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Capital accounts for almost half of sector’s exports and action needed elsewhere, says Resolution FoundationLondon is capturing an ever-bigger share of the UK’s record service sector exports and government action is needed to ensure other big cities keep pace with the capital, a report says.The Resolution Foundation said London accounted for almost half of the UK’s service sector exports, with its share of the...

From food, alcohol and tobacco to fuel prices and holidays, how the cost of everyday items variesUK inflation rises as cost of tobacco and alcohol increasesAnalysis: Inflation rise complicates outlook on interest ratesThe UK’s annual inflation rate unexpectedly increase to 4.0% in December, up from 3.9% in November.The Office for National Statistics compiled the overall reading using the consumer prices index but also logs...

Surprise increase is blow to Bank of England’s fight against rising prices –but could be followed by fallsUK inflation rises as cost of tobacco and alcohol increasesWhich UK goods and services have changed most in price?Inflation went in the wrong direction at the end of 2023. It might seem like a small, possibly insignificant, reversal of a downward trend, but December’s rise in the...

Surprise uptick to 4.0% complicates forecasts that Bank of England will cut interest ratesAnalysis: inflation rise complicates outlook on interest ratesWhich UK goods and services have changed most in price?UK inflation rose unexpectedly to 4.0% in December in the first increase for 10 months, complicating the timing of interest rate cuts from the Bank of England this year.The Office for National Statistics said annual...

Vacancies tumbled at the fastest rate on record in December, according to ONS figuresBusiness live – latest updatesPay growth in the UK slowed more than expected in November, in a sign that inflationary pressures have weakened more than the Bank of England was expecting when it issued its latest forecasts.Average pay growth was 6.5% in November, down from 7.2% in the previous month according...

Rolling coverage of the opening day of the World Economic Forum in DavosGeopolitical tensions and AI dominate start of World Economic ForumUkraine’s president, Volodymyr Zelenskiy, has met business chiefs at a session for “CEOs for Ukraine”, here at the World Economic Forum, before his speech this afternoon.He was seated alongside Ursula von der Leyen, European Commission President, who will also address WEF today: Continue...

GDP rises by 0.3% in November after October decline, with car leasing and video games fuelling bouncebackBusiness live – latest updatesThe UK economy returned to growth in November after a recovery in consumer spending driven by Black Friday sales, with shoppers hunting for bargains as the key Christmas shopping season got under way.Gross domestic product rose by 0.3% on the month, after a decline...

As railway staff, lorry drivers, farmers and others threaten to strike, we examine the challenges the country facesRailway staff, lorry drivers and farmers are among those threatening strike action across Germany from Monday in nationwide protests over grievances ranging from pay and conditions to cuts in agricultural subsidies and higher road tolls.Long Europe’s powerhouse, Germany is struggling with a potent mix of short-term and...

Secretary general urges countries to increase investment to avoid falling behind on climate action and sustainable developmentThe world faces a protracted period of weak economic growth that will undermine progress on sustainable development, the UN has warned, as it urged countries to raise investment to tackle the climate emergency.Its annual assessment of the state of the global economy presents a sombre outlook for growth...