Economy

Economy

UK Economy Faces £40bn Tax Hikes: Britain's Debt Crisis Looms
13 September 2024
433
Tax Hikes or Cuts Loom Families across the UK may soon face up to £40 billion in tax hikes or severe spending cuts over the next decade, according to a warning from the Office for Budget Responsibility (OBR). Prime Minister Sir Keir Starmer&n...
Rachel Reeves’s Economic Policies Criticized: Pensioners Suffer as ‘Cruel’ War Backfires
2 August 2024
550
Economic Fallout Mel Stride has strongly criticized Labour’s decision to impose VAT on private schools and to eliminate winter fuel payments for nearly 10 million pensioners, calling the measures “inept and cruel.” Stride, a Tory ...
Concerned Families Hastily Distribute Wealth Due to Impending Inheritance Tax Increases
30 July 2024
489
Inheritance Tax Overhaul Anticipated inheritance tax changes by the Labour party have led to a surge in families distributing wealth. Chancellor Rachel Reeves’ mention of a £22bn fun...
Rachel Reeves: New Powers for HMRC in Tax Crackdown on Savers
27 July 2024
503
Labour's £5bn Tax Recovery Plan The Chancellor may give HMRC more power to monitor savers, investors, and freelancers for underpaid taxes. Rachel Reeves, with an expert panel, is exploring ways to improve HMRC’s efficiency. One proposal...
Rachel Reeves Initiates £7.3 Billion National Wealth Fund: A Comprehensive Overview
9 July 2024
599
UK’s Path to Prosperity In a bold move to bolster UK infrastructure projects, Chancellor Rachel Reeves is launching a £7.3bn National Wealth Fund (NWF). The fund is designed to draw private investment, aimin...
Euro Zone Economy Potentially in Recession Last Year
2 January 2024
2147
Winter Recession Warning Euro zone factories closed 2023 with an 18th consecutive month of contraction, per HCOB's final PMI (44.4, up from 44.2 in November). Persistent decline below 50 indicates ongoing economic chall...
BP Joins Companies in Temporarily Halting All Shipments via the Red Sea
18 December 2023
2175
Shipping Giants Hit Pause Major companies, including BP, are temporarily halting Red Sea shipments due to recent attacks by Houthi rebels. BP underscores its commitment to safety, stating, "Our priority is the safety of our people. Due to the worsen...
Sainsbury's Reports Decline in Food Inflation as Sales Soar
4 July 2023
2463
Inflation Battles Sainsbury's CEO, Simon Roberts, states that food inflation is decreasing and shoppers are responding positively to price cuts on basic items. Sainsbury's is fully committed to battling inflation and supporting customers in lig...
London's Clean Air Zone Expansion Fuels Controversy Over Economy and Environment
3 July 2023
2415
The ULEZ Expansion London's ULEZ expansion, designed to combat air pollution, has triggered a heated debate. Covering more people in the outer boroughs, the plan faces legal challenges and concerns a...
Bank of England Acknowledges Flaws in Forecasting Amidst Inflation Crisis
28 June 2023
2294
Revamping Predictions Bank of England's chief economist, Huw Pill, acknowledges forecasting model's failure in addressing Britain's inflation crisis due to inadequate assessment of Ukraine war's impact on prices and wages. Inadequate Forecasting Mo...
Jeremy Hunt's Urgent Meeting with CMA, Ofgem, Ofwat, and Ofcom: Addressing 'Profiteering' Concerns
26 June 2023
2429
Battle Against Inflation Chancellor Jeremy Hunt has organized a meeting with industry regulators to tackle the problem of price hikes driven by rampant inflation. The meeting, happening on Wednesday, will involve representatives from...
Rishi Sunak Acknowledges Bank of England's Role in Inflation Control
23 June 2023
2452
Britain's Mortgage Crisis Britain's mortgage crisis has prompted government action, but concerns remain over the effectiveness of the response. Meeting with Jeremy Hunt In a high-stakes meeting, Jeremy Hunt hosted executives and regulators to addr...
Minister Denounces Tax Cuts Without Inflation Reduction as a 'Betrayal' of Thatcher
12 June 2023
2365
Inflation Alert Gillian Keegan, a Cabinet minister, highlights the significance of addressing inflation before implementing tax cuts. Speaking at the Margaret Thatcher Conference, she emphasizes the need for sound money and fisca...
The Shocking Truth: UK Food Inflation Hits Record High in Over 45 Years
19 April 2023
2466
UK inflation drops slightly in March UK inflation dropped to 10.1% in March, according to the Office for National Statistics. While this is a slight improvement from the 10.4% recorded in February, it is still in d...
Food Inflation Hits Popular Chains: How Nando's, Zizzi, McDonald's, and Wetherspoon are Responding
22 March 2023
2553
How price hikes are impacting popular restaurant chains in Britain Dining out in Britain has become increasingly expensive in recent months as restaurants and pubs struggle with rising costs. Some of the popular chains, including McDonald's, Wethers...
Experts Warn: The World is Facing a Financial Crisis 'Far Worse' Than the GFC
20 March 2023
2564
Crisis in banking sector In the aftermath of the collapse of Silicon Valley Bank and a rescue deal for Credit Suisse, an analyst has argued that the world is heading towards a crisis that is "far worse" than t...
Tech start-ups at risk as Silicon Valley Bank collapse prompts UK government action
12 March 2023
2410
The UK economy The UK government is taking steps to minimize the economic impact of the recent bankruptcy of Silicon Valley Bank (SVB), one of the largest US banks. Jeremy Hunt said that the government is working at a fast pace to respond to the fa...
Crisis: England probably won't reach goal of ending rough sleeping by 2024
28 February 2023
2581
Rough sleeping in United Kingdom Crisis, a leading homelessness charity in the UK, the government is likely to miss its target of ending rough sleeping in England by 2024. The charity...
HMRC plans to send tax non-payment notices to 4,300 Britons earning online
17 February 2023
2538
Internet businessmen and tax Revenue and Customs (HMRC) will send 4,300 notices to internet earners in the kingdom whom it suspects of not paying taxes. This was reported by the Financial Times. The authority said such letters will be sent to peopl...
London's FTSE 100 stock exchange index hits a new record high
8 February 2023
2493
FTSE 100 hits record high again The London Stock Exchange's FTSE 100 Index, which is based on the stocks of the 100 largest-cap companies, reached a record high of 7,926 points on Wednesday. That figure beat the previous record, which was set on Fe...
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