Recession in “full swing” as inflation puts small businesses in “critical” state January 4, 2023 Recession in Britain is now in full swing with experts warning of a “critical” situation for small businesses up and down the country, according to fresh data, as the economy turns sour to start 2023. Brits are reining in spending to withstand the impact of record-high inflation on their budgets, resulting in one in four [...]
Mortgage approvals collapse to early Covid-19 crisis levels after mini-budget chaos January 4, 2023 Mortgage approvals in the UK have skidded to their lowest level since the early days of the Covid-19 crisis, pushed down by prospective buyers retreating after Liz Truss’s botched mini-budget sent interest rates flying, official figures out today show. The number of mortgage approvals tumbled a fifth over the month to November to their lowest [...]
Food prices continue to skyrocket despite easing UK shop inflation January 4, 2023 UK inflation is beginning to ease, but food prices are still accelerating at one of the fastest paces on record, new research out today shows. Annual shop price inflation, calculated by the British Retail Consortium (BRC) and NielsenIQ, dropped slightly to 7.3 per cent last month from 7.4 per cent in November. Despite the drop, [...]
British factories yanked into recession by inflation, energy costs and wilting demand January 3, 2023 British factories are being yanked into recession by inflation, swelling costs and stumbling demand in a further sign the country is now in the early stages of a tough slump, a closely watched survey out today reveals. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) final purchasing managers’ index (PMI) for the [...]
Inflation surge reshapes Brits’ spending, but so does end of Covid-19 curbs December 30, 2022 Inflation reaching a 41-year high. Interest rates back to 2008 levels. Mortgage costs up substantially. It’s been a tough year for the Great British consumer. Income growth has failed to keep pace with what was a 11.1 per cent cost of living peak, meaning households have been forced to cut back to protect their finances. [...]
2022: The year the UK economy soured December 23, 2022 Let’s not forget that inflation was already a problem heading into 2022. The final inflation reading of 2021 was for November and came in at 5.1 per cent, nearly three times higher than the Bank of England’s two per cent target and the highest level since September 2011, according to the Office for National Statistics [...]
Hopes of Christmas spending splurge nudges UK business confidence higher December 21, 2022 UK businesses are hoping the Christmas spending splurge will give them a welcome boost before a long recession sets in, a new survey out today shows. According to Lloyds Bank’s business barometer index, every UK region notched a positive business confidence reading for the first time since July. Eight out of the 11 areas recorded [...]
UK on course for slow burning recession, KPMG predicts December 19, 2022 The UK economy is on track to enter a long recession sparked by households and businesses being squeezed by sky high price rises, new forecasts out today unveil. Gross domestic product (GDP) will shrink 1.3 per cent next year, according to consultancy KPMG, who have become the latest organisation to warn of a protracted slump [...]
Bank of England sends interest rates to 14-year high but slows hike cycle to 50 points December 15, 2022 The Bank of England today sent interest rates to their highest level since October 2008, although it slowed the pace of increases to avoid unnecessarily intensifying a looming recession by squeezing households and businesses’ finances. Threadneedle Street’s monetary policy committee (MPC) voted 6-3 in favour of a 50 basis point rise to 3.5 per cent, [...]
‘At last!’: City cheers signs of UK inflation passing its peak December 14, 2022 The City has cheered fresh figures out today that revealed this year’s historic inflation surge may have finally turned a corner. Prices accelerated 10.7 per cent over the year to November, down from a 41-year high rate of 11.1 per cent in the previous month, according to the Office for National Statistics (ONS). The fall [...]