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 to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Britain is trapped in a cycle of decline and Rishi Sunak’s pledges to boost the economy are now “in tatters”, Labour’s shadow chancellor Rachel Reeves has warned, as the UK fell into recession. The news deals a blow to the prime minister, who has promised to grow the economy as one of his five priorities, especially after most economists were only forecasting a 0.1 per cent decline in GDP. In comments Labour suggested were “out of touch”, chancellor Jeremy Hunt said low economic growth is “not a surprise”, but added that the UK must “stick to the plan – cutting taxes on work and business to build a stronger economy” despite tough times for many families.

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British economy flatlines in 3rd quarter in another blow to new Labour government
16 hours, 41 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 …

The UK economy has shrunk again – but it’s too soon for Reeves to utter the word ‘recession’...
5 days, 13 hours ago

The UK economy has shrunk again – but it’s too soon for Reeves to utter the word ‘recession’...

The Independent  

Instead of growing by 0.2 per cent, as optimistically forecast by the City and the Bank of England, the UK economy shrunk by 0.1 per cent in October for the second month running. The picture looks marginally better over the past three months; the economy expanded by 0.1 per cent over the longer period. What ought to really worry chancellor …

Reeves faces a recession fears but industrial hollowing could offer a bigger problem
1 week, 2 days ago

Reeves faces a recession fears but industrial hollowing could offer a bigger problem

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 shrank again …

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 …

DAILY MAIL COMMENT: Reeves is talking the UK into recession
1 month ago

DAILY MAIL COMMENT: Reeves is talking the UK into recession

Daily Mail  

The snowball effect describes a situation in which something increases in size or importance at an ever faster rate – often with disastrous consequences. Immediately after Labour's July 4 election victory she falsely claimed the Government had inherited the 'worst set of circumstances' since the Second World War. Chancellor of the Exchequer Rachel Reeves displays the red budget briefcase to …

Why did the UK economy slow in the third quarter, and what does it mean?
1 month, 1 week ago

Why did the UK economy slow in the third quarter, and what does it mean?

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. Chancellor Rachel Reeves has said she is “not satisfied” …

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 …

UK economy the fastest growing in the G7 in 2024, economists say
4 months, 1 week ago

UK economy the fastest growing in the G7 in 2024, economists say

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. “That is why we have made economic growth our national …

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 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 …

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 …

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 …

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%," …

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 …

Embattled Rishi Sunak suggests recession is already over as he tries to rally Tories and see off leadership challenges in grilling by MPs ahead of Easter break
8 months, 3 weeks ago

Embattled Rishi Sunak suggests recession is already over as he tries to rally Tories and see off leadership challenges in grilling by MPs ahead of Easter break

Daily Mail  

Rishi Sunak insisted the recession already looks to be over today as he faced a pre-Easter grilling from MPs. The PM said evidence from this year indicated the economy had 'returned to growth' as he gave evidence to the Commons Liaison Committee. MPs have been openly discussing whether they should replace Mr Sunak amid dire polls showing the party far …

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 …

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 …

Recession ‘more likely’ as key gauge misses expectations
1 year, 3 months ago

Recession ‘more likely’ as key gauge misses expectations

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. Read our privacy policy A key gauge of the UK’s economic strength suggests the …

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 …

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 …

British economy will take a smaller hit in 2023 than previously anticipated, says IMF
1 year, 8 months ago

British economy will take a smaller hit in 2023 than previously anticipated, says IMF

Firstpost  

Britain is no longer the only Group of Seven economy set for a fall in GDP this year as Germany too is now expected to shrink by 0.1%, the IMF global forecasts indicated. After narrowly avoiding recession in 2022, Britain’s economy has shown some signs of resilience in early 2023 London: Britain is expected to take a smaller economic hit …

Bank of England ‘more optimistic’ UK can avoid recession as rates hiked again
1 year, 9 months ago

Bank of England ‘more optimistic’ UK can avoid recession as rates hiked again

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 Bank of England’s boss …

UK Treasury chief predicts no recession in Britain this year
1 year, 9 months ago

UK Treasury chief predicts no recession in Britain this year

Associated Press  

LONDON — The U.K. is likely to avoid a recession this year, Treasury chief Jeremy Hunt said Wednesday, adding a bit of surprise to what had been billed as a boring budget meant to restore confidence and stability in the nation’s finances. An improving global economic picture, combined with government plans to stimulate growth, mean the British economy won’t slip …

UK avoided recession last year by narrowest of margins. It might not be so lucky in 2023
1 year, 10 months ago

UK avoided recession last year by narrowest of margins. It might not be so lucky in 2023

CNN  

London CNN — The UK economy flatlined in the last quarter of 2022, meaning that it just managed to avoid falling into a recession. “No recession on the pedantic definition of two consecutive quarters of falling GDP, but a calamitous performance nonetheless,” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, tweeted. “The UK still is the ‘only’ G7 country in …

