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
British shoppers cut their spending sharply last month and their confidence is close to record lows, underscoring the challenge facing the next prime minister who must also take painful measures to slow fast-rising public borrowing. Data published on Friday added to signs that Britain‘s economy faces a recession which could be deepened by new finance … 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