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UK consumers have been reining in their spending with inflation hitting 10%

UK retail sales fall by more than expected in September

British retail sales volumes fell by a bigger-than-expected 1.4% in monthly terms in September, official data showed today, as consumers felt the hit from rising prices.

Business • 21 Oct 22

The pound jumped more than 2% against the dollar and long-dated British government bond yields dropped further after the announcement.

Pound jumps, UK shares up after Hunt's policy U-turn

London shares rose today as new finance minister Jeremy Hunt reversed Prime Minister Liz Truss's economic plan announced three weeks ago that slammed UK markets and dented investor sentiment.

Business • 17 Oct 22

UK deregulation plans on track, says Rees-Mogg

Britain's business minister Jacob Rees-Mogg said today that the government had not shelved plans to deregulate parts of the economy.

Business • 12 Oct 22

The UK economy was hit by weakness in manufacturing and by maintenance work which slowed the oil and gas sector

UK economy on brink of recession as it shrinks in Aug

Britain's economy shrank by 0.3% in August from July, hit by weakness in manufacturing and by maintenance work which slowed the oil and gas sector, official data showed today.

Business • 12 Oct 22

The IMF said that UK economic growth will fall sharply to just 0.3% in 2023

UK economic growth to slow further as incomes hit - IMF

The UK's economic growth could improve in the short term but sharply reduce in 2023 as consumer spending catches up with rampant inflation and higher interest rates, the International Monetary Fund (IMF) has warned.

Business • 11 Oct 22

The UK jobless rate fell to its lowest since 1974 at 3.5% in the three months to August

UK labour market exodus drives jobless rate to 3.5%

Britain's unemployment rate fell to its lowest since 1974 at 3.5% in the three months to August, but the drop was driven by a record jump in the number of people leaving the labour market, adding to the Bank of England's headaches.

Business • 11 Oct 22

Fitch cuts outlook for UK rating to 'negative'

Ratings agency Fitch has lowered the outlook for its credit rating for British government debt to "negative" from "stable", days after a similar move from rival Standard & Poor's following the government's September 23 fiscal statement.

Business • 06 Oct 22

Economists polled by Reuters had pointed to a deficit of roughly £44 billion

UK economy still below pre-pandemic size

Britain's economy unexpectedly grew in the second quarter but was below its pre-pandemic peak, contrary to an earlier estimate that it had recovered, according to data that showed the scale of the challenge facing Britain's new Prime Minister Liz Truss.

Business • 30 Sep 22

Kwarteng affirmed Prime Minister Liz Truss's goal to double Britain's trend rate of annual economic growth to 2.5%

Tax cuts and borrowing define Britain's economic agenda

Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing today in an economic agenda that floored financial markets, with British government bonds in freefall.

Business • 23 Sep 22

The UK's jobless rate fell to 3.6% in the three months to July, new ONS figures show

UK jobless rate hits lowest since 1974

Britain's unemployment rate fell to its lowest since 1974 at 3.6% in the three months to July as more people left the labour market including those classified as long-term sick as well as students, official monthly figures showed today.

Business • 13 Sep 22

The UK economy grew by less than expected in July, new figures show today

UK economy grows by less than expected in July

Britain's economy grew by less than expected in July, with the sharp climb in energy tariffs possibly pushing down demand for electricity and a leap in the cost of materials hitting the construction sector.

Business • 12 Sep 22

The S&P Global/CIPS Purchasing Managers' Index composite flash estimate dropped to 50.9 in August from 52.1 in July.

Factory slump causes UK economy to stagnate in August

Growth in Britain's private sector slowed to a crawl in August as factory output fell and the larger services sector eked out only a modest expansion, adding to signs that recession may be looming, a closely watched survey showed today.

Business • 23 Aug 22

The UK's GDP fell by 11% in 2020 - a bigger drop than any of the ONS's previous estimates and the largest fall since 1709

UK economy shrank a record 11% in 2020

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 today.

