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...
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...
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...
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...
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 ...
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 ...
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...
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,...
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...
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,...
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...
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...
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...
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...
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...
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...
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 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...
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...
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&...
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ENGLAND NEWS
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