UK economy avoids decline but cost of living pains many
1 year, 10 months ago

UK economy avoids decline but cost of living pains many

Associated Press  

LONDON — The small notice pinned to a wall at Union Chapel in north London is a sign of despair for charity workers dealing with the fallout from Britain’s cost-of-living crisis. “It’s just completely wrong.’’ The pressures are likely to get worse as Britain faces a prolonged economic slowdown triggered by soaring food and energy prices and compounded by tax increases and higher interest rates that authorities have unleashed as they battle the crisis. “However, with the cost-of-living crisis having a lasting effect on households, for at least 7 million it will certainly feel like a recession.” For people across the U.K., that means turning down the heat and skipping showers to save money on gas and electricity bills after energy prices soared following Russia’s invasion of Ukraine. “The fact that the U.K. was the fastest-growing economy in the G-7 last year, as well as avoiding a recession, shows our economy is more resilient than many people feared,” he said. Britain’s economy is likely to shrink 0.6% this year, the only advanced nation expected to decline, the International Monetary Fund said last month.

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History of this topic

UK economy shrinks again in another blow to Reeves, new figures show
1 week, 4 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 …

OECD optimistic about UK's economy
2 months, 4 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 …

Shrinking workforce costing taxpayers £16bn a year
3 months, 1 week ago

Shrinking workforce costing taxpayers £16bn a year

The Telegraph  

Britain’s worklessness crisis is costing taxpayers £16bn a year through lost tax revenue and an inflated benefits bill, top economists have warned. The Institute for Employment Studies and the Commission on the Future of Employment Support warned that the country’s workforce was shrinking at the fastest rate since the 1980s, leading to a shortfall in employment-related taxes. “The UK is …

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 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 …

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 …

Why has the UK’s economy grown so slowly under the Tories?
5 months, 3 weeks ago

Why has the UK’s economy grown so slowly under the Tories?

Al Jazeera  

Economic growth under Conservative government is lowest since 1826, experts say. While UK Prime Minister Rishi Sunak has insisted the economy has “turned a corner” amid a return to growth and falling inflation, Britons are projected to dump the Conservatives in favour of the Labour Party, led by human rights lawyer-turned-politician Keir Starmer. GDP per hour worked increased by an …

£10,200: How much worse off Britons are after 14 years of Tory rule
5 months, 4 weeks ago

£10,200: How much worse off Britons are after 14 years of Tory rule

Al Jazeera  

Britons have lost the equivalent 15 weeks of wages based on comparisons with pre-2010 growth trend. UK Prime Minister Rishi Sunak’s Conservatives are widely expected to be deposed by the Labour Party, led by human rights lawyer-turned-prosecutor Keir Starmer, which has for months led the polls by about 20 points. Between 2007 and 2022, the UK’s gross domestic product per …

Why Britain is leaving Europe behind on pay – and becoming more like the US
7 months, 1 week ago

Why Britain is leaving Europe behind on pay – and becoming more like the US

The Telegraph  

One reason is unemployment: it is significantly lower in the UK than that in the eurozone, pointing to a tight jobs market that keeps wages high. George Buckley, economist at Nomura, says: “It could be that those coming in from Europe were low-wage and they were acting to reduce pay pressures in parts of the economy, whereas these people could …

U.K. exits recession with better-than-expected 0.6% GDP growth
7 months, 2 weeks 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 …

UK inflation falls to lowest level since late 2021 as food prices ease further
8 months, 1 week ago

UK inflation falls to lowest level since late 2021 as food prices ease further

Associated Press  

LONDON — Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices, official figures showed Wednesday, a development which could further pave the way for a welcome cut in interest rates soon. Inflation is set to fall further in April, possibly to below 2%, as a …

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 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, …

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 …

British economy will outperform Germany this year, IMF admits
1 year, 5 months ago

British economy will outperform Germany this year, IMF admits

The Telegraph  

Britain will outperform Germany this year, according to the International Monetary Fund, after its worst fears for the UK economy failed to materialize. The IMF expects the UK economy to grow by 0.4pc this year, it said on Tuesday, confirming predictions published in May as part of its annual economic healthcheck. The IMF said the Windsor Framework agreement announced by …

