uk economy news
- Business
Lasting effects of ‘mini’ Budget will be felt far beyond the trading floors
The writer is chief executive of the Resolution Foundation think-tank We all make mistakes, it’s their scale that matters. Britain…
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Former Redcar steelworks torn down in one of UK’s biggest explosive demolitions
A former steelworks has been torn down in what is believed to be one of the biggest explosive demolitions in…
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Truss acknowledges market ‘disruption’ caused by her ‘difficult decisions’
Prime minister Liz Truss has conceded that her government’s £45bn “mini” Budget had caused short-term “disruption”, but insisted that she…
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UK looks to break link between soaring gas and power prices
As the biggest state intervention in modern history to shield British households from soaring energy bills came into effect on…
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Homeowner fears repossession ‘bloodbath’ as mortgage set to outgrow benefits
A homeowner who could face losing his property because increasing mortgage costs are set to outgrow his benefits allowance fears…
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Striking rail and postal workers to demonstrate in demand for fair pay
P assengers have been warned to expect “significant disruption” as rail workers across several companies walk out this weekend in…
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Limiting the shock: adjusting personal finances to market turmoil
Most British investment managers spent last week pinned to their screens, watching the impact on their funds of the UK…
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Kwasi Kwarteng, the chancellor who blew up the markets
Hours after delivering his not-so “mini” Budget last week, Kwasi Kwarteng crossed the road to a small Westminster pub. As…
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Kwasi Kwarteng crashes the bond market love-in
Just over a week ago, many international bond investors had barely heard of Kwasi Kwarteng. But the brand new UK…
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UK and EU agree to meet to try to resolve Northern Ireland dispute
British and EU officials have agreed to meet for the first time in months to discuss how to resolve a…
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UK electric vehicle maker Arrival announces its first van
Electric vehicle start-up Arrival has produced the first battery van at its UK factory, saying it “proves” the company’s micro-plant…
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Liquidity rules everything around me
The abrupt liquidity crisis that befell some UK pension plans this week and forced the Bank of England’s intervention may…
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The City of London punishes the political rogue traders
I detected a tone of relief when I rang round some old hands in the City of London this week…
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Tesco to face questions over consumer demand concerns despite ‘rise in sales’
T esco is expected to reveal higher sales over the first half of the year despite pressure on consumer budgets.…
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Barclays suffers $361m fine from US regulators over trading blunder
B arclays has been fined $361 million (£327.3 million) by US regulators after it breached a limit on the sale…
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Tale of misogny at Goldman Sachs shows need for women bosses
T HERE was one place I used to work where the (male) bosses liked to invite favoured staff to a…
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Fed ‘attentive’ to spillovers from global rate rises, vice-chair says
The second-in-command at the US central bank has said the Federal Reserve is “attentive to financial vulnerabilities” posed by the…
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Property slowdown seen as red flag for sector amid mortgage crisis
T he UK housing market is on the cusp of a dramatic drop according to experts who believe new data…
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Outlier Britain needs a credible economic plan in a hurry
The writer, a former permanent secretary to the Treasury, is a visiting professor at King’s College London The story of…
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Jump in mortgage approvals in August is ‘calm before the storm’
T he number of home-buyer mortgage approvals increased sharply in August, to the highest level since January, according to the…
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Apple VP quits after ‘fondling’ gaffe viral video
A senior Apple exec is quitting the company after a video emerged of him boasting of “fondling big breasted women”…
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UK economy latest: GDP stuck below pre-pandemic levels
© ALEX PLAVEVSKI/EPA-EFE/Shutterstock Two closely watched gauges of Chinese manufacturing sector activity diverged on Friday, complicating the outlook for the…
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Over half of workers feel ‘underpaid’ as pressure mounts on employers
M ore than half of British workers believe they are being underpaid as the cost of living crisis bites, with…
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Liz Truss and Kwasi Kwarteng to meet OBR in effort to reassure markets
UK prime minister Liz Truss and chancellor Kwasi Kwarteng will on Friday try to reassure markets they are serious about…
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UK economy grows slightly in second quarter
It means that the UK might not currently be in recession, as was predicted by the Bank of England earlier…
