UK economy shows early signs of recovery after ‘Awful April’ Economics The UK economy looks set to recover from a torrid month for businesses in which higher energy costs and employment tax rises kicked into effect, fresh data has suggested. S&P Global’s latest flash purchasing managers’ index (PMI) showed that the UK’s services sector has seen moderate growth in output in May while contractions in manufacturing [...]
Mortgage borrowing surges ahead of stamp duty changes Economics 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 [...]
EY: Two years of slow UK growth means ‘increased chances’ of tax rises Economics Rachel Reeves may have to resort to reversing Labour manifesto tax pledges as UK growth fails to exceed one per cent for two years running, EY ITEM Club have said, in the latest blow to the chancellor’s fiscal plans The Chancellor has been warned by several forecasters that President Trump’s tariffs will hammer the UK [...]
Further tax rises ‘a good bet’ after Chancellor’s borrowing blow January 22, 2025 Borrowing in the month of December was at its third highest level since monthly records began back in 1997, excluding only the pandemic and 2009.