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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...

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...

In today’s newsletter: Guardian experts assess the government’s progress on the prime minister’s key promisesSign up here for our daily newsletter, First EditionGood morning. After Hanukkah, Christmas, Kwanzaa and New Year, the last great festival of the season: Rishi Sunak’s five pledges anniversary day. The prime minister is marking the occasion with a trip to the east Midlands, while Keir Starmer is making a...

Freight and logistics sector is turning to women to fill gap as demand for drivers grows alongside cap on overtimeWhen Mayumi Watanabe tells people what she does for a living, most struggle to hide their surprise, and not just because of her diminutive stature. As a truck driver with 23 years behind the wheel, she is one of a small but growing number of...

The £62m dispensed on last Friday before Christmas beat £51m record set in 2022 to reflect sharp annual rise in inflationMore than £62m in cash was withdrawn from Post Office branches on the Friday before Christmas, the most ever in a single day, as people rushed to finish their festive shopping.The record withdrawals on 22 December from the 11,500 Post Office branches across the...

Fun-size packs of bars, Milk Tray and Quality Street up by at least 50% since 2022 as cocoa, sugar and packaging costs balloonSupermarkets have increased the price of some festive chocolate treats by more than 50% on last year as inflation takes its toll on cocoa, sugar and packaging, research has shown.Top of the Christmas inflation pack was Green & Black’s miniature chocolate bar...

Revised figure of 0.1% fall instead of previous estimate of no growth is blow to Rishi Sunak’s growth plansBusiness live – latest updatesFears that the UK has fallen into recession have been heightened after official figures were revised to show that the economy shrank slightly in the July to September period.The assessment that gross domestic product (GDP) fell by 0.1% in the third quarter...

New libertarian president accused of drawing up a ‘battle plan against working people’ Thousands of protesters have poured on to the streets of Buenos Aires after Argentina’s new president announced a far-reaching emergency decree containing dozens of controversial economic measures – a move one prominent critic compared to the actions of an absolute monarchy.Javier Milei, a radical libertarian economist who was inaugurated less than...