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Economy

Economy

UK's highest-flying Isa fund is now the worst 'Falling to Earth'
3 December 2022
328
Global stock markets Two of the UK's most popular funds were hammered, notably the technology-focused Scottish Mortgage Investment Trust. Seraphim Space Investment Trust was launched with great pomp last summer as a UK fund focused on space technol
Teachers in the UK forced into second jobs amid crisis
27 November 2022
1356
How the crisis is affecting teachers One in ten teachers in British schools has to take a second or even a third job to feed his family amid the economic crisis in the country. This was reported on Sunday by the weekly newspaper The Observer, citing
Electricity prices are expected to increase from 2023
24 November 2022
1625
Price hikes British regulator Ofgem announced on Thursday it would raise the electricity price cap from January, bringing the average price per kWh to 67p, up from 34p on October 1. The en
The India-UK free trade agreement is progressing well
19 November 2022
1586
Trade between the two countries Negotiations on the India-UK Free Trade Agreement (FTA) are "progressing well" and an agreement that works for both sides is more important than its signing date, UK Trade Policy Minister Greg
Many Britons support financial aid to poor countries because of the climate
17 November 2022
1594
Aid for poor countries A majority of British residents believe the country is responsible for climate change and should provide financial assistance to developing nations in response to climate change. The results of a poll published on Thursday by
Rishi Sunak plans to cut defence spending in UK
12 November 2022
1696
Defence spending Adhering to the spending review for 2021, the Ministry of Defence budget will increase in cash terms from £47.9bn this year to £48bn in 2023 and then to £48.6bn in 2024. Meanwhile, CPI inflation is expected to ris
UK GDP shrinks 0.2% in Q3 2022
11 November 2022
1616
Economy of UK UK GDP, according to preliminary estimates, declined by 0.2% between July and September 2022. This is stated in a report from the Office for National Statistics (ONS) of the United Kingdom. The drop in GDP in the country was not as no
Andrew Bailey says there is no pain way out of the crisis in UK's economy
3 November 2022
1629
Economic crisis There is no way out of the current crisis in the British economy painlessly and with minimal losses. This statement was made on Thursday by the Governor of the Bank of England, Andrew John Bailey, at a press conference in London. "I
London's  hold on the global currency market weakens
28 October 2022
1616
The global foreign exchange market London's position as the most important international centre for foreign exchange and derivatives trading has benn weakened by stiff competition from other major financial players. The Financial Times reported this
Andrew Bailey suggests that next month's key rate hike will be higher than expected
15 October 2022
1695
Key rate The Bank of England intends to resort to a more radical than planned key rate hike in response to the current difficult situation in the UK economy. The regulator's governor Andrew John Bailey said this, according to Sky News television on
UK pound lost 1.5% after Jeremy Hunt appointed chancellor after Kwarteng sacking
14 October 2022
1657
Pound exchange rate The British pound lost 1.5% of its value against the dollar on Friday on news of the dismissal of the kingdom's Finance Minister Kwasi Kwarteng. According to The Daily Telegraph, £1 now fetches $1.12, compared to $1.135 in
In UK COVID furlough scheme lost £6.3bn to errors and fraud
13 October 2022
1639
Money lost Up to £6.3 billion of welfare packages allocated by the British authorities to support employment during the COVID-19 pandemic have been lost as a result of 'misallocation' of funds. It was revealed in a report by the National Audit
UK plans to cap revenues of renewable power producers
11 October 2022
1709
Plan to limit revenues The U.K. government plans to impose income limits on renewable energy companies to reduce the impact of higher energy prices on the country's residents, Bloomberg News Agency reported, citing sources. According to the agency,
UK's first prototype fusion energy plant to be built by 2040
4 October 2022
1746
Green Energy in UK by 2040 The UK government expects to commission the country's first commercial reactor based on fusion technology in 2040. The BBC reported on Tuesday. "The fusion power plant will be the first of its kind and will be completed b
Liz Truss abandons plans to cut the UK's maximum tax rate
3 October 2022
1748
UK tax rate The government of new British Prime Minister Liz Truss has abandoned plans to cut the kingdom's maximum income tax rate from 45% to 40%. The announcement was made on Monday by the country's finance minister,
Thousands of pharmacies may close in the UK due to high inflation
27 September 2022
1666
Pharmacies could close High inflation and lack of funding from the National Health Service (NHS) could lead to the closure of thousands of pharmacies in the UK over the next two years. This was reported by The Times on Tuesday. "The cumulative effe
Martin Weale did not rule out a more active rate hike by the regulator
25 September 2022
1703
Experts say The Bank of England could hold an emergency meeting of its Monetary Policy Committee and resort to a more aggressive increase in the benchmark interest rate if sterling continues to fall at the same rapid pace as it has this week. The Ob
UK announces tax cuts today
23 September 2022
1678
Taxes in UK The government of Liz Truss, who took over as prime minister of Great Britain on 6 September, is cutting taxes in the kingdom in order to stimulate economic growth. It was announced Friday morning in the House of Commons of the British P
UK car production rises for third month in a row
25 August 2022
1291
Cars from the UK Vehicle production in the United Kingdom rose for the third month in a row, rising 8.6% year-on-year to 58,043 units in July. This was shown by figures released on Thursday by Britain's The Society
Lloyd's of London announces insurance for Ukraine's sea corridor
29 July 2022
1760
Insurance programmes The British insurance marketplace Lloyd's of London announced on Friday it has set up an insurance programme for food cargo to be exported from Ukraine via safe sea corridors. Insurance company Ascot and brokerage firm Marsh, b

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