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
United Kingdom inflation soared to 4.0 per cent in December, marking the first increase in 10 months and complicating the timing of potential interest rate cuts by the Bank of England in the coming year. The Office for National Statistics revealed that the annual inflation, measured by the consumer prices index, rose from the previous … Read more
Once again, wage growth has slowed in the UK jobs market. Today, according to the Office for National Statistics, the annual rate of growth in earnings, including annual bonuses, has slowed to 6.5 per cent. The data shows a massive slowing since the summer of last year, when wage growth was at its highest, measuring … Read more
UK house prices are poised to defy earlier predictions of a decline in 2024 as mortgage pricing competition and Bank of England interest rate reductions reinvigorate the property market. Following a year marked by continuous price decreases in 2023, the forecast for UK house prices now anticipates a 3 per cent increase in 2024. This … Read more
The Bank of England (BoE) is facing potential pressure to advance the timeline for its first interest rate cut, following unexpected updates from three prominent forecasters. Oxford Economics consultancy, along with analysts at Investec and Deutsche Bank, have revised their inflation outlook for 2024. Their surprise conclusion suggests that the consumer prices index (CPI), which … Read more
Three prominent forecasters – Oxford Economics consultancy, Investec and Deutsche Bank – have issued a revised outlook, indicating that the Bank of England (BoE) might need to expedite its plans for the first interest rate cut. This comes in light of their predictions that the inflation rate will plummet to two per cent by April, … Read more
Published By: Mohammad Haris Last Updated: December 14, 2023, 18:54 IST Bank of England keeps its main interest rate at a 15-year high. (File Photo: Reuters) Bank of England leaves its main interest rate at a 15-year high of 5.25%, where it has stood since August following the end of nearly two years of hikes … Read more
