UK economy Financial News

Chancellor Jeremy Hunt (pictured) delivered his Autumn Statement in parliament today | Copyright HM Treasury

In the three months to August, GDP increased by 0.3% when compared with the three months to May 2023, with growth in all sectors.

The British economy shrank by 0.5% in July after a series of strikes, particularly by doctors at the start of their careers, and unseasonably wet weather

The British economy shrank by 0.5% in July after a series of strikes, particularly by doctors at the start of their careers, and unseasonably wet weather

The British economy was 0.6% larger in the fourth quarter of 2021 than in the final quarter of 2019, compared with an earlier estimate that it was 1.2% smaller, the Office for National Statistics (ONS) said on Friday. This big upward revision brings forward the date at which Britain's economy regained its pre-COVID size by more than a year and a half, and shows at the end of 2021 it had made a faster recovery than Germany, France or Italy, and was level with Japan, although it was behind the United States and Canada. Prime Minister Rishi Sunak's government has been criticised for a sluggish recovery by the opposition Labour Party ahead of a national election expected next year, and the latest revisions were welcomed by finance minister Jeremy Hunt. «The fact that the UK recovered from the pandemic much faster than thought shows that once again those determined to talk down the British economy have been proved wrong,» he said. The changes also have implications for the Bank of England, which has a subdued growth outlook and has found it harder to tame inflation than the U.S.

By Andy Bruce and David Milliken

UK economy shrank slightly in May, hit partly by an extra public holiday for the coronation of King Charles III, official data showed Thursday. Gross domestic product decreased by 0.1 percent in May, the Office for National Statistics said in a statement. That beat expectations for a contraction of 0.3 percent and followed a 0.2-percent rise in April.

Economic output fell 0.1% in May from April, the ONS said. A Reuters poll of economists had pointed to a contraction of 0.3% from April.

By David Milliken and Andy Bruce

LONDON — The U.K. economy flatlined in February as widespread industrial action and persistently high inflation stymied activity.

LONDON — The U.K. has thus far avoided a widely anticipated recession, and the signs from the business world are that the economy may be holding up better than feared, according to veteran Schroders fund manager Andy Brough.

A leading British businessman who backed the UK's departure from the EU has called on the government to make it easier to allow foreign workers into the country to combat labour shortages.

Mark Carney said the UK’s financial system has taken a "big knock" after major tax cut and spending announcements by prime minister Liz Truss and chancellor Kwasi Kwarteng.

Mark Carney said the UK’s financial system has taken a ‘big knock’ on account of the recent policy decisions led by the Truss administration, along with her chancellor Kwasi Kwarteng.

There's an economic idiosyncrasy in the U.K. that makes it «one of the most vulnerable countries in the world right now,» according to an investment strategist.