UK economy went into shallow recession in 2023: Official data
8 months, 3 weeks ago

UK economy went into shallow recession in 2023: Official data

Live Mint  

Britain's economy entered a shallow recession last year, official figures confirmed on Thursday, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year. "The weak starting point for GDP this year means calendar-year growth in 2024 is likely to be limited to less than 1%," said Martin Beck, chief economic advisor at EY ITEM Club." Britain's economy has shown signs of starting 2024 on a stronger footing, with monthly GDP growth of 0.2% in January, and unofficial surveys suggesting growth continued in February and March. BoE policymaker Jonathan Haskel said in an interview reported in Thursday's Financial Times that rate cuts were "a long way off", despite dropping his advocacy of a rise at last week's meeting.

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British economy flatlines in 3rd quarter in another blow to new Labour government
17 hours, 12 minutes ago

British economy flatlines in 3rd quarter in another blow to new Labour government

Associated Press  

LONDON — The British economy flatlined in the third quarter of the year, according to downwardly revised official figures Monday, in another blow to the new Labour government that has made growth its number one mission. In its latest revision of the July to September period, the Office for National Statistics said the British economy showed no growth against the …

UK economy shrinks again in another blow to Reeves, new figures show
1 week, 3 days ago

UK economy shrinks again in another blow to Reeves, new figures show

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves said the figures were disappointing “We are determined to deliver economic growth as …

UK interest rates to fall more slowly than expected after Budget – OECD
2 weeks, 5 days ago

UK interest rates to fall more slowly than expected after Budget – OECD

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK interest rates will fall …

UK Treasury chief says she’s not satisfied by paltry third-quarter economic growth
1 month, 1 week ago

UK Treasury chief says she’s not satisfied by paltry third-quarter economic growth

Associated Press  

LONDON — Britain’s Treasury chief Rachel Reeves said Friday that she is “not satisfied” by official figures showing the British economy’s rebound from recession slowed down sharply in the third quarter of the year, as the country’s top central banker voiced his concerns about the economic damage wrought by the U.K.'s departure from the European Union. The Conservatives’ Treasury spokesperson, …

UK economic growth upgraded this year amid ‘temporary boost’ from spending
1 month, 3 weeks ago

UK economic growth upgraded this year amid ‘temporary boost’ from spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy is set …

UK economic growth forecasts downgraded for next two years – economists
2 months ago

UK economic growth forecasts downgraded for next two years – economists

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. EY Item Club’s latest quarterly economic forecast also suggested that caution by Bank of …

OECD optimistic about UK's economy
2 months, 3 weeks ago

OECD optimistic about UK's economy

China Daily  

Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. In an optimistic assessment likely to please the UK's new Labour Party government, the Paris-based organization said it expects the UK economy to be the joint-second fastest-growing among G7 nations. In its latest twice-yearly global economic outlook, the OECD predicted the …

Inflation steady – but chances of another rate cut are slim
3 months ago

Inflation steady – but chances of another rate cut are slim

The Independent  

Let’s start with the good news: August’s inflation number came in unchanged at 2.2 per cent. While that is higher than the Bank of England’s 2 per cent target, it is in line with City forecasts and beneath the 2.4 per cent the Bank itself had predicted at this stage. One thing to watch is the cost of services – …

UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC
3 months, 2 weeks ago

UK economic outlook brighter but growth held back by ‘uncertainties’, says BCC

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s economy is set to …

UK economy grows 0.6% between April and June as it recovers from recession
4 months, 1 week ago

UK economy grows 0.6% between April and June as it recovers from recession

Associated Press  

LONDON — Britain’s economy continued its recovery from recession at the end of last year, with its GDP increasing by 0.6% between April and June, official figures showed Thursday. “The U.K. economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year,” said Liz McKeown, director of economic statistics at the …

UK growth slows slightly in second quarter
4 months, 1 week ago

UK growth slows slightly in second quarter

Hindustan Times  

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday. UK growth slows slightly in second quarter The country's economy is growing after it exited a mild recession at the end of last year, helped by inflation falling back from four-decade highs. "The new …

Britain to be fastest growing major European economy, IMF predicts
5 months, 1 week ago

