Trump’s car tariffs to put 25,000 UK jobs at risk, IPPR say April 2, 2025 President Donald Trump’s 25 per cent tariffs on all car imports to the US could destroy thousands of UK jobs, the Institute for Public Policy Research (IPPR) have suggested. The think tank estimates that around 25,000 jobs will come under threat as a result of Trump’s tariffs due to come into effect on Wednesday. The [...]
IFS director: Tariffs risk undermining ‘best case’ OBR forecasts April 1, 2025 Institute for Fiscal Studies (IFS) director Paul Johnson has raised questions about whether the Office for Budget Responsibility (OBR)’s forecasts would remain credible should President Trump slap tariffs on UK goods on Wednesday. The OBR’s report included modelling by the International Monetary Fund (IMF) published in January. The IMF’s analysis did not consider the potential [...]
Probe launched into ONS governance and data quality April 1, 2025 The government has launched an independent investigation into the UK’s beleaguered statistics watchdog to ascertain how its official data and surveys have become so unreliable. The remit of the probe – commissioned by the Cabinet Office and UK Statistics Authority (UKSA) – will span the Office for National Statistics’ (ONS) culture, leadership and structure, and [...]
OBR chair: Reeves is exposed to ‘inevitable’ shocks April 1, 2025 The Office for Budget Responsibility (OBR)’s chair Richard Hughes said Chancellor Rachel Reeves’s small headroom means the Treasury has left itself exposed to “inevitable” economic shocks. The role of the fiscal watchdog has come under greater scrutiny since Reeves made cuts totalling £14bn in order to meet her fiscal rules at last week’s Spring Statement. [...]
Rory Sutherland: Capitalism is ‘unbelievably tedious’ and ‘needs a rebrand’ April 1, 2025 Capitalism is "unbelievably tedious" and should be rebranded for people to fight for it, marketing veteran Rory Sutherland has said.
UK manufacturing woes deepen as industry ‘hit on several fronts’ April 1, 2025 The latest S&P Global’s UK Purchasing Managers’ Index (PMI) shows that UK manufacturing’s woes have deepened. S&P Global’s latest PMI survey, which asks around 600 industrial companies about their performances, suggests that manufacturing is again in the downturn following a poor start to the year. The latest figure showed that it decreased to 44.9, which [...]
Business leaders ‘remain depressed’ as employment costs spiral April 1, 2025 Business leaders remain disheartened about their organisations and the wider UK economy amid an escalating global trade war and higher employment costs, according to a new survey of over 600 directors. Confidence among company directors collapsed after Labour took office last year. Now the Institute of Directors (IoD)’s latest update to its monthly survey suggests [...]
Rachel Reeves’ tax hikes will cost me £1m – Hooch tycoon March 31, 2025 The founder of the alcoholic drinks empire behind the likes of Hooch and VK has warned the tax hikes announced by Rachel Reeves will cost him an extra £1m. Steve Perez, the boss of Derbyshire-headquartered Global Brands, added that the Chancellor has “stacked the odds” against businesses like his and that he has “no choice” [...]
Bank of England to hike FSCS protection from £85,000 to £110,000 March 31, 2025 UK depositors will receive greater protection from the Bank of England as the amount of money covered by a nationwide deposit guarantee scheme is set to rise to £110,000. The scheme provides financial protection to depositors in case banks, building societies, and credit unions become insolvent. It is funded by a levy paid by regulated [...]
UK mortgage approvals dip in February March 31, 2025 Mortgage approvals for house purchases decreased again in February as gains in consumer credit borrowing slowed down by £300m compared to January, the Bank of England said on Tuesday. House buying appeared to slow down as lenders approved around 65,500 mortgages in February, compared to some 66,100 in January. January saw a decrease of around [...]