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 …

Truss’s taskforce claims average Briton £10,000 worse off than US counterpart
1 year, 5 months ago

Truss’s taskforce claims average Briton £10,000 worse off than US counterpart

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. If over the next two decades the UK economy could achieve annual GDP per …

UK employment hits record high but the economy is still short 1 million workers
1 year, 6 months ago

UK employment hits record high but the economy is still short 1 million workers

CNN  

London CNN — The number of people in work in the United Kingdom has climbed above its pre-pandemic level for the first time, reaching a record high. Employment hit a record 33.1 million between February and April, with increases in both the number of employees and self-employed workers, the Office for National Statistics said Tuesday. Economists said the rise in …

UK inflation falls to lowest level in over a year but food prices keep decline in check
1 year, 7 months ago

UK inflation falls to lowest level in over a year but food prices keep decline in check

Associated Press  

LONDON — Inflation in the U.K. has fallen to its lowest level since the immediate aftermath of Russia’s invasion of Ukraine, though elevated food prices meant it didn’t fall as much as anticipated. “The rate of inflation fell notably as the large energy price rises seen last year were not repeated this April, but was offset partially by increases in …

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 …

UK inflation remains over 10% as food prices rise
1 year, 8 months ago

UK inflation remains over 10% as food prices rise

Associated Press  

LONDON — The price of food in the U.K. rose at the fastest pace in 45 years last month in, keeping inflation above 10% for a seventh straight month amid a cost-of-living crisis that has fueled a wave of strikes by government workers. Food prices jumped 19.2% in the 12 months through February, the biggest increase since August 1977, the …

UK inflation stays at 10% as bread rises at record clip. Here’s why it’s proving hard to beat
1 year, 8 months ago

UK inflation stays at 10% as bread rises at record clip. Here’s why it’s proving hard to beat

CNN  

London CNN — UK inflation remained above 10% in March, far higher than in the United States and Europe, as bread prices rose at a record pace. “Energy has been the UK’s Achilles’ heel in terms of inflation for the last year,” said Martin Beck, chief economic adviser to the EY ITEM Club. Because the UK has been exposed to …

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 …

Britain to remain world’s worst-performing large economy in 2023
1 year, 8 months ago

Britain to remain world’s worst-performing large economy in 2023

The Telegraph  

Britain will still be the worst-performing large economy in the world this year, even after a significant upgrade in its forecasts, according to the International Monetary Fund. It means that the UK will remain the world’s worst-performing large economy: in Russia, which has been targeted by wide-ranging sanctions from Europe and the US in the wake of the Ukraine war, …

UK inflation jumps to 10.4%, surprising analysts
1 year, 9 months ago

UK inflation jumps to 10.4%, surprising analysts

Associated Press  

LONDON — U.K. inflation accelerated for the first time in four months in February as high food and energy prices hit consumers battered by the nation’s cost-of-living crisis. “February’s surprise increase in inflation will raise more concerns for households whose budgets are already stretched to their limits,” said George Dibb of the Institute for Public Policy Research, a progressive think …

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 inflation falls again, raising hopes prices will plunge
1 year, 10 months ago

UK inflation falls again, raising hopes prices will plunge

Associated Press  

LONDON — Britain’s inflation rate fell for a third consecutive month in January, boosting optimism that the cost-of-living crisis has peaked and prices will fall sharply later this year. The Bank of England forecasts prices will fall rapidly in the second half of this year as energy costs begin to moderate and price increases triggered by Russia’s invasion of Ukraine …

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report
1 year, 10 months ago

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report

Firstpost  

The crisis, the new study says, will leave one in every four UK households unable to pay their food and electricity bill when the government withdraws the subsidies in April this year New Delhi: The United Kingdom’s cost of living crisis will end up denting the standard of living in the country permanently, a new report by UK’s National Institute …

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 …

UK economy to suffer more than sanctions-hit Russia in 2023, warns IMF
1 year, 10 months ago

UK economy to suffer more than sanctions-hit Russia in 2023, warns IMF

The Telegraph  

The UK is on course to be the only major economy to shrink this year owing to Jeremy Hunt's tax raid and higher borrowing costs, according to the International Monetary Fund. It leaves the UK economy languishing behind Germany and even sanctions-hit Russia, with both countries expected to eke out modest growth this year. On Wednesday, Britain faces the biggest …