What recession? Consumers, businesses of this country signal optimism
1 year, 11 months ago

What recession? Consumers, businesses of this country signal optimism

Live Mint  

Real-time indicators and surveys point to the health of consumer spending and business investment. Make UK’s survey this week showed that manufacturers’ investment plans have held up in recent months, with executives planning to pump money into new products and energy efficiency. What’s really noticeable at the moment is confidence is as bad as the beginning of lockdown, yet the …

UK economy shrinks 0.3% in three months through October
2 years ago

UK economy shrinks 0.3% in three months through October

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 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. Please try again later {{ …

‘Recession’ is far too mild a term for what Britain is about to face
2 years, 1 month ago

‘Recession’ is far too mild a term for what Britain is about to face

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Brexit adds to the constraints on …

The UK economy is sliding into recession and Europe is set to follow
2 years, 1 month ago

The UK economy is sliding into recession and Europe is set to follow

CNN  

London CNN Business — The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. “Lower consumer spending appetite is likely to help push GDP into a second-straight contraction during the fourth quarter,” James Smith, developed markets economist at ING, said in a note on Friday. “As inflation keeps cutting …

UK economy to enter recession until summer 2023, financial experts warn
2 years, 2 months ago

UK economy to enter recession until summer 2023, financial experts warn

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 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. A combination of high energy …

Britain ‘step closer to recession’ after economy shrank in August
2 years, 2 months ago

Britain ‘step closer to recession’ after economy shrank in August

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 unexpectedly shrank in …

UK faces long recession and deepest plunge in living standards on record, Bank of England warns
2 years, 4 months ago

UK faces long recession and deepest plunge in living standards on record, Bank of England warns

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. In one of its bleakest ever assessments of UK …

Three charts that show the economic disaster facing Britain
2 years, 4 months ago

Three charts that show the economic disaster facing Britain

The Telegraph  

The Bank of England has painted a grim picture for the UK economy as it unveiled the biggest rise in interest rates in 27 years. These three key predictions from Threadneedle Street’s latest monetary policy report show the economic disaster facing Britain. Inflation is going to be even worse than previously feared The Bank is forecasting inflation to climb past …

The recession we have been dreading is about to strike
2 years, 5 months ago

The recession we have been dreading is about to strike

The Telegraph  

“We expect the economy to struggle under the weight of higher interest rates and to enter a short recessionary period at the end of the year, extending into the first quarter of 2023.” Martin Beck, chief economic adviser to the EY Item Club, says “the retail sector is already effectively in recession” with the damage spreading as inflation combines with …

OECD says UK economy will slump to zero growth in 2023
2 years, 6 months ago

OECD says UK economy will slump to zero growth in 2023

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. “Countries worldwide are being hit by higher commodity prices, …

UK economy grows 4.8% as hospitality bounces back from lockdown
3 years, 4 months ago

UK economy grows 4.8% as hospitality bounces back from lockdown

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. Chancellor Rishi Sunak said the latest figures showed the …

UK economy crashes into recession after 20.4% second quarter slump; braces for spike in unemployment rate
4 years, 4 months ago

UK economy crashes into recession after 20.4% second quarter slump; braces for spike in unemployment rate

Firstpost  

The Bank of England expects the unemployment rate to shoot higher to around 7.5 percent by the end of the year from 3.9 percent currently London: Britain’s economy contracted by a record 20.4 percent in the second quarter with the country in lockdown over the coronavirus pandemic, official data showed Wednesday. Britain officially entered recession in the second quarter after …

U.K. economy officially in recession after 20.4% Q2 slump
4 years, 4 months ago

U.K. economy officially in recession after 20.4% Q2 slump

The Hindu  

The U.K. economy has officially fallen into a recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic. Unlike other countries, Britain’s statistics agency provides monthly figures to accompany the quarterly numbers and these show some hope that the economy is …

British economy nosedives 20% in worst coronavirus-induced recession among Group of 7
4 years, 4 months ago

British economy nosedives 20% in worst coronavirus-induced recession among Group of 7

LA Times  

Britain has suffered the deepest recession among the world’s top economies this year, shrinking by a fifth in the second quarter alone when much of the economy was mothballed as part of efforts to contain the COVID-19 pandemic. Canada and Japan, the remaining members of the Group of Seven leading industrial nations, have yet to publish their second-quarter numbers, but …

UK economy slumps 20% in 2nd quarter, unemployment fears mount
4 years, 4 months ago

UK economy slumps 20% in 2nd quarter, unemployment fears mount

India Today  

Britain’s economy shrank by a record 20.4% between April and June when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020. Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.” Last week the …

UK recession is worst of any major economy
4 years, 4 months ago

UK recession is worst of any major economy

CNN  

London CNN Business — UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without …

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