine-person Monetary Policy Committee - Deputy Governor Dave Ramsden and external members Swati Dhingra and Alan Taylor - voted for a quarter-point rate cut to 4.5 per cent

UK economy shrinks in Oct, suffers first back-to-back declines since 2020

Gross domestic product shrank 0.1 per cent month-on-month in October, as it did in September, the Office for National Statistics said

Worker shortages raise doubts over Britain's plan to build for growth

Britain has long lacked candidates to fill jobs, a problem made worse by the 2016 Brexit vote and Covid-19, with vacancies higher than their level before the pandemic

UK consumer confidence touches 4-month high in December: GfK survey

Monthly consumer confidence index from market research firm GfK rose to -17 in December from -18 in November, the highest reading since August

Bank of England set to stay in central bank slow lane, keep rates on hold

BoE has cut Bank Rate only twice from a 16-year peak, helping to make sterling the only currency from the Group of 10 leading economies that has not fallen against the US dollar in 2024

PM Keir Starmer plans reform of UK state in bid to counter criticism

Starmer's reset moment, including six 'milestones' designed to be tools to measure the government's progress, instead triggered more disquiet and confusion about his strategy

UK transport minister Louise Haigh quits in new blow to PM Starmer

In her resignation letter shared by Starmer's office early on Friday, Haigh said she was standing down as the issue 'will inevitably be a distraction from delivering on the work of this government'

British employers warn tax rise will hit investment, jobs, salary

"The rise in National Insurance and the stark lowering of the threshold caught us all off guard," CBI Chief Executive Rain Newton-Smith said as the organisation met for its annual conference

UK retail sales plunged more than expected before new govt's budget: ONS

A monthly rise in sales in September was also revised down to 0.1 per cent from a previous estimate of a 0.3 per cent gain

UK inflation rises by 2.3% in October, again more than BOE's expectation

The increase was the biggest month-to-month rise in the annual CPI rate since October 2022

UK Treasury chief Reeves unveils budget with 40 billion pounds in tax hikes

British Treasury chief Rachel Reeves is announcing 40 billion pounds in tax hikes in her first budget, saying she will use the money to invest, invest, invest and get the economy growing. Reeves is delivering the first budget from the UK's Labour Party government since it took power in July. She says the tax increases are needed because of the economic black hole left by the previous Conservative government. She told lawmakers, I am restoring stability to our public finances and rebuilding our public services. The centre-left party was elected July 4 after promising to banish years of turmoil and scandal under Conservative governments, get Britain's economy growing and restore frayed public services.

British inflation sends pound below $1.30, dollar firm on Fed outlook

The pound dropped to as low as $1.2984, dipping under the $1.30 level for the first time since Aug. 20, after data showing the rate of annual consumer price inflation dropped to 1.7 per cent in Sep

UK pay grows slowest in two years as BoE considers when to cut rates again

BoE cut borrowing costs in August but kept them on hold at its September meeting, saying it wanted to see further signs that inflation pressures were abating

UK property market strengthens, pressure on renters intensifies: RICS

Tarrant Parsons, RICS' head of market analytics, said the reduction in borrowing costs in August had helped to recover buyer demand

UK PM Starmer to meet sceptical investors in attempts to woo them

Years of Brexit-linked political chaos may have ended with his Labour Party's big election win, but the near-collapse of utility Thames Water has unsettled investors

UK borrows more than expected in July, underlining challenge for FM Reeves

The figures did not include recent pay deals struck between the new Labour government, elected last month in a landslide victory, and public sector workers including junior doctors

UK economy records strong growth in Q2 but likely to see slowdown ahead

Zero growth in June as wet weather hit retail sales

UK inflation rises 2.2%, remains slightly less than expected in July

When the BoE cut interest rates from a 16-year high of 5.25 per cent at the start of this month, it said May and June's 2 per cent inflation readings probably marked a low point for inflation

UK should double public investment to boost long-run growth: Think tank

NIESR forecasts Britain's economy will only grow by 1.1 per cent this year and does not expect annual growth to exceed 1.3 per cent in between now and 2029