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Economy

Economy

Euro Zone Economy Potentially in Recession Last Year
2 January 2024
1758
Winter Recession Warning Euro zone factories closed 2023 with an 18th consecutive month of contraction, per HCOB's final PMI (44.4, up from 44.2 in November). Persistent decline below 50 indicates ongoing economic chall...
BP Joins Companies in Temporarily Halting All Shipments via the Red Sea
18 December 2023
1773
Shipping Giants Hit Pause Major companies, including BP, are temporarily halting Red Sea shipments due to recent attacks by Houthi rebels. BP underscores its commitment to safety, stating, "Our priority is the safety of our people. Due to the worsen...
Sainsbury's Reports Decline in Food Inflation as Sales Soar
4 July 2023
2015
Inflation Battles Sainsbury's CEO, Simon Roberts, states that food inflation is decreasing and shoppers are responding positively to price cuts on basic items. Sainsbury's is fully committed to battling inflation and supporting customers in lig...
London's Clean Air Zone Expansion Fuels Controversy Over Economy and Environment
3 July 2023
2010
The ULEZ Expansion London's ULEZ expansion, designed to combat air pollution, has triggered a heated debate. Covering more people in the outer boroughs, the plan faces legal challenges and concerns a...
Bank of England Acknowledges Flaws in Forecasting Amidst Inflation Crisis
28 June 2023
1888
Revamping Predictions Bank of England's chief economist, Huw Pill, acknowledges forecasting model's failure in addressing Britain's inflation crisis due to inadequate assessment of Ukraine war's impact on prices and wages. Inadequate Forecasting Mo...
Jeremy Hunt's Urgent Meeting with CMA, Ofgem, Ofwat, and Ofcom: Addressing 'Profiteering' Concerns
26 June 2023
1994
Battle Against Inflation Chancellor Jeremy Hunt has organized a meeting with industry regulators to tackle the problem of price hikes driven by rampant inflation. The meeting, happening on Wednesday, will involve representatives from...
Rishi Sunak Acknowledges Bank of England's Role in Inflation Control
23 June 2023
1993
Britain's Mortgage Crisis Britain's mortgage crisis has prompted government action, but concerns remain over the effectiveness of the response. Meeting with Jeremy Hunt In a high-stakes meeting, Jeremy Hunt hosted executives and regulators to addr...
Minister Denounces Tax Cuts Without Inflation Reduction as a 'Betrayal' of Thatcher
12 June 2023
1940
Inflation Alert Gillian Keegan, a Cabinet minister, highlights the significance of addressing inflation before implementing tax cuts. Speaking at the Margaret Thatcher Conference, she emphasizes the need for sound money and fisca...
The Shocking Truth: UK Food Inflation Hits Record High in Over 45 Years
19 April 2023
2061
UK inflation drops slightly in March UK inflation dropped to 10.1% in March, according to the Office for National Statistics. While this is a slight improvement from the 10.4% recorded in February, it is still in d...
Food Inflation Hits Popular Chains: How Nando's, Zizzi, McDonald's, and Wetherspoon are Responding
22 March 2023
2158
How price hikes are impacting popular restaurant chains in Britain Dining out in Britain has become increasingly expensive in recent months as restaurants and pubs struggle with rising costs. Some of the popular chains, including McDonald's, Wethers...
Experts Warn: The World is Facing a Financial Crisis 'Far Worse' Than the GFC
20 March 2023
2169
Crisis in banking sector In the aftermath of the collapse of Silicon Valley Bank and a rescue deal for Credit Suisse, an analyst has argued that the world is heading towards a crisis that is "far worse" than t...
Tech start-ups at risk as Silicon Valley Bank collapse prompts UK government action
12 March 2023
1957
The UK economy The UK government is taking steps to minimize the economic impact of the recent bankruptcy of Silicon Valley Bank (SVB), one of the largest US banks. Jeremy Hunt said that the government is working at a fast pace to respond to the fa...
Crisis: England probably won't reach goal of ending rough sleeping by 2024
28 February 2023
2159
Rough sleeping in United Kingdom Crisis, a leading homelessness charity in the UK, the government is likely to miss its target of ending rough sleeping in England by 2024. The charity...
HMRC plans to send tax non-payment notices to 4,300 Britons earning online
17 February 2023
2141
Internet businessmen and tax Revenue and Customs (HMRC) will send 4,300 notices to internet earners in the kingdom whom it suspects of not paying taxes. This was reported by the Financial Times. The authority said such letters will be sent to peopl...
London's FTSE 100 stock exchange index hits a new record high
8 February 2023
2080
FTSE 100 hits record high again The London Stock Exchange's FTSE 100 Index, which is based on the stocks of the 100 largest-cap companies, reached a record high of 7,926 points on Wednesday. That figure beat the previous record, which was set on Fe...
FTSE 100 index rises to record high
3 February 2023
2044
A record on the stock exchange The London Stock Exchange's FTSE 100 Index, which is based on the shares of a hundred large-cap companies, gained 84 points, or 1.1 per cent, to a record high of 7,906 points in trading on Friday. The previous record ...
The Bank of England raised the rate for the tenth time in a row
2 February 2023
2075
Rate hike The Bank of England raised its rate for the tenth time in a row, by 50 basis points, to 4% per annum, according to a statement on the regulator's website. Edward Park, investment director at investment management firm Brooks Mac...
Brexit costs for UK £100 billion a year in list production
31 January 2023
2032
The UK economy Britain's exit from the European Union (Brexit) is costing the economy £100 billion annually due to lost investment, loss of staff and income from trade. This was ...
BP predicts that OPEC's share in global oil production will rise to 65% by 2050
30 January 2023
2005
Oil production indicators The oil production of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) may reach from 45% to 65% of total world production by 2050, having almost doubled compared...
Rishi Sunak says UK's problems will not end in 2023
31 December 2022
2298
The problems with the economy is going to continue Prime Minister Rishi Sunak believes that in 2023 the time of hardship in the UK will continue because of the effects of the conflict in Ukraine. "I'm not going to pretend that all our problems will...
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