Official figures confirmed Britain’s economy entered a shallow recession last year, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year. Gross domestic product shrank by 0.1% in the third quarter and by 0.3% in the fourth quarter, unchanged from … Read more
Britain’s Prime Minister Rishi Sunak delivers his first major domestic speech of 2023, at Plexal, Queen Elizabeth Olympic Park in east London, on January 4, 2023. | Photo Credit: AFP Facing a country beset with problems that range from a cost of living crisis to deteriorating public services, U.K. Prime Minister Rishi Sunak promised to … Read more
The U.K. central bank may opt to raise rates by as much as 1 percentage point to show it is serious about tackling inflation The U.K. central bank may opt to raise rates by as much as 1 percentage point to show it is serious about tackling inflation The Bank of England has announced its … Read more
The Bank of England has raised UK interest rates by 0.5 percentage points to 2.25 per cent in an attempt to combat soaring inflation amid the cost of living crisis, the media reported. That’s the seventh consecutive increase in Bank Rate in a row, but a smaller rise than many investors had expected, The Guardian … Read more
Britain’s economy grew 1.3 percent in the third quarter, a far slower pace than the previous three months, as global supply constraints hit businesses hard, official data showed Thursday. Gross domestic product growth for the July-September period compared with output of 5.5 percent in the second quarter, the Office for National Statistics (ONS) said in … Read more
LONDON: The British economy suffered its biggest decline in more than 300 years in 2020 as the coronavirus pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing. The economy shrank 9.9 per cent last year, more than twice the figure for 2009 at the height of the global financial crisis, the Office … Read more