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Economy

Economy

UK plans to cap revenues of renewable power producers
11 October 2022
2148
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
2216
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
2316
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
2130
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
2209
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
2139
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
1839
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
2179
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...
High inflation in UK forces older people back to work
25 July 2022
2257
Inflation in the UK The rapid rise in the cost of living in the UK is forcing UK pensioners back to work. The Guardian, a British newspaper, said this on Monday. According to estimates of the National Statistics S...
UK GDP up 0.5% in May after two months of decline
13 July 2022
2260
After two months of decline The United Kingdom's GDP showed growth of 0.5 per cent in May after falling for two months in a row, according to a report released Wednesday by the United Kingdom's National Statistics Service. This is stated in a report...
Britain's ‘unsustainable’ could reach 320% of GDP in 50 years
7 July 2022
2256
Britain's GDP in the future UK public debt could reach 320% of GDP in 50 years, up from the current 96%. This is according to a report circulated by the Office for Budget Responsibility (OBR) on Thursday. The United Kingdom's debt burden will incre...
Norwegian gas supplies to the UK may be disrupted by a strike
5 July 2022
2251
Gas from Norway Gas supplies from Norway to the UK could be halted over the weekend if a strike by employees of Norwegian company Equinor (formerly Statoil), which began on Tuesday night, contin...
British car production rose in May for the first time in 10 months
30 June 2022
2156
Cars in the United Kingdom Vehicle production in the United Kingdom rose by 13.3% to 62,284 units in May compared with the same month last year. It was the first increase in car output in 10 months, data&...
Ben Wallace says petrol prices may have peaked
29 June 2022
2259
Petrol prices Defence Secretary Ben Wallace gave hope to motorists uncomfortable with rising fuel prices on Wednesday when he said fuel costs may have peaked. Petrol and diesel prices have jumped to record levels and the cost of filling up the aver...
The economic crisis has caused an increase in aggression among British shoppers
28 June 2022
2250
British shoppers are angry Shop staff in the UK are increasingly facing hostility from shoppers due to a significant rise in the cost of living. This was reported on Tuesday by The Guardian newspaper, citing a report by the Institute ...
UK house prices rose in June: people start saving money
21 June 2022
2167
Inflation is forcing people to save money Growth in UK property prices for sale has fallen markedly this year. According to the Rightmove website, this is due to pressure on buyers due to rising living costs and the prospect of rising interest rates...
UK's GDP falls 0.3% in April on rising fuel prices
13 June 2022
2295
Fuel price rises and GDP falls UK GDP fell by 0.3 per cent in April 2022 on the back of rising energy prices. This is according to data released by the Office for National Statistics on Monday. The figure was worse than most eco...
Boris Johnson promises lower taxes and fewer bureaucrats
10 June 2022
2253
UK economy The British government's response to the country's difficult economic situation will be to cut taxes, reduce the number of officials and expand housing stock. British Prime Minister Boris Johnson said this on Thursday during a speech in B...
Petrol prices in the UK hit an all-time high
7 June 2022
2260
Historic high The average cost of petrol in the UK has surpassed the £1,785 per litre mark, the highest in the country's statistical history. This was reported on Tuesday by the TV channel Sky News, citing industry research. Thus, a litre of ...
Government of the United Kingdom warned of power cuts this winter
30 May 2022
2250
Plan for winter The rolling blackouts could affect up to 6 million British households from December if the crisis in the European energy market continues to deepen. As The Times points out, such a situation could arise if the conflic...
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ITV
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