Britain to be fastest growing major European economy, IMF predicts

The Telegraph  

Thanks for joining me. 5 things to start your day 1) National Grid: Britain will remain dependent on gas for years | Forecasts predict higher than expected demand, in blow to net zero ambitions 2) We’re not a c----- employer, insists Wetherspoon boss after attack by union chief | Rebuttal comes as chain is accused of being ‘anti-union’ and offering …

UK finally sees growth in economy during May
5 months, 1 week ago

UK finally sees growth in economy during May

China Daily  

Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. The United Kingdom economy bounced back in May, showing signs of growth after a stagnant April and marking a continuation of the country's recovery from last year's recession. The Office for National Statistics, or ONS, reported a 0.4 percent increase in …

UK economy returns to growth in May
5 months, 1 week ago

UK economy returns to growth in May

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. ONS director of economic statistics Liz McKeown said: “The …

Ahead Of The 2024 General Election, UK Voters Weigh Economic Concerns
5 months, 3 weeks ago

Ahead Of The 2024 General Election, UK Voters Weigh Economic Concerns

The Hindu  

Published : Jul 02, 2024 18:20 IST - 5 MINS READ Ahead of the UK general election, polls point to one, clear outcome: near wipe-out for the ruling Conservative Party. “Confidence is returning to the economy and the country.” The UK economy came out of recession in the first quarter of 2024, with a better-than-expected growth of 0.7 per cent. …

UK inflation rate back down to 2%
6 months ago

UK inflation rate back down to 2%

China Daily  

FILE PHOTO: A tourist shelters from the rain under an Union Jack umbrella near the Bank of England in the City of London financial district in London, Britain, February 13, 2024. The United Kingdom's ruling Conservative Party got some rare good news on Wednesday, when the country's inflation rate eased back down to the Bank of England's 2 percent target …

UK economy flatlines in fresh blow to Rishi Sunak’s election hopes
6 months, 1 week ago

UK economy flatlines in fresh blow to Rishi Sunak’s election hopes

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy recorded no growth in April in a blow …

Lack of money for tax cuts persuades Rishi Sunak to call general election
7 months ago

Lack of money for tax cuts persuades Rishi Sunak to call general election

The Telegraph  

Mr Sunak’s announcement of an uplift in defence spending to 2.5 per cent of GDP further squeezed the amount of money left for an autumn budget, and there were fears that economic variables, such as inflation and growth, could go against the Government. Mr Sunak knew that an underwhelming pre-election budget would have done more damage than going to the …

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4
7 months ago

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4

Associated Press  

LONDON — Inflation in the U.K. fell sharply to its lowest level in nearly three years in April on the back of big declines in domestic bills, official figures showed Wednesday. “While it’s clearly good news headline inflation is back to normal levels, it is disappointing that price pressures haven’t fallen further and that measures of services inflation are proving …

Economy set for ‘soft landing’ as IMF upgrades UK growth forecasts
7 months ago

Economy set for ‘soft landing’ as IMF upgrades UK growth forecasts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy is set …

IMF upgrades UK growth forecasts and warns Bank of England over 'delays' to interest rate cuts - as Jeremy Hunt swipes at 'unjustified pessimism' about economy
7 months ago

IMF upgrades UK growth forecasts and warns Bank of England over 'delays' to interest rate cuts - as Jeremy Hunt swipes at 'unjustified pessimism' about economy

Daily Mail  

The IMF upgraded forecasts for the UK economy today as Jeremy Hunt swiped at 'unjustified pessimism'. The international body said Britain is on track for a 'soft landing', with GDP predicted to rise 0.7 per cent this year as inflation eases. Jeremy Hunt met the managing director of the IMF, Kristalina Georgieva, at Downing Street today Official figures for the …

UK economy exits recession after 0.6% growth in latest quarter
7 months, 1 week ago

UK economy exits recession after 0.6% growth in latest quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. ONS director of economic statistics Liz McKeown said: “After …

U.K. exits recession with better-than-expected 0.6% GDP growth
7 months, 1 week ago

U.K. exits recession with better-than-expected 0.6% GDP growth

The Hindu  

The data will be welcome news for Prime Minister Rishi Sunak who said the economy had “turned a corner” Britain's economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an …

British economy rebounds strongly in first quarter of the year, ending ‘technical recession’
7 months, 1 week ago

British economy rebounds strongly in first quarter of the year, ending ‘technical recession’

