Page 8 - Uk Economy
Liz Truss vows energy crisis action after becoming Britain's new PM
In her first speech as Prime Minister, Liz Truss says her government will 'transform Britain into an aspiration nation'
 "Liz Truss vows energy crisis action after becoming Britain's new PM")
Britain slips behind India to become world's sixth biggest economy
The former British colony leaped past the UK in the final three months of 2021 to become the fifth-biggest economy
 "Britain slips behind India to become world's sixth biggest economy")
More UK energy aid to come under incoming leader, says Nadhim Zahawi
Zahawi's remarks come as economic headwinds build against the UK, with the Bank of England predicting a recession lasting more than a year amid surging inflation
 "More UK energy aid to come under incoming leader, says Nadhim Zahawi")
UK's financial support for Ukrainian military to run out by end of 2022
UK citizens are starting to realize the scale of sacrifices they have to make for the sake of Kiev and fearing surging gas prices in the country
 "UK's financial support for Ukrainian military to run out by end of 2022")
Searing inflation in the UK pushes the Pound to a near 37-year low
The currency is trading around $1.18, less than 4 US cents away from its weakest level since 1985 against the dollar, underscoring the challenges facing the British economy
 "Searing inflation in the UK pushes the Pound to a near 37-year low")
UK economy shrank record 11% in 2020, worst since 1709: Govt data
This was a bigger drop than any of the ONS's previous estimates and the largest fall since 1709, according to historical data hosted by the Bank of England
 "UK economy shrank record 11% in 2020, worst since 1709: Govt data")
UK inflation hits double digits in July for the first time in 40 years
The Consumer Prices Index rose 10.1% in July in the UK from a year earlier after a 9.4% gain the month before
 "UK inflation hits double digits in July for the first time in 40 years")
UK economy shrinks in second quarter, sharpening recession fears
The statistics office said health spending was the biggest contributor to the fall, as the government scaled down coronavirus testing, contact tracing and vaccination programs.
 "UK economy shrinks in second quarter, sharpening recession fears")
As UK heads for recession, here's who could control finances in new govt
With the Bank of England predicting inflation topping 13% in the fall and a recession lasting through 2023, the next incumbent of 11 Downing Street will be under immediate pressure
 "As UK heads for recession, here's who could control finances in new govt")
UK heading for recession on BOE view even with Liz Truss tax cuts
Tory leadership favourite has pledged $47-bn tax giveaways
 "UK heading for recession on BOE view even with Liz Truss tax cuts")
The case for rate hikes heading for contested territory as recession looms
A parade of Federal Reserve officials in recent days has sought to emphasize this message - though a slump isn't their forecast
 "The case for rate hikes heading for contested territory as recession looms")
UK already in recession as cost of living crisis hits household incomes
The UK economy is already in recession as the cost of living crisis has devastating consequences for household incomes, a leading think tank has concluded
UK economy unexpectedly jumps in May as doctors and travel agents get busy
Britain's new finance minister, Nadhim Zahawi, welcomed the signs of growth but said there was no room for complacency
 "UK economy unexpectedly jumps in May as doctors and travel agents get busy")
New UK FM Zahawi pledges to boost economy, says 'nothing off the table'
But the former education minister faced questions about whether he would even have a chance to steer the economy out of its slowdown, given Johnson's weakening grip on power
India misses fifth-largest economy in the world tag by $13 billion
Experts say it is just a matter of a year before India overtakes the UK
 "India misses fifth-largest economy in the world tag by $13 billion")
UK economy contracts sharply by 0.3% in April as slowdown looms
Gross domestic product fell 0.3% from March when output declined 0.1%, the Office for National Statistics said Monday
 "UK economy contracts sharply by 0.3% in April as slowdown looms")
UK announces 25% levy on energy firms to ease cost-of-living crisis
The UK announced that it will impose a 25 per cent levy on the profits of oil and gas companies, to ease the financial burden on millions of households amid raging inflation
 "UK announces 25% levy on energy firms to ease cost-of-living crisis")
More turn to UK food banks as bills soar even as Covid threat fades
While the virus threat has faded, the need for food banks in Britain has soared. Skyrocketing energy and food bills are pushing millions deeper into financial hardship
 "More turn to UK food banks as bills soar even as Covid threat fades")
UK consumer confidence plunges to record low amid cost-of-living crisis
The UK Consumer Price Index rose by 9.0 per cent in the 12 months to April 2022, up from 7.0 per cent in March
UK inflation rate up 9% in 12 months; hits 40-yr high as energy bill soars
The ONS said the rise resulted in 12-month inflation rates of 53.5 per cent for electricity and 95.5 per cent for gas, compared with rates of 19.2 per cent and 28.3 per cent, respectively, in March
 "UK inflation rate up 9% in 12 months; hits 40-yr high as energy bill soars")
