US services growth ‘stalling’ as recession looms large May 5, 2025 Donald Trump’s tariffs are having a knock-on effect on growth in the US services, fresh data has suggested, as market uncertainty prompts business leaders to delay investment decisions. The US president’s trade policies have confused firms in the sector despite exemptions from taxes on imports, S&P Global said on Monday. April saw its lowest level [...]
Mortgage borrowing surges ahead of stamp duty changes May 1, 2025 Net borrowing or mortgages spiked by £9.7bn in March as house buyers looked to clinch deals before higher stamp duty taxes came into effect. Net borrowing levels exceeded £13bn, according to the Bank of England, as the rise compared to February beat market forecasts of £3.2bn. EY ITEM Club’s Matt Swannell said the surge in [...]
Manufacturing edges towards year of decline amid ‘noticeable impact’ of tariffs May 1, 2025 UK manufacturing’s falling production levels show no signs of ending as the spectre of tariffs brings a “noticeable impact” on exporters’ sales, leading analysts have said. Firms have had to navigate through sticky inflation and high energy costs for the best part of three years as the UK’s weakened economy has failed to bounce back [...]
Mercer: Pension funds need better pick of UK investments for key deal to work May 1, 2025 The government’s proposed pensions deal will not boost growth unless better UK investment opportunities are put on offer, the boss of one of Britain’s biggest funds has warned. In an interview with City AM, Benoit Hudon suggested a stronger pipeline of UK assets was needed as current options did not deliver good enough returns for [...]
IoD: Business leaders remain frustrated with Reeves May 1, 2025 UK business leaders are less optimistic about wage growth and cost expectations remain high, a new survey has suggested, in signs that Chancellor Reeves will continue to face a “strong sense of frustration” from company bosses. The Labour government could yet offer businesses olive branches as it rolls out its industrial strategy and spending review [...]
House prices drop an ‘eye-catcher’ due to stamp duty changes April 30, 2025 UK house prices fell in April at their fastest month-to-month rate in nearly two years, fresh data has suggested, as adjustments to stamp duty knocked demand. Prices declined by 0.6 per cent in April compared to the previous month, according to Nationwide. The drop was attributed to stamp duty changes, introduced by Chancellor Rachel Reeves [...]
Taxes and tariffs combine to ‘drag business sentiment’ April 30, 2025 The double whammy of Rachel Reeves’ taxes and Donald Trump’s tariffs have dragged confidence in business volumes to their lowest level in more than two years, fresh data has found, further clouding prospects for the British economy. The UK has already suffered from lacklustre growth over the last few years as real GDP only expanded [...]
Construction firms lose hope but businesses are ‘showing resilience’ April 30, 2025 Construction firms have grown despondent about their business prospects despite signs of resilience across the UK economy, a new survey has found. The sector is key to the housing secretary Angela Rayner’s plans to build 1.5m homes by 2030 though early signs suggest the ambitious target will not be met. Construction saw a bigger drop [...]
ONS set to weigh up cost to public purse of British Steel rescue April 29, 2025 The UK’s official statistics body has begun an assessment of the cost of running British Steel since the loss-making business was rescued by the government, City AM can reveal, in what could prove to be another blow to Chancellor Rachel Reeves’ fiscal targets. The UK’s top statistician Professor Sir Ian Diamond said the Office for [...]
Labour ministers urged to be clearer on small pension pot plans April 29, 2025 The UK government needs to be more coherent and take extra care with pension schemes before it consolidates small pension pots, a leading industry group has warned. The Department for Work and Pensions (DWP) last week unveiled plans to ease costs by automatically combining small pots holding less than £1,000 into one scheme. Individuals will [...]