Business • 22 Aug 22

The UK's gross domestic product fell by 0.6% in June, the biggest contraction since January 2021

Bank holiday blues hit UK economy

Britain's economy contracted by less than feared in June, when a an extra bank holiday for Queen Elizabeth's platinum jubilee had been expected to exert a big drag, although output for the second quarter as a whole still contracted.

Business • 12 Aug 22

The figures showed Britain racked up debt interest of 19.4 billion pounds in June alone, more than double the previous record

Inflation surge pushes up Britain's budget deficit

A surge in debt costs pushed up by soaring inflation added to Britain's budget deficit last month which was its highest since April 2021, official data showed today.

Business • 21 Jul 22

Many analysts point to the risk of the UK economy going into a recession later this year

UK economy grows by unexpected 0.5% in May

Britain's economy grew unexpectedly in May, driven by a rise in doctor appointments and demand for holidays, according to official figures that could reassure the Bank of England about its plans to keep on raising interest rates.

Business • 13 Jul 22

The race to replace Johnson, who announced on Thursday that he would quit office, could take weeks.

What next for UK economy as Boris Johnson quits?

The resignation of Prime Minister Boris Johnson deepens the uncertainty hanging over Britain's economy, already under strain from an inflation rate heading for double digits, the risk of a recession and Brexit.

Business • 08 Jul 22

The pound fell against the dollar following the resignation of the Chancellor of the Exchequer and Secretary of State for Health

Will Boris Johnson's resignation affect the UK economy?

The UK Prime Minister Boris Johnson is set to resign as Conservative party leader but will stay as Prime Minister until a successor is in place. Will it affect the UK economy?

Business • 07 Jul 22

GDP in the UK - the world's fifth-biggest economy - increased by 0.8% in the first quarter compared with the final three months of 2021

UK posts record current account gap

The UK economy grew the same as previously thought in the first three months of 2022, when the public had yet to feel the effects of a rise in inflation which now threatens to cause a recession.

Business • 30 Jun 22

S&P Global's Purchasing Managers' Index composite index for the UK came in at 53.1 in June

UK economy 'running on empty' as recession signals grow

The UK economy is showing signs of stalling as high inflation hits new orders and businesses report levels of concern that normally signal a recession, a closely watched industry survey showed today.

Business • 23 Jun 22

Britain is becoming a more closed economy due to Brexit, a new reports states today

Brexit will cost UK workers £470 a year, study predicts

Britain is becoming a more closed economy due to Brexit, with damaging long-term implications for productivity and wages which will leave the average worker £470 a year poorer by the end of the decade, a study forecast today.

Business • 22 Jun 22

The UK unemployment rate rose slightly to 3.8% in the three months to April, new figures show today

UK unemployment rate rises to 3.8% in 3 months to April

Britain's jobless rate rose for the first time in nearly a year, but there were signs of more people returning to the job market, where employers' struggle to fill vacancies has added to the Bank of England's inflation headache.

Business • 14 Jun 22

In three days the Bank of England is due to announce the scale of its latest interest rate response to the surge in inflation

UK slowdown fears mount as GDP unexpectedly shrinks

Britain's economy unexpectedly shrank in April, official figures showed today, adding to fears of a sharp slowdown just three days before the Bank of England announces the scale of its latest interest rate response to the surge in inflation.

Business • 13 Jun 22

The Chocolate Manor in Coleraine made 50,000 chocolate discs for jubilee cupcakes

Over £6bn economic boost crowns jubilee weekend in UK

Over £600 million will be spent in Britain on royal memorabilia and decorations as our neighbours in the UK celebrate the Platinum Jubilee of Queen Elizabeth II - the first British monarch to reign for 70 years.

Business • 04 Jun 22

S&P Global's flash Composite PMI, a monthly gauge of the services and manufacturing industries, slumped to 51.8 in May from 57.6 in April

Slowdown in UK business activity rings recession alarm

Momentum in Britain's private sector slowed much more than expected this month, adding to recession worries as inflation pressures ratcheted higher, according to a business survey today that showed rising pessimism.

Business • 24 May 22

Uk Economy