The Bank of England on Thursday kept its key interest rate at 5.0 percent, deciding against consecutive cuts one day after a bumper reduction from the US Federal Reserve. Following a regular meeting BoE governor Andrew Bailey said the central bank needed “to be careful not to cut too fast or by too much”, as … Read more
Prime Minister Justin Trudeau has tapped Mark Carney, the former governor of the Bank of Canada, to chair a Liberal party task force on economic growth ahead of the next federal election, the party announced Monday. Carney, whose possible future in politics has been the subject of much speculation, will consult with business, labour and … Read more
UK business credit cards enable companies to borrow flexibly for scaling, support business cash flow, improve transaction visibility, issue cards for employees, and bundle reward points from company-wide purchases for cash. Several UK lenders offer business credit cards to corporations and solo entrepreneurs at low rates with high credit limits, subject to meeting their eligibility … Read more
Avon Products Inc., once a titan in the beauty industry and valued at a staggering $21 billion, has filed for Chapter 11 bankruptcy. This decision comes as the company faces a growing number of lawsuits alleging that its talcum powder products, which were widely used in cosmetics, contain asbestos and have led to cancer in … Read more
During his recent Policy Exchange speech, Prime Minister Rishi Sunak outlined various threats to the UK, including concerns related to Russia, Iran, North Korea, China, the Middle East, conflicts in 18 African countries, energy, immigration, crime, and cancel culture. However, he highlighted that financial insecurity is the most pressing issue for many Britons. The country’s … Read more
By Adele Cooke Money Mail Reporter Updated: 22:44 BST, 3 May 2024 Homeowners have been dealt a fresh blow after experts warned key mortgage rates could surge above 6 per cent again as early as next week. More than 20 lenders have hiked their mortgage rates this week, pulling some of the most competitive home … Read more
The United Kingdom’s economic landscape has taken a bleak turn as recent figures from the Office for National Statistics (ONS) confirm the nation has officially entered a recession. This designation is based on two consecutive quarters of economic contraction, with the latest data revealing a 0.3 per cent shrinkage in gross domestic product (GDP) during … Read more
In a recent revelation by the Office for National Statistics (ONS), the UK’s unemployment rate may have been significantly lower than previously estimated at the end of last year. The new data, derived from experimental results within the Labour Force Survey, could potentially exert pressure on the Bank of England to reconsider any immediate plans … Read more
Last year, more than 2,000 high street shops closed for good. This year, brands have already announced their planned store closures for 2024. According to the British Retail Consortium, 6,000 retail outlets have closed since 2018. In 2024, small businesses and big brands are still facing the financial effects of the COVID-19 pandemic, the Ukraine-Russia … Read more
As the United Kingdom strives to overcome the economic challenges it faced in the past year, a new study by the EY Item Club suggests that a positive turnaround may be on the horizon. The forecast, sponsored by the renowned accountancy firm EY, predicted that falling inflation, potential interest rate cuts and potential tax reductions … Read more
