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☆ Last-minute Brexit bill risks higher food prices, UK business groups warn
▼ + stars: | 2024-04-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —British business groups are warning that newly announced post-Brexit charges on plant and animal imports could push up food prices not long after food inflation came down from double-digit rates. The port and the undersea tunnel beneath the English Channel handle the majority of UK food imports. Annual UK food price inflation topped 19% in March 2023, the highest rate in 45 years, and stood at more than 10% as recently as in October. Some are already “deciding that it is too expensive or too much hassle to serve the UK,” he told CNN. A government spokesperson said the new charges “were at the bottom end of the range” discussed with UK businesses during a consultation period last summer.

Persons: Tom Southall, William Bain ,, ”, James Barnes, “ Organizations: London CNN, European Union, Department for Environment, Food, Rural Affairs, Channel, Chain Federation, Chambers of Commerce, ”, CNN, EU . Trade, Horticultural Trades Association Locations: British, Port, Dover, Eurotunnel, Southall

☆ UK inflation has halved this year but economic growth remains elusive
▼ + stars: | 2023-11-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —UK inflation plunged to its lowest level in two years in October, allowing Prime Minister Rishi Sunak to declare victory on his pledge to halve the rate of price increases this year. Services inflation fell but remained high, at 6.6%. “The UK economy is still very much facing stagflation and, in our view, the road ahead will likely continue to be bumpy,” said Julien Lafargue, chief market strategist at Barclays Private Bank. Stagflation refers to a toxic mix of high inflation and low, or no, economic growth. There is also evidence that higher interest rates are placing an increasing strain on the economy.

Persons: Rishi Sunak, “, ” Sunak, Gary Smith, GMB, ”, Andrew Bailey, Alex Veitch, Sunak’s, —, Julien Lafargue, ” Ewan Mackay, Jeremy Hunt, Veitch Organizations: London CNN —, National Statistics, Bank of England, Chambers of Commerce, “, Barclays Private Bank, NatWest, Accenture, P, British Chambers of Commerce Locations: United Kingdom, Ireland, British

Official data showed economic output expanded by 0.2% in August from July, matching the median forecast in a Reuters poll of economists. "The UK economy is holding up but remains in a precarious state," said David Bharier, head of research at the British Chambers of Commerce. The data showed Britain's huge services sector grew by a slightly stronger than expected 0.4% in August from July while manufacturing and construction shrank by 0.8% and 0.5%. Investors are putting a chance of less than one in four on the BoE resuming its rate hikes after its next scheduled meeting in November. Britain's economy stood 2.1% bigger than in February 2020, just before the coronavirus pandemic hit, the ONS said.

Persons: Matthew Childs, Sterling, Elizabeth's, BoE, David Bharier, William Schomberg, Andy Bruce, Kate Holton Organizations: REUTERS, Bank of England, Monetary Fund, Chambers of Commerce, European Union, ONS, Thomson Locations: London, Britain, Miral

☆ Britain delays post-Brexit border checks on EU goods till 2024
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Lorries disembark from a cross channel ferry at the Port of Dover, in Dover, Britain September 24, 2020. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 29 