The UK’s inflation rate reached 9.1 percent in May, the highest level in 40 years. The Bank of England issued a warning in June that inflation may reach 11%. Higher interest rates encourage consumers to save more money. The Bank of England has made more interest rate increases seem likely as it works to get … Read more
Report predicts that by the end of the decade, Brexit will reduce real wages by 1.8%. This translated to a loss of £470 ($577) per worker per year. The analysis was conducted by the Resolution Foundation think tank and the London School of Economics. According to a report released on Wednesday, Britain’s exit from the … Read more
The United Kingdom is experiencing a labor shortage. There aren’t enough workers to keep the country’s economy going forward. Many employees are fed up with inflation eating away at their earnings. The United Kingdom is experiencing a labor shortage. There aren’t enough workers to keep the country’s economy going forward. And, many employees are fed … Read more
Lord Hammond told that the UK economy will slow significantly in the autumn, but that this is “probably a good thing.” He stated that many sectors of the economy are “still not back to normal yet,” thus there will be “bound to be an effect there.” Lord Hammond has warned that the UK is on … Read more
The UK economy could be destined for a downturn, causing the cost of living to skyrocket. A key business organization issues a grave warning about the country’s financial prospects in the coming year. The CBI’s prediction came just hours before official numbers proved that the economy dropped in April for the second time. The UK … Read more
Britain’s economic growth slowed in February due to losses in the manufacturing of automobiles, computers, and chemicals. The Office for National Statistics said Monday that gross domestic product climbed by only 0.1 percent from the previous month, well below the 0.8 percent rise reported in January. Last month, the output of productive industries, which includes … Read more
LONDON: Britain’s NatWest bank has said that it surged back into annual profit last year as the economy recovered from Covid, and forecast it stands to gain from rising interest rates. The lender, which is majority-owned by the government, said in a statement that net profit hit £2.95 billion ($4 billion, 3.5 billion euros) in … Read more
LONDON: Britain’s economy grew by a record 7.5 per cent last year on easing Covid curbs after a pandemic-driven collapse, official data showed, but analysts warned that sky-high inflation clouds the 2022 outlook. The expansion, which was the fastest since records began in 1948, followed a record 9.4 per cent slump in 2020, the Office … Read more
LONDON – The Bank of England on Thursday kept its key interest rate at a record-low 0.1 percent, but signalled a probable hike in the coming months to dampen soaring UK inflation. Following a regular meeting, the BoE added in a statement that it was maintaining its vast stimulus programme supporting the pandemic-hit UK economy … Read more
LONDON – UK government borrowing fell by more than expected in September but remains elevated due to Covid-related spending, official data showed Thursday ahead of next week’s budget announcement. Finance minister Rishi Sunak welcomed the upbeat news as he prepares to deliver his tax and spend plans on Wednesday. Public sector net borrowing slid to £21.8 … Read more
LONDON: Britain’s economy rebounded in August after the lifting of coronavirus restrictions, but unexpectedly shrank the previous month, official data showed on Wednesday. The gross domestic product grew 0.4 per cent in August, the first full month since the lifting of the Covid curbs, the Office for National Statistics (ONS) said in a statement. “Accommodation … Read more
The economy of the United Kingdom has plunged into a deep recession as it shrank 20.4 percent between April and June at the height of the coronavirus lockdown. According to new figures released by National Statistics (ONS) data, It marks the first time in 11 years that the UK has tipped into a recession, which is … Read more
The Bank of England has cut interest rates as an emergency decision to stabilize the economy amid coronavirus outbreak. International news agency states that it is the second cut authorities made in just one week. Interest rates have been decreased to 0.1% from 0.25%. These interest rates are now its lowest ever in the 325 … Read more
