Results from an industry survey released on June 1 have indicated that British industrial output experienced a decline for the third consecutive month in May. Moreover, new orders fell at the fastest rate in four months. However, there are indications that the worst effects of inflation may be starting to ease. The final Manufacturing Purchasing …
UK Manufacturing PMI Contracts for Third Consecutive Month in May Read More »
Reports have emerged revealing that the British government is preparing to approach supermarkets with a proposal to freeze the prices of essential food items. This move comes as the prices of these goods have seen significant increases in recent times. The Prime Minister’s Office in the UK has confirmed that negotiations are underway between the …
UK Government Considers Requesting Supermarkets to Freeze Prices of Essential Food Read More »
The latest data from the Office for National Statistics (ONS) reveals a sharp decline in UK inflation during April, as energy prices decreased. According to the ONS, the Headline Consumer Prices Index (CPI) dropped to 8.7% year-on-year in April, marking a significant decrease from the 10.1% recorded in March. However, the figure remained slightly higher …
UK Inflation Dips Below 10% in April, Reflecting Decreasing Energy Costs Read More »
According to market research firm Kantar, grocery inflation in the UK witnessed a slight decrease for the second consecutive month in May, but remained near record highs. This offers little relief to consumers who continue to grapple with the ongoing cost of living crisis. The data reveals that annualized grocery price inflation stood at 17.2% …
UK Grocery Price Inflation in May Reaches 17.2%, Near Record High Read More »
According to a recent survey conducted by BDO, a prominent global consulting firm, nearly half of mid-sized companies in the UK have expressed intentions to slow down their investments. This decision comes in response to the British government’s announcement of a corporate income tax increase last month. Experts argue that the decline in investment is …
UK Businesses Plan to Scale Back Investment Following Corporate Tax Hike Read More »
The United Kingdom (UK) has announced a substantial investment of up to £1 billion ($1.24 billion) in the semiconductor industry. This initiative aims to enhance domestic chip production capabilities and safeguard against potential supply disruptions, responding to the appeals made by leaders of the country’s prominent chip companies. The strategy outlines a comprehensive set of …
UK Government Pledges £1 Billion Investment in Chip Industry Capacity Read More »
Market research firm GfK has revealed that consumer confidence in the United Kingdom (UK) has increased for the fourth consecutive month, reaching its highest level in 15 months. This surge in confidence is attributed to households’ optimism regarding the economy and personal finances, even in the face of persistently high inflation. According to GfK’s Consumer …
UK Consumer Confidence Rises in May Despite Lingering High Inflation, Survey Finds Read More »
The United Kingdom’s unemployment rate has risen more than expected to 3.9% in the first quarter of 2023. This is the highest level in almost two years as more people want to return to the labor market. The increase in the unemployment rate may ease the Bank of England’s (BoE) concerns about inflationary pressures. However, …
UK Unemployment Rate Surges, Bank of England to Halt Interest Rate Hikes Next Month Read More »
The Office for National Statistics (ONS) released preliminary estimates showing that UK gross domestic product (GDP) grew by 0.1% quarter-on-quarter in the first quarter of 2023, in line with economists’ expectations. However, GDP in March contracted by 0.3% from February, which was a steeper decline than the expected flat figure for March. The ONS revealed …
UK GDP grows 0.1% in Q1/2023, though contracted 0.3% more than expected in March Read More »
Halifax, the UK’s largest mortgage lender, has revealed that house prices in the UK rose by just 0.1% year-on-year in April. This marks the slowest rate of increase in a decade, since December 2012. The report also shows a decline in monthly prices, with a 0.3% fall in April compared to an increase of 0.8% …
Halifax Reveals UK House Prices in April Slowed to Their Lowest Level in 10 Years Read More »