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UK house price growth stalls as rate rises pinch incomes
UK house prices were flat this month for the first time since July 2021, Nationwide figures show, revealing the impact…
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FTSE 100 Live: Pressure expected to stay on London stocks
L ondon’s main stock index was expected to stay under pressure on Friday, while Liz Truss and Kwasi Kwarteng were…
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Five lessons from Britain’s bad week
This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to…
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‘Scary’ market turmoil makes investors wary of UK private equity
Pension funds and insurers are “spooked” about committing cash to UK-focused private equity groups, in a sign that chancellor Kwasi…
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Sterling briefly erases losses from Kwasi Kwarteng’s ‘mini’ Budget
Sterling briefly recovered against the US dollar to levels before Chancellor Kwasi Kwarteng delivered the UK government’s “mini” Budget last…
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Majority of people still not saving enough for retirement, MPs warn
T he majority of people are still not saving enough for their retirement, a decade on from the introduction of automatic…
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UK faces ‘public health crisis’ this winter, charities warn
Charities have warned that millions of Britons face a “public health crisis” this winter because of high energy bills, despite…
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Under pressure Truss and Kwarteng defend tax cuts as ‘right plan’
P ressure continued to pile on Liz Truss and Kwasi Kwarteng on Thursday, after the pair insisted their £45 billion…
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Spectre of return to austerity raises alarm in Whitehall
Whitehall officials and trade unions expressed deep concern on Thursday over the prospect of a fresh round of austerity as…
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BBC World Service to cut 400 jobs in funding squeeze
The BBC World Service is to axe almost 400 jobs, equivalent to about a fifth of its total headcount, as…
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Instagram bans Pornhub account permanently
I nstagram has now removed Pornhub’s account from its platform, according to a Vice report, three weeks after temporarily disabling…
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Truss and Kwarteng defend tax cuts as ‘right plan’ to get economy moving
L iz Truss and Kwasi Kwarteng have insisted their £45 billion package of tax cuts is the “right plan” to…
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M&G break-up is not on the cards, says new boss
M &G’s new chief executive has ruled out a break-up of the investment and savings group as he was unveiled…
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UK mortgages: rate rises are hitting home
The recent house price boom was built on ultra-cheap money. Higher interest rates pose a threat to its foundations. But stricter…
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Next slashes profit forecasts in bleak warning for the high street
N EXT today slashed profit forecasts after a tough summer, a worrying indicator for the rest of the high street…
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A cost of borrowing crisis is coming
T he Chancellor’s mini-budget was intended to end the cost of living crisis and revive the UK economy. But by…
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‘Devastating’ if Tories break promise to uprate benefits in line with inflation
U -turning on a commitment to increase benefits in line with inflation would lead to disabled people “starving and freezing…
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New oil and gas licence plans will withstand legal challenge, says energy boss
T he body that represents the UK’s offshore energy sector has insisted it is “confident” plans for new oil and…
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Sturgeon: Economy better off when Prime Minister was ‘missing in action’
N icola Sturgeon has said the UK economy was “better off” when the Prime Minister was “missing in action” following…
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H&M to cut costs by £160m as it takes hit from inflation and Russia exit
R etail giant H&M has revealed plans to cut costs by £160 million as it blamed its exit from Russia…
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Martin Lewis warns of mortgages ticking timebomb if interest rates rise as predicted
A mortgages “ticking timebomb” awaits if UK interest rate rises follow market predictions, Martin Lewis has warned. Speaking on ITV’s…
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UK economy latest news: Truss defends mini-Budget but admits ‘elements of controversy’
A military court in Myanmar has sentenced deposed leader Aung San Suu Kyi and her economic adviser, an Australian academic,…
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Liz Truss vows to stick to tax-cutting plans despite market turmoil
Liz Truss has vowed to stick to her tax-cutting plans, as the UK prime minister broke her silence on the…
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Holiday Inn owner says booking systems fully restored after cyberattack
H oliday Inn owner InterContinental Hotels Group (IHG) said it has fully restored service on its systems after it was…
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Heatwave and rail strikes disrupt trade at All Bar One owner M&B
P ub and bars giant Mitchells & Butlers (M&B) has revealed that sales were “disrupted” by the summer heatwave and…
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