UK economy ‘at risk of stagflation’ as growth stalls under Labour December 13, 2024 Latest official GDP figures show the UK economy has stopped expanding since Labour took power, creating a headache for Keir Starmer after putting growth at the centre of his government’s mission. The economy unexpectedly shrank by 0.1 per cent in October, according to new data from the Office for National Statistics. It missed economists’ expectations [...]
UK economy on ‘recession watch’ after unexpected contraction December 13, 2024 The UK economy shrank unexpectedly in October after a fall in production output and stagnation in the services sector ahead of the Budget. GDP fell 0.1 per cent during the month, data from the Office for National Statistics (ONS) showed. Economists had expected a return to modest growth of 0.1 per cent. It marks two [...]
Labour’s business backers – where are they now? December 10, 2024 Labour won the public backing of over 120 business chiefs in a letter before the election – but the enthusiasm of those executives appears to have dimmed since then. City AM tried to track them down. It was a letter that seemed to signal a tectonic shift in British politics when it landed in newspapers [...]
London house prices reach ‘unaffordable’ levels – even for top earners December 9, 2024 Even the richest people in London are being priced out of the property market as house prices reach record levels, the Office for National Statistics has found. “In London, the average home was not affordable for any household income decile,” the statistics watchdog said in its latest Housing Purchase Affordability index, using 2023 data. The [...]
Reeves promises ‘deeper, more mature’ economic relationship with EU December 9, 2024 Rachel Reeves has pledged to build a “deeper, more mature relationship” with European trading partners in the first speech by a UK chancellor to eurozone finance ministers since 2020. Speaking to the Eurogroup in Brussels on Monday, Reeves also brushed off the suggestion that Britain must choose between closer ties with the US and EU [...]
Job vacancies collapse as Budget tax raid puts firms off hiring, survey shows December 9, 2024 The latest report on jobs from KPMG and the REC showed an "accelerated decline" in the number of people placed in permanent roles by recruiters.
No Christmas cheer for employers as 2024 draws to a close December 9, 2024 There are plenty of reasons to be cheerful at this time of year, but the state of the economy isn’t one of them. As Christmas trees go up and celebrations get underway, there are worrying signs that large parts of corporate Britain are preparing to end the year in a state of nervousness and pessimism. [...]
UK house prices reach record levels with demand set to continue December 6, 2024 House prices have now reached record levels as lower mortgage rates have helped improve buyer confidence for the fifth month in a row. According to the Halifax House Price Index, UK house prices rose 1.3 per cent in November, the biggest increase this year. November’s increase pushed the annual growth rate up 4.8 per cent, [...]
Bank of London shakes up UK board in investor-led recovery plan December 5, 2024 The Bank of London has appointed four new directors to its UK bank board and replaced its chair as the troubled fintech ‘unicorn’ looks to recover from a string of setbacks in recent months. The lossmaking start-up, which has faced heavy scrutiny over its governance and finances, said on Thursday that Metro Bank director Catherine [...]
Starmer pledges to deliver ‘higher living standards’ in milestones speech December 5, 2024 Sir Keir Starmer has pledged to deliver “higher living standards” across the UK by the end of this parliament – but did not put a figure on his target. The Prime Minister aimed to flesh out his pre-election promise to kickstart economic growth, as he set out a set of new “milestones” in a major [...]