UK economy stalls in February but is just about on track to dodge recession in early 2023 April 13, 2023 Britain is just about on track to dodge a recession in the first half of this year, defying gloomy predictions from experts heading into 2023 that the economy would suffer the largest slump in recent memory, figures out today show. Gross domestic product (GDP) – which measures the value of all goods and services produced [...]
Tesco hit by inflation and supermarket war with Aldi and Lidl as profit down almost seven per cent April 13, 2023 Tesco, Britain’s biggest supermarket, was hit hard by consumers tightening their belts during the cost of living crisis, as it reported its operating profit was down almost seven per cent on last year. The London-listed chain said its profit was £2,6bn for the year to the end of February which was down 6.9 per cent [...]
Recession clouds lift over UK jobs market as hiring begins to recover April 12, 2023 Recession clouds are receding from the UK jobs market as companies gradually regain confidence about hiring workers following a batch of better than expected economic data since the turn of the year, new figures out today reveal. Firms are dipping their toes back in the recruitment market, lured by household spending holding up better than [...]
IMF: UK economy to toy with recession this year – and fall to the bottom of global growth leaderboard April 11, 2023 Britain is steering toward the bottom of the G7 economic growth table this year and will toy with a recession for most of 2023, the world’s economic watchdog warned today. UK gross domestic product is tipped to shrink 0.3 per cent per cent in 2023, the weakest performance of any economy in the group of [...]
Cost of living fears outweigh mental health and climate change as biggest concern for parents – poll April 7, 2023 Fears about the cost of living outweigh those of mental health, climate change, social media and bullying for a third of UK parents, a survey suggests. Almost a quarter of parents (24 per cent ) said finances and savings were a key concern for their children’s futures but just 9 per cent said they were [...]
Let’s face it: Profiteering is feeding the inflation beast, not just pay rises April 4, 2023 Inflation is a pernicious beast that is plainly bad for people and businesses. It can ease governments’ debt burdens by (artificially) boosting tax revenues, but that can lead to severe bouts of price rises that, often, lead to societal decay. So it’s easy to see why policymakers in the UK are sweating over the rate [...]
UK narrowly avoids recession as penny pinching Brits help GDP grow 0.1 per cent March 31, 2023 The UK was not formally in a dreaded recession between October and December, with UK GDP increasing slightly by 0.1 per cent in the fourth quarter of 2022. Latest figures from the Office for National Statistics show the total Gross Domestic Product (GDP) for the economy marginally improved from an initial estimate of “no growth”. [...]
Recession? Five graphs that show where the UK economy is and where it is heading March 31, 2023 Are we in a recession? Aren’t we in a recession? Are we headed into a recession? At this point, who knows. At the start of the year, everyone said “yes definitely, and a bad one”. Now, those projections look a bit overcooked. Essentially, it’s on a knife edge. City A.M. takes a look at the [...]
Food inflation soars to record 15 per cent as sugar price hike leaves retailers warning of more misery to come March 28, 2023 Shop price inflation is yet to reach its “peak” as the rising cost of sugar and high manufacturing costs present a double whammy ahead of crucial Easter trade, a leading retail body has warned. The British Retail Consortium (BRC) shop price index showed annual inflation accelerated to 8.9 per cent in March, up from 8.4 [...]
Andrew Bailey: Our banks are sound – we’ll keep hiking if inflation persists March 27, 2023 The Bank of England will be forced to jack up interest rates again if incoming data shows inflation is not falling fast enough in response to the central bank’s eleven straight rate rises, Governor Andrew Bailey said today. Further pain will be needed to be borne by families and businesses if price pressures keep pinning [...]