~theguardian-world | Bookmarks (39)

Analysts say figures give chancellor slightly more leeway for tax cuts before general electionBusiness live – latest updatesJeremy Hunt has been provided with a boost after the latest set of figures for government borrowing showed the UK running its largest monthly budget surplus since modern records began more than 30 years ago.Figures from the Office for National Statistics (ONS) showed that, despite the weakness...

Beijing must be more ready to support countries facing distress, says deputy chief economistChina holds the key to speeding up debt relief and ending the “silent crisis” that is holding back attempts to tackle poverty in the world’s poorest countries, a senior World Bank official has said.Ayhan Kose, the Bank’s deputy chief economist, said Beijing needed to be more active in negotiations to provide...

Insecure jobs and high housing costs make it hard to maintain decent living standard, says abrdn Financial Fairness TrustBritain’s insecure jobs market and high housing costs are leading to the growth of a precarious middle class struggling to maintain a decent living standard on household incomes as high as £60,000 a year, a report has said.A study released by abrdn Financial Fairness Trust, a...

The absence of so many potential workers is taking a toll. In a literal sense, this is a sick economyBusiness live – latest updatesOn the face of it, Britain’s labour market is in rude health. Employment rose in the final three months of 2023 and unemployment fell to 3.8%. Earnings, adjusted for inflation, rose for a sixth successive month. All are traditionally signs of...

December figures pose dilemma for Bank of England, dampening hopes of early interest rate cutBusiness live – latest updatesPay growth slowed less than expected in December as workers continued to bid up their wages amid skills shortages and a record number of people with long-term sickness.The Office for National Statistics (ONS) said annual growth in regular earnings, excluding bonuses, was 6.2% in October to...

Plunge in consumer prices has fuelled calls for a stimulus package – yet Beijing may stick to the new normal of lower growth• China consumer prices plunge at fastest rate for 15 yearsChina’s economy has gone from bad to worse – and it is only February.Figures released on Thursday showed consumer prices fell by 0.8% in January compared with a year earlier, outstripping economists’...

Live, rolling coverage of business, economics and financial markets as Canada says UK was unwilling to give access to agricultural productsFull story: UK suspends trade talks with CanadaEuropean inflation could fall faster than previously expected according to a survey of EU economists – the flip side of lower output in the bloc’s largest economy.A survey by the European Central Bank said that headline inflation...

December deficit is less than expected at £14bn – the lowest for the month since 2019Business live – latest updatesA halving of UK government borrowing over the past year has created scope for Jeremy Hunt to make tax cuts worth about £20bn in his March budget.Data from the Office for National Statistics showed that higher VAT and income tax receipts coupled with lower spending...

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...