Associated Press  

LONDON — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday. The Bank of England, like the U.S. Fed and other central banks around the world, raised interest rates aggressively in late 2021 from near zero to counter price rises …

UK exits recession, exceeds expectations by recording strongest growth in last three years
7 months, 2 weeks ago

UK exits recession, exceeds expectations by recording strongest growth in last three years

India TV News  

London: In a major boost to British Prime Minister Rishi Sunak's prospects ahead of the general election, the United Kingdom has officially exited the shallow recession it entered last year with stronger-than-expected growth in the first quarter of March, its fastest in the last three years. The Office for National Statistics said gross domestic product expanded by 0.6 per cent …

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation
7 months, 2 weeks ago

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

Associated Press  

LONDON — The Bank of England maintained its key U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target. I’m optimistic that things are moving in the right direction.” Bailey indicated that the financial markets …

Scottish economy estimated to have shrunk by 0.3% in February, figures show
7 months, 3 weeks ago

Scottish economy estimated to have shrunk by 0.3% in February, figures show

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Scotland’s economy is estimated to …

UK did go into recession at the end of 2023, according to new ONS figures
8 months, 3 weeks ago

UK did go into recession at the end of 2023, according to new ONS figures

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Responding to Office for National Statistics gross domestic product quarterly …

Inflation drops to two-year low in boost for rate cut hopes
9 months ago

Inflation drops to two-year low in boost for rate cut hopes

The Telegraph  

Chancellor Jeremy Hunt said the fall in inflation signalled the Government’s plan for the economy was working and paved the way for future tax cuts. He rebuffed talk of a backbench plot to oust him that could derail his economic plans, telling the BBC: “What’s important is the future of our country, and people’s financial security and the peace of …

UK Economy Rebounds in January After Slipping Into Recession
9 months, 1 week ago

UK Economy Rebounds in January After Slipping Into Recession

Hindustan Times  

The UK economy rebounded in January, registering modest growth after falling into a technical recession in the second half of last year. “Momentum is likely to remain weak in the near-term, but the outlook for this year is improving.” Growth in January was boosted by strong retail sales as a 2 percentage point cut in national insurance, a payroll tax, …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.S. economy grew at …

UK recession live: Reeves says Britain trapped in cycle of ‘decline’ as Sunak’s economy pledge ‘in tatters’
10 months, 1 week ago

UK recession live: Reeves says Britain trapped in cycle of ‘decline’ as Sunak’s economy pledge ‘in tatters’

The Independent  

✕ Close Hunt insists plan to bring inflation down is working despite 4 per cent increase For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like …

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election
10 months, 1 week ago

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election

Associated Press  

LONDON — The British economy fell into recession at the end of 2023 for the first time since the onset of the coronavirus pandemic, as output shrank more than anticipated in the final three months of the year, official figures showed Thursday. The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has …

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent
10 months, 1 week ago

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent

India TV News  

Britain's economy slipped into a recession during the latter half of 2023, contracting by a more significant-than-anticipated 0.3 per cent in the three months leading up to December. The 0.3 per cent contraction in Britain's economy from October to December came after a 0.1 per cent decline between July and September. The Office for National Statistics reported a 0.1 per …

UK economy slips into recession, official data shows
10 months, 1 week ago

UK economy slips into recession, official data shows

Al Jazeera  

Britain’s gross domestic product shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter. The Office for National Statistics said in a statement on Thursday that Britain’s gross domestic product shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter. “The chancellor …

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter
10 months, 4 weeks ago

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter

CBS News  

The nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — decelerated from its …

Global economy will slow for a third straight year in 2024, World Bank predicts
11 months, 2 weeks ago

Global economy will slow for a third straight year in 2024, World Bank predicts

Associated Press  

WASHINGTON — Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024. “Near-term growth will remain weak, leaving many developing countries — especially the poorest — stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of …

Economic recovery tipped to continue this year
11 months, 2 weeks ago

Economic recovery tipped to continue this year

China Daily  

Nation places significant emphasis on maintaining reasonable GDP growth rate At first glance, the situation faced by China's economy may not appear to offer hope for a strong recovery. The policy stance of stepping up growth stabilization efforts, coupled with the unfolding recovery momentum and ongoing efforts to resolve financial risks associated with the real estate sector and local government …

UK economy at risk of recession after surprise third quarter decline
1 year ago

UK economy at risk of recession after surprise third quarter decline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The broader picture, though, remains one of an economy …

