The UK will be the only major economy to shrink this year, performing worse even than sanction-hit Russia, the International Monetary Fund (IMF) has warned. In its latest World Economic Outlook update, the IMF upped its growth outlook for the global economy, but downgraded its UK GDP forecast once again, predicting a contraction of 0.6…
UK Chancellor Rules Out Significant Tax Cuts as He Focuses on Cutting Inflation
UK Chancellor of the Exchequer Jeremy Hunt has ruled out “significant” tax cuts in the next budget as he put the top priority on reducing inflation. In a speech at Bloomberg’s London headquarters on Friday, Hunt said reducing inflation was the “only sustainable way to restore industrial harmony” in Britain as he suggested tax cuts…
UK Economy Grew Slightly in November, Defying Expectations of Slump
The UK economy grew slightly in November, beating expectations of a slump and reducing the risk of the country entering a recession. According to the latest data from the Office for National Statistics (ONS), Britain’s gross domestic product (GDP) grew by 0.1 percent in the month, as the services sector remained in growth despite the…
Increased UK Windfall Tax Hits Shell’s Earnings for Last Quarter of 2022
The increased level of UK windfall taxes on oil and gas producers has hit Shell’s earnings in the fourth quarter of 2022, the company has said. Shell revealed it will face a hit of $2 billion (£1.7 billion) to its latest quarterly earnings due to windfall taxes in both UK and the European Union. The…
UK’s Sunak Sets Out Ambitions for Economy, Health, Immigration in Keynote Speech
UK Prime Minister Rishi Sunak has set out five pledges for the year ahead, vowing to tackle major issues ranging from inflation to illegal immigration. In his first major speech of 2023, Sunak acknowledged that many Britons are looking ahead to the future “with apprehension,” and promised he will work “night and day” to improve…
UK Government Borrowing Rises to Record £22 Billion in November
December 21, 2022
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The UK government’s borrowing rose to £22 billion ($26.6 billion) in November, as the higher interest costs and cost-of-living payments to households put increasing pressure on public finances. According to the Office for National Statistics (ONS), this was £13.9 billion ($16.8 billion) more than the borrowing figure for the same month last year, and was…
UK Inflation Dips but Soaring Prices Keep Pressure on Households
The UK’s inflation rate dropped in November but British households remain under pressure from soaring prices, the latest official data show. According to data from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) inflation fell to 10.7 percent in November. It marks a welcome drop from the eye-watering 11.1 percent seen in…
‘Tough Road Ahead’ for UK Economy Despite October Rebound, Chancellor Warns
The UK economy still faces a “tough road ahead” despite a rebound in growth in October, Chancellor of the Exchequer Jeremy Hunt has warned. According to the latest data from the Office of National Statistics (ONS), monthly real GDP is estimated to have grown by 0.5 percent in October, following a fall of 0.6 percent…
Everyone Should Reduce Energy Consumption Amid Crisis, UK Chancellor Says
UK Chancellor Jeremy Hunt has urged people to reduce their energy consumption so that Britain is not susceptible to disruptions in international energy supplies. Talking to the Treasury Committee of the House of Commons on Nov. 23, Hunt warned that people will “have to take responsibility for their energy bills” and reduce their usage or…
UK Faces Worst Economic Downturn Among G-7 Nations: OECD
The UK economy will contract more than any other G-7 nation next year, according to the latest forecasts from the Organisation for Economic Cooperation and Development (OECD). The OECD expects the UK economy to shrink by 0.4 percent in 2023 and grow by just 0.2 percent in 2024. Germany is the only other G-7 country…
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