UK

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UK Manufacturing PMI Contracts for Third Consecutive Month in May

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 …

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UK Government Considers Requesting Supermarkets to Freeze Prices of Essential Food

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 …

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UK Inflation Dips Below 10% in April, Reflecting Decreasing Energy Costs

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 …

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UK Grocery Price Inflation in May Reaches 17.2%, Near Record High

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% …

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UK Businesses Plan to Scale Back Investment Following Corporate Tax Hike

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 …

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UK Government Pledges £1 Billion Investment in Chip Industry Capacity

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 …

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UK Consumer Confidence Rises in May Despite Lingering High Inflation, Survey Finds

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 …

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UK Unemployment Rate Surges, Bank of England to Halt Interest Rate Hikes Next Month

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, …

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UK GDP grows 0.1% in Q1/2023, though contracted 0.3% more than expected in March

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 …

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