The world economy will slow next year because of inflation, high rates and war, OECD says
1 year ago

The world economy will slow next year because of inflation, high rates and war, OECD says

LA Times  

A crane lifts a shipping container at an automated container port in Tianjin, China. The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. China’s “consumption growth will likely remain subdued due to increased precautionary savings, gloomier prospects for employment creation and …

Britain’s Conservative government pushes tax cuts in hopes of bolstering electoral chances
1 year, 1 month ago

Britain’s Conservative government pushes tax cuts in hopes of bolstering electoral chances

Associated Press  

LONDON — Britain’s Conservative government sought to regain the political initiative Wednesday with a series of tax cuts for businesses and individuals that it hopes will bolster its chances in a national election next year that opinion polls suggest it will lose. Treasury chief Jeremy Hunt said the British economy “had turned a corner,” with inflation and government borrowing down, …

ALEX BRUMMER: Take the Bank of England's gloomy forecast for 2024 with a pinch of salt
1 year, 1 month ago

ALEX BRUMMER: Take the Bank of England's gloomy forecast for 2024 with a pinch of salt

Daily Mail  

This decision was expected. According to the Bank's forecasts, the consumer price index will fall from its rate of 6.7 per cent to 4.25 per cent in the final months of the year. One of Rishi Sunak's five pledges – to halve inflation by the end of the year and ease the cost of living crisis – should now be …

Recession looming as jobs market weakens, says Bank rate-setter
1 year, 2 months ago

Recession looming as jobs market weakens, says Bank rate-setter

The Telegraph  

Ms Dhingra was speaking as economists said official data showing a slowdown in pay growth would fuel hopes the Bank of England has raised rates far enough to weaken the jobs market and ease a key driver behind inflation. Average weekly earnings in the three months to August were up 8.1pc compared with the same period last year, slowing from …

Recession fears as UK economy shrinks by more than expected
1 year, 3 months ago

Recession fears as UK economy shrinks by more than expected

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Paul Dales, chief UK economist at Capital, said a …

British economy unexpectedly grows by 0.2% in second quarter largely because of June weather boost
1 year, 4 months ago

British economy unexpectedly grows by 0.2% in second quarter largely because of June weather boost

Associated Press  

LONDON — The British economy unexpectedly grew in the second quarter of the year, largely as a result of a strong rebound in June when many businesses particularly in the leisure sector benefited from the warm and settled weather, official figures showed Friday. Despite the increase, the British economy is the only Group of Seven leading industrial economy yet to …

Britain faces years of stagnation because of high interest rates, economists warn
1 year, 5 months ago

Britain faces years of stagnation because of high interest rates, economists warn

The Telegraph  

Britain is facing a prolonged economic slump caused by higher interest rates, economists have warned, with the battle against inflation set to weigh on growth for years to come. In its latest quarterly update, the group said the economy is set to grow by 0.8pc next year, less than half its previous prediction of 1.9pc. Martin Beck, chief economic adviser …

UK ‘will fall into recession’ following bond market chaos
1 year, 6 months ago

UK ‘will fall into recession’ following bond market chaos

The Telegraph  

Britain will fall into recession by the end of this year or early next year, a top City investment chief has predicted, following the bond market turmoil. Luke Hickmore, investment director at asset manager Abrdn, said the "real surprise" of rising core inflation in Britain's economy would force the Bank of England into action on interest rates. Mr Hickmore told …

UK economy to avoid recession but inflation still a worry, IMF says
1 year, 7 months ago

UK economy to avoid recession but inflation still a worry, IMF says

Associated Press  

LONDON — The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund. IMF Managing Director Kristalina Georgieva said at a press briefing in London that the latest assessment reflects “favorably” on the U.K. in comparison to other countries in the Group of Seven leading industrial nations. Despite the more …

UK economy is no longer to fall into a recession in 2023, says IMF
1 year, 7 months ago

UK economy is no longer to fall into a recession in 2023, says IMF

Firstpost  

Britain’s economy is no longer will fall into a recession this year, the International Monetary Fund said on Monday, adding that it upgraded forecasts published last month and warned that the outlook remains subdued. “The improved outlook reflected the unexpected resilience of demand, helped in part by faster than usual pay growth, higher government spending and improved business confidence,” it …

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