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...larger downgrades than the UK,” the Treasury said....
...Professor Costas Milas University of Liverpool Management School, Liverpool, UK...
...January’s GDP growth raises expectations of the UK economy expanding in the first quarter, which would end the recession and give Prime Minister Rishi Sunak a boost ahead of the general election expected...
...In the UK it’s been a whopping 1 percentage point....
...Sterling held steady after official figures showed that the UK economy grew slightly more than expected in November with a 0.3 per cent rise in GDP....
...But the latest forecasts from the UK’s fiscal watchdog were at odds with the chancellor’s assertion that his plans would secure “not just higher GDP but higher GDP per head”....
...London’s FTSE 100 slipped 0.1 per cent, even as shares in UK-based pharmaceuticals group AstraZeneca rose 3.7 per cent after its cancer drug Tagrisso was approved as part of a treatment plan in the US....
...Sanjay Raja, chief UK economist at Deutsche Bank, said the contraction in the fourth quarter represented a “meaningful miss on GDP” for the BoE’s Monetary Policy Committee....
...Sterling nudged down 0.1 per cent to $1.2554, building on the previous day’s losses after the UK’s inflation rate held steady rather than rising as expected....
...At the end of last year, UK GDP per head was still 1.5 per cent below its pre-pandemic level in the fourth quarter of 2019, ONS data showed....
...“GDP would need to fall by an unlikely 1 per cent month on month or more in March for the economy to contract in the first quarter as a whole,” said Paul Dales, chief UK economist at Capital Economics....
...Official statistics published on Thursday confirmed the UK economy slipped into a technical recession in the second half of last year....
...US secretary of state Antony Blinken and UK Prime Minister Rishi Sunak both said western countries were preparing sanctions on Tehran in an attempt to prevent escalation into a full-blown Middle East war...
...While month-to-month fluctuations in GDP can be volatile, the readings add to signs that the UK economy has lost momentum in the closing months of the year....
...“Despite the softer than expected data, retail sales still added almost 0.1 percentage points to real GDP growth in Q1,” he added, helping the economy recover from last year’s technical recession....
...Sterling and gilt yields both fell on Wednesday, after the latest UK GDP figures came in weaker than expected. Sterling weakened 0.3 per cent against the dollar to $1.2519....
...The budget watchdog said: Tax as a share of GDP . . . rises gradually in every year of the forecast to 37.1 per cent of GDP in 2028-29, which would be the highest level since 1948....
...The more relevant comparison is on GDP per head....
...That margin is well shy of the average of £26.1bn chancellors have set aside against their varying fiscal rules since 2010, and amounts to a mere 0.3 per cent of UK GDP....
...The first was possibly the Irish independence movement, which sold bonds to Irish-Americans in the early 1900s where payments were contingent on independence from the UK....
...UK Prime Minister Rishi Sunak is to conduct a mini-reshuffle of his team after the resignation of armed forces minister James Heappey....
...Though its projection for UK debt to hit 98 per cent of GDP by the end of the decade would still leave the country below the US, Italy and France, the IMF was concerned about the direction of Britain’s borrowing...
...The UK will also have a Q4 GDP estimate, CPI inflation figures and retail sales numbers, plus employment and wages data, while Germany has the latest Zew report....
...The story for per capita GDP growth is worse still since the eve of the pandemic, with the UK in the bottom tier of the G7 along with Canada and Germany....
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