Tag

Uk Economy

All articles tagged with #uk economy

business4 days ago•5 min saved

UK workers juggle multiple roles as cost of living climbs

More than 1 million people in the UK now have a second job as rising living costs, insecure work and industry changes push workers into a growing gig economy. The Office for National Statistics puts current second-job numbers at about 1.3 million (a dip from a 2025 peak of 1.35 million), while just under five million people participate in gig work overall. Personal stories from Bristol illustrate the strain—entrepreneurs, reception staff, bar workers and festival gig workers who juggle multiple roles, sometimes living in a van to cut costs—highlighting a broader shift toward flexible, multi‑job lives. AI-driven changes in design are also pushing freelancers to diversify, and for some, flexible work arrangements help manage childcare and expenses, underscoring how financial precarity is reshaping attitudes toward work.

via BBC|

#business #cost-of-living #gig-economy

business7 days ago•2 min saved

European Shares Rally as Oil Rises and Mixed Data Signal Cautious Optimism

European stocks rose with the Stoxx 600 up about 0.6% as investors weighed higher oil prices amid a renewed US-Iran focus against mixed UK and European data, including Puig tumbling after a deal with Estée Lauder ended while Estée Lauder rose. UK April retail sales fell 1.3%, oil climbed to around $103–104 a barrel, and Germany’s consumer confidence and France’s manufacturing climate improved. UK borrowing topped forecasts and gilt yields slipped slightly, while Wall Street futures pointed higher.

via CNBC|

#business #consumer-confidence #european-stocks

business9 days ago•5 min saved

UK inflation eases to 2.8% on energy relief, but forecasters expect a rebound

UK inflation slowed to 2.8% in April thanks to lower gas and electricity bills and government energy-relief measures, but analysts say it will likely rise toward about 4% by the end of the year as the Iran war keeps energy prices elevated. Petrol and diesel costs climbed in April, with prices around 156.8p and 190p per litre respectively, and fuel-price pressures have persisted into May. ONS data show producer input costs still rising and food inflation easing only modestly; the overall picture remains vulnerable to global energy trends. The government plans additional cost‑of‑living support, while the Bank of England is seen delaying rate hikes until clearer domestic inflation signals emerge.

via BBC|

#bank-of-england #business #energy-prices

economy11 days ago•2 min saved

IMF urges BoE to stay flexible, ready to cut rates as UK growth improves

The IMF lifted its 2026 UK growth forecast to about 1% and said the Bank of England should remain ready to cut rates if needed, even as holding at 3.75% may be appropriate to limit second-round inflation effects. With energy prices pushing inflation higher in the near term and then easing, the IMF expects inflation to return to target by end-2027 as growth gradually recovers, arguing for data-driven, meeting-by-meeting policy decisions.

via CNBC|

#bank-of-england #economy #imf

economy28 days ago•5 min saved

BoE signals potential rate hikes as mortgages, bills and jobs loom for UK households

The Bank of England warned that rate rises could come later this year amid energy-price uncertainty driven by Middle East tensions, with a worst‑case scenario suggesting up to six rate increases; about seven million homeowners with fixed-rate mortgages may see roughly £80 added to monthly payments when their deals end over the next three years; energy bills are projected to climb toward about £1,900 this summer but won’t peak as high as in 2022, and many on fixed tariffs are protected until contracts expire; lower‑income households face the sharpest impact as inflation and food prices rise; unemployment could rise as demand weakens and hiring slows, though wage effects depend on future settlements.

via BBC|

#bank-of-england #economy #energy-bills

business1 month ago•3 min saved

Fuel spike lifts UK inflation to 3.3% in March

UK inflation rose to 3.3% in March, the first hard sign that the Iran war is driving price pressures, led by a sharp jump in fuel and energy costs, with airfares and food also rising while clothing costs slowed the pace. Economists warn inflation could rise further and policy paths are mixed, though most expect the Bank of England to hold rates for now despite potential external shocks.

via CNBC|

#business #energy-prices #fuel-prices

business1 month ago•14 min saved

Global energy shock tests economy as UK growth defies expectations

IMF chief Kristalina Georgieva warns the world economy is being tested by a large energy-price shock from Middle East tensions, saying everyone will feel the pain and urging governments not to cushion demand with subsidies. Amid the turmoil, UK February GDP rose 0.5%—suggesting momentum before the conflict weighed on prospects—while Europe faces warnings of jet-fuel shortages as energy costs surge. The disruption shows up across markets and firms, from airline cutbacks to Nigeria’s Dangote refinery boosting jet-fuel exports, highlighting the global spillovers of the energy squeeze.

via The Guardian|

#business #energy-prices #global-economy

economy2 months ago•5 min saved

UK inflation holds at 3% as oil shock from Middle East conflict looms

UK inflation remained at 3% in February, with cheaper fuel offset by higher clothing costs; the Iran-Israel war has pushed oil prices higher, complicating any expected further falls in inflation and shaping expectations for BoE policy moves.

via BBC|

#bank-of-england #economy #fuel-prices

business2 months ago•4 min saved

NFU warns UK food prices could rise as Iran conflict lifts energy and fertiliser costs

The National Farmers’ Union warns UK food prices are likely to rise over the coming weeks to months as the Iran conflict drives up fuel, fertiliser and energy costs. Glasshouse crops such as tomatoes and cucumbers are most immediately affected, with broader farming costs potentially passed on to shoppers. Ministers will discuss the impact at Cobra next week as the cost of living and inflation remain on the agenda.

via BBC|

#business #energy-and-fertiliser #food-prices

business2 months ago•3 min saved

Healthy living and tech boost reshape the UK inflation basket

Britain’s inflation basket has been refreshed, adding items such as alcohol-free beer, houmous, motorhomes, dashcams and pet grooming while removing others; 27 additions and 19 removals bring the total to 760 items. The ONS will rely more on supermarket scanner data for prices, reflecting shifts in healthier lifestyles and technology. The latest CPI was 3% in January, with a 2% target; forecasters now expect inflation closer to 3% amid geopolitical fallout.

via BBC|

#business #cpi #inflation

business2 months ago•3 min saved

UK GDP stalls in January as Iran conflict fuels energy shock

UK GDP was unchanged in January, short of forecasts for 0.2% growth, with services flat, production down 0.1% and construction up 0.2%. After a tepid Q4 and weak December, the energy-price surge linked to the U.S.–Iran conflict adds inflation risk and reduces expectations for a Bank of England rate cut.

via CNBC|

#boe-rate #business #energy-prices

economy3 months ago•5 min saved

UK youth NEET figures hover near one million as jobs market stalls

ONS data show about 957,000 UK 16–24-year-olds were not in education, employment or training in Oct–Dec 2025 (12.8%), edging toward a million as the jobs market remains weak. More young women are out of work, and rising inactivity is linked to long-term sickness and neurodivergence. The government is expanding apprenticeships and paid placements, while an independent inquiry into rising youth unemployment is due this summer.

via BBC|

#apprenticeships #economy #neet

business3 months ago•4 min saved

UK manufacturers warned: energy bills threaten industrial footing

A CBI–Energy UK report warns that surging energy costs—electricity up about 70% and gas around 60% higher since Russia’s invasion—plus rising bills for almost 90% of firms, have led about 40% to cut investment, risking deindustrialisation and a wider trade deficit. It calls for a comprehensive reform of the energy market and stronger grid investment, with a government response that includes more targeted relief for heavy users, while broader reforms are pursued through a joint taskforce.

via The Guardian|

#business #cbi #energy-prices

economy3 months ago•4 min saved

UK inflation slows to 3% on cheaper food and fuel, fueling rate-cut bets

Britain's inflation rate dropped to 3% in January from 3.4%, led by cheaper petrol, food and airfares, though prices are still rising rather than falling. The cooler pace increases the likelihood of a Bank of England rate cut at its March meeting, with energy-bill support expected to ease price pressures further in the coming months. Economists forecast further declines ahead, though policy decisions and wage dynamics could influence how quickly inflation falls toward the 2% target.

via BBC|

#bank-of-england #cost-of-living #economy

economy3 months ago•5 min saved

UK Youth Struggle to Secure Jobs as AI and Costs Hit Hiring

UK youth face a tougher job market with 16.1% of 16–24-year-olds unable to find work amid a 5.1% national unemployment rate; higher business costs and AI-driven hiring changes are shrinking entry-level roles, while graduates report fierce competition for limited opportunities, fueling calls for targeted support schemes.

via BBC|

#ai-in-recruitment #economy #graduates