britisheconomy
UK Prime Minister Rishi Sunak’s attempts to convince consumers that the country’s economy is recovering are on thin ice. The UK officially entered a technical recession, defined as two consecutive quarters of negative gross domestic product (GDP) growth, at the end of last year, due to higher inflation, reduced external demand and record interest rates. The economic slump has prompted swathes of criticism from opposition politicians, notably Shadow Chancellor Rachel Reeves, who said that Sunak “has broken his promise to grow the economy and left Britain in recession with working people paying ...
Euronews (English)
In its latest policy meeting, the Bank of England (BoE) has opted to maintain the Bank Rate at 5.25%, as widely expected, envisioning a decline in inflation and a modest rise in economic growth in the upcoming quarter. Eight members voted in favour of the decision to keep the rate unchanged. Notably, the BOE highlighted its intentions to keep monetary policies restrictive enough to ensure that inflation falls back to its 2% target in a sustainable manner over the medium term. However, there was one dissident, Swati Dhingra, who called for a rate cut of 0.25%. No board members voted to increase...
Euronews (English)
The UK's gross domestic product (GDP) rose by 0.2% in the month to January, according to data released by the Office for National Statistics on Wednesday. The GDP indicator, which measures the nation's output, offers a glimpse of hope after the UK fell into a shallow recession last year, marked by two consecutive quarters of economic contraction. "While the [overall growth] figure is tiny, the fact it is growing at all is a positive," said Russ Mould, investment director at AJ Bell. "Investors want the UK's recession status cast into the rear-view mirror so they can focus on how potential loos...
Euronews (English)
One of the surprise findings of the recent UK Budget was that the country's increasing removal of cash has given the Treasury a boost of £12 billion. That is because it is becoming harder for smaller organisations and businesses to avoid paying Value Added Tax (VAT). For example, a tradesperson such as a builder, plumber or electrician would traditionally submit a price for their work with VAT added on, as the government requires. Sometimes, there might be a negotiation between trader and buyer which meant the job could be done for "cash in hand" thus leaving out the additional 20% VAT, which ...
Euronews (English)
Jeremy Hunt delivered his Spring Budget to Members of Parliament in the House of Commons in London on Wednesday afternoon. Against a difficult economic backdrop, the announcement was devoid of major giveaways, with the Chancellor erring on the side of fiscal prudence. Cut to national insuranceHunt has committed to cutting National Insurance contributions by 2p from April, a measure that will affect 27 million workers. This follows an identical cut seen in November's Autumn Statement and is part of a Conservative plan to "truly make work pay". Compared to last year's rate of 12%, it means that ...
Euronews (English)
The majority of companies in the United Kingdom that took part in the world’s largest study trialling a four-day workweek have made the policy permanent, with 100 per cent of managers and CEOs saying it had a “positive” impact on the organisation. Some 61 organisations took part in the six-month pilot in 2022. The trial results were announced on Thursday with 89 per cent of companies still using the four-day workweek a year later and over half of the firms making the change permanent. The study also showed that work intensity remains lower and job satisfaction is higher than before the pilot b...
Euronews (English)
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