The pound surged to its highest level since March 2022, breaking through the $1.33 mark, after the Bank of England decided to keep interest rates steady at 5 per cent and signalled a gradual approach to monetary loosening. Sterling rose by as much as 0.7 per cent against the dollar, hitting $1.331, following the Bank’s […]
The UK’s borrowing bill once again exceeded expectations in August, adding pressure on Chancellor Rachel Reeves ahead of Labour’s first budget on 30 October. Official data from the Office for National Statistics (ONS) revealed that public sector net borrowing hit £13.7 billion last month, well above the £11.2 billion forecast by the Office for Budget […]
Retail sales in the UK hit a two-year high in August, as shoppers spent more on food, summer clothing, and seasonal discounts, providing a boost to the high street. Annual retail sales volumes jumped by 2.5 per cent, exceeding forecasts of a 1.5 per cent rise, according to the Office for National Statistics (ONS). This […]
The UK government is set to introduce new measures aimed at tackling late payments by large firms to small businesses, an issue that contributes to the collapse of 50,000 SMEs every year. On average, delayed payments cost small businesses £22,000 annually, according to research from the Department for Business & Trade (DBT) and the Federation […]
The Organisation for Economic Co-operation and Development (OECD) has warned that “significant action” is required to stabilise the UK’s public finances, urging Chancellor Rachel Reeves to reform fiscal policy. The OECD recommends scrapping stamp duty, scaling back the pension triple lock, and updating the council tax system. The report highlights mounting financial pressures from healthcare, […]
Asda’s co-owner, Mohsin Issa, is stepping away from his role in the day-to-day management of the UK’s third-largest supermarket, despite the fact that a permanent chief executive has yet to be appointed. This move allows Issa to focus on his position as CEO of EG Group, which operates petrol stations and convenience stores across Europe, […]
Annual inflation in the UK remained unchanged at 2.2% in August, defying forecasts of a slight rise to 2.3%, according to official figures released ahead of the Bank of England’s interest rate decision. Despite the stability in headline consumer prices, core inflation—which excludes volatile elements like food and energy—accelerated from 3.3% to 3.6%, exceeding economists’ […]
Labour ministers are quietly stepping away from enforcing the previous government’s policy that civil servants must be in the office at least three days a week. While the rule, introduced under the Conservatives, remains technically in place, ministers have indicated they have no interest in strictly policing office attendance. This shift aligns with Labour’s broader […]
The Bank of England is under increasing pressure to cut interest rates this week as job vacancies and factory output show signs of a slowing economy. According to the Recruitment and Employment Confederation (REC), job vacancies fell by 3.2% in August, with nearly 720,000 new adverts, reflecting a sluggish job market as Britain’s factory output […]
Harland & Wolff, the historic Belfast shipyard known for building the Titanic, is on the brink of administration, putting a £1.6 billion contract to build three Royal Navy warships at risk. The troubled shipyard, which is expected to file for administration as early as Monday, faces a cash shortfall by the end of this month, […]