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UK constrained by high interest rates, price rises and staff shortages but thinktank offers optimistic outlook for global economyThe UK will be the worst-performing economy in the G7 next year, according to the Organisation for Economic Cooperation and Development, as high interest rates and the lingering effects of last year’s surge in inflation weigh.In a downbeat assessment, the Paris-based thinktank also downgraded its forecast...

February growth of 0.1% comes despite construction and retail being hit by wet start to yearBusiness live – latest updatesBritain’s economy has taken a step closer to exiting recession as official figures showed growth continued in February despite a washout month for construction and retail after one of the wettest starts to a year on record.The Office for National Statistics (ONS) said gross domestic...

Latest estimate from ONS says GDP declined by 0.3% in final quarter of 2023Business live – latest updatesOfficial figures have confirmed that the UK economy went into recession at the end of last year, after the latest estimate found it contracted in the last two quarters of 2023.In a blow to the government’s economic standing, the Office for National Statistics (ONS) said the economy,...

Resolution Foundation says this will be ‘first parliament in modern history to see a fall in living standards’Business live – latest updatesHousehold incomes are on course to fall for the first time over the course of a parliament despite Jeremy Hunt’s national insurance cuts, the Resolution Foundation thinktank has said in its assessment of the chancellor’s budget.Amid almost two decades of falling real wages,...

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...

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...