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UK GDP

UK economy falls into recession

UK economy falls into recession

LONDON: Britain’s economy fell into a recession in the second half of 2023, a tough backdrop ahead of this ...
Published 16 Feb, 2024 06:02am
UK factories boom but bottlenecks pushing up prices: CBI
World

UK factories boom but bottlenecks pushing up prices: CBI

  • The Confederation of British Industry's industrial orders balance - measuring the proportion of firms reporting order volumes above or below normal - rose to +17 from -8 in April.
  • Overall output growth over the past three months was the highest since December 2018 and represented the first material growth in almost two years, the CBI said.
Updated 20 May, 2021 05:35pm
UK shopper numbers fell 3.4pc last week as reopening surge waned
World

UK shopper numbers fell 3.4pc last week as reopening surge waned

  • It said shopper numbers, or footfall, fell 0.8% from the previous week on high streets, 3.5% in retail parks and 8.4% in shopping centres.
  • Footfall last week was 19.9% below the 2019 level, noticeably better than the previous peak of down 25% at the end of August 2020.
Published 26 Apr, 2021 04:59pm
UK's Sunak says he does not favour a debt-to-GDP target
World

UK's Sunak says he does not favour a debt-to-GDP target

  • "It's probably right to think more about trajectories of debt levels, building resilience for future shocks and the affordability of that debt," Sunak told parliament's Treasury Committee.
  • Sunak's budget plan included no new budget rules which previous governments have set to show investors how they plan to bring down debt.
Updated 11 Mar, 2021 10:04pm
Tax hikes blur UK's Sunak ‘whatever it takes’ budget
World

Tax hikes blur UK's Sunak ‘whatever it takes’ budget

  • The corporate tax increase in 2023 will derail some of those expectations. The UK economy is expected to have explosive growth in 2022, but then quickly return to trend in 2023 at 1.7%, which is when the economy will face higher taxes."
  • "The positive impact the spending pledges has on growth has been somewhat offset by concerns of fiscal consolidation later down the line.
Published 03 Mar, 2021 07:34pm
Britain to take much bigger GDP hit from Brexit than the EU
World

Britain to take much bigger GDP hit from Brexit than the EU

  • Britain left the EU at the end of January last year, but kept its full access to the 27-nation bloc's single market until the end of 2020, when it was replaced by a trade agreement.
  • For the EU on average, the exit of the UK from the European Union on Free Trade Agreement terms is estimated to generate an output loss of around 0.5% of GDP by the end of 2022, and some 2.25% point for the UK.
Updated 11 Feb, 2021 09:27pm