UK inflation eases for a 2nd month, falling to 10.5%
1 year, 11 months ago

UK inflation eases for a 2nd month, falling to 10.5%

Associated Press  

LONDON — U.K. inflation eased for a second month in December, boosting confidence that the cost-of-living crisis has peaked. “While any fall in inflation is welcome, we have a plan to go further and halve inflation this year, reduce debt and grow the economy — but it is vital that we take the difficult decisions needed and see the plan …

UK inflation eases but little relief at near 40-year high
2 years ago

UK inflation eases but little relief at near 40-year high

Associated Press  

LONDON — U.K. inflation has eased but is still stuck near a 40-year high, piling pressure on employers to boost wages as the nation faces a wave of strikes and the Bank of England to approve a ninth consecutive interest rate increase. While annual consumer price inflation dipped to 10.7% in November from 11.1% the previous month, it is at …

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

UK economy shrinks 0.3% in three months through October

Associated Press  

LONDON — Britain’s economy shrank in the three months through October, confirming the toll that rampant inflation and rising interest rates are having on business and industry. Gross domestic product, the broadest measure of economic activity, fell by 0.3% in the period when compared with the three months through July, the Office for National Statistics said Monday. Despite the rebound …

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 {{ …

The grim charts that show how the British economy will lag behind its main rivals
2 years, 1 month ago

The grim charts that show how the British economy will lag behind its main rivals

The Telegraph  

The UK economy will do considerably worse than most of its closest competitors over the next few years, new forecasts from the OECD suggest. This means there’s little hope of respite for British families already facing the fastest rising food costs in 42 years, soaring mortgage bills and falling real incomes. The grim outlook is laid out in charts from …

UK inflation accelerates to 41-year high of 11.1%
2 years, 1 month ago

UK inflation accelerates to 41-year high of 11.1%

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 inflation rate rose to …

UK economy shrinks as economists warn of more pain to come
2 years, 1 month ago

UK economy shrinks as economists warn of more pain to come

Associated Press  

LONDON — Britain’s economy shrank in the three months to September, official statistics said Friday, as forecasters warned of many months of contraction to come. Martin McTague, national chairman of the Federation of Small Businesses, said the fall in GDP “is one headline figure made up of countless bits of disappointing news for small businesses across the country – a …

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 …

U.K. economy unexpectedly shrinks in August, falls by 0.3%
2 years, 2 months ago

U.K. economy unexpectedly shrinks in August, falls by 0.3%

The Hindu  

Britain's economy shrank by 0.3% in August, hit by weakness in manufacturing and maintenance work in North Sea oil and gas fields, according to official data which underscored the challenge for Prime Minister Liz Truss to speed up growth. "The economy shrank in August with both production and services falling back, and with a small downward revision to July's growth …

British pound hits a 37-year low as UK economy skids
2 years, 3 months ago

British pound hits a 37-year low as UK economy skids

CNN  

London CNN Business — The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said that retail sales in August dropped …

India leaps past UK to become world's fifth-largest economy
2 years, 3 months ago

India leaps past UK to become world's fifth-largest economy

India Today  

India surpassed Britain on Saturday to become the world’s fifth largest economy. According to GDP figures from the International Monetary Fund, the UK’s economy dropped behind India in its first quarter. The IMF's own forecasts suggest that India could potentially surpass the UK in dollar terms on an annual basis in 2022. On an adjusted basis and using the dollar …

British economy falls behind India as recession looms
2 years, 3 months ago

British economy falls behind India as recession looms

The Telegraph  

India has overtaken the UK as the world’s fifth largest economy as Britain teeters on the brink of recession. The world’s second-most populous nation overtook the UK in the last quarter of 2021 and has since continued to increase its lead, according to an analysis of International Monetary Fund data by Bloomberg. While British growth was sluggish in the first …

U.K. economy shrank a record 11% in 2020, worst since 1709
2 years, 4 months ago

U.K. economy shrank a record 11% in 2020, worst since 1709

The Hindu  

Britain recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic, as well as a larger decline than any other major economy, updated official figures showed on Monday. This was a bigger drop than any of the ONS's previous estimates and the largest fall since 1709, according to …

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