Tag

Uk Economy

All articles tagged with #uk economy

politics15 days ago•7 min saved

Burnham's Devolution Push: Can Regional Power Boost UK Growth?

Labour's Andy Burnham calls for sweeping devolution to English city regions, Scotland, Wales, Northern Ireland, and more London powers to push growth from every postcode. While Greater Manchester shows productivity gains under devolution, economists say there is no clear UK-wide growth boost yet, and London remains far ahead. International examples suggest broader devolution can narrow regional gaps, but funding costs and current fiscal rules complicate implementation. The question remains whether this policy can deliver higher national growth and reduced regional disparities.

via BBC|

#andy-burnham #devolution #levelling-up

politics16 days ago•13 min saved

Burnham launches regional devolution drive in landmark leadership speech

Burnham uses a Manchester speech to push a 10-year regional devolution agenda, giving mayors more control over housing, welfare and budgets to raise living standards and spur growth across the UK; the plan draws private-sector attention for specifics on taxation and energy, while Tory rivals push for concrete Westminster scrutiny and there is no chancellor named yet.

via BBC|

#burnham #devolution #labour

economy21 days ago•5 min saved

Brexit's Quiet Drag: Ten Years On, Britain's Economy Remains Strained

Ten years after Brexit, Britain's economy remains under pressure: weak GDP per-capita growth among the G7, stubborn inflation, subdued investment, and a shrinking share of financial services away from London, all amid political volatility and gilt-market wobbliness; sterling is about 10% weaker than pre-2016 levels, increasing import costs, though sectors like fintech, life sciences and AI retain global strengths.

via Reuters|

#brexit #economy #financial-services

world21 days ago•7 min saved

Brexit at Ten: A Decade of Economic Drag, Trade Friction, and Migration Shifts

Ten years after the 2016 referendum, the UK’s promises of growth and frictionless trade largely haven’t materialized: GDP per capita lags the EU, investment cooled, and trade with Europe remains lower under the EU–UK deal. The pound hasn’t recovered to pre-Brexit levels, migration shifted away from the EU while total net migration peaked, and most EU law remains retained with divergence unfolding slowly. Public opinion has shifted toward regret, with polls suggesting a sizable share supports rejoining the bloc.

via Al Jazeera|

#brexit #migration #pound

business22 days ago•4 min saved

Ten Years After Brexit: charts map Britain’s bumpy economy and politics

Brexit’s decade has yielded little growth payoff: GDP is estimated to be 6-8% lower by 2025 due to uncertainty and misallocation; EU net migration turned negative in 2022 while non-EU migration rose to fill gaps; the pound remains about 10% weaker than its 2016 level, raising import costs; the FTSE-100 has lagged the FTSE-250 and US stocks; the EU remains the UK’s largest trading partner with tariff-free trade secured by a 2021 deal; prime ministers have changed frequently, highlighting political churn.

via CNBC|

#brexit #business #ftse-100

business22 days ago•328 min saved

A Decade On, Brexit's Subtle Drag on UK Growth

Ten years after the Brexit vote, economists broadly agree the UK economy has faced a persistent drag on growth. While some worst‑case fears didn’t materialize, estimates of foregone output range from about 2% to as much as 8%, driven by weaker investment, productivity and living standards. EU trade remains costlier and more cumbersome, though services—especially financial services—remain a bright spot and London stays a global hub. New non‑EU trade deals are modest in impact compared with EU trade. Immigration surged after Brexit, and political leaders remain reluctant to rejoin the EU, given divisions and uncertainty about future access. Overall, Brexit has reshaped the economy: it retains strengths in services and finance, but comes with a clear, ongoing price in slower growth and higher policy trade‑offs.

via CNN|

#brexit #business #growth

world22 days ago•79 min saved

Brexit's price tag: UK economy stalls as curry houses and car makers feel the pinch

Brexit has weakened the UK economy, reducing GDP by about 6–8%, investment by 12–13%, and productivity by 3–4%, with labor shortages hitting curry houses that relied on Eastern European workers and a costlier, slower auto sector, as the government seeks closer EU ties to revive growth amid rising public frustration with Brexit.

via AP News|

#brexit #car-industry #eu-trade

business26 days ago•1 min saved

Corporate data tie Brexit to 6% hit to UK GDP over a decade

A Bank of England–backed study using its Decision Maker Panel data finds Brexit shaved about 6% off UK GDP over 10 years, with broader methods averaging around 8%. The impact on financial services was notable but not as severe as some feared. Some economists argue such estimates are hard to isolate and may overstate effects, but this approach marks a novel use of BoE corporate data to gauge Brexit consequences ahead of the referendum’s 10-year anniversary.

via BBC|

#bank-of-england #brexit #business

society1 month ago•6 min saved

Britain's Bedroom Generation Locked Out of the Job Market

UK youth unemployment is at crisis levels, with about one million young people classified as NEETs. Stories like 25-year-old Dave and 20-year-old Lily-Rose reveal endless job applications, automated rejections from AI screening, and employers demanding prior experience even for entry roles. The Milburn report calls this a moral crisis and warns of long-term mental-health and wage setbacks, while a forthcoming update urges more effective government training schemes and evidence of their success to help young jobseekers re-enter the workforce.

via Dazed|

#mental-health #milburn-report #neets

business1 month 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

business1 month 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

business1 month 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

economy1 month 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

economy2 months 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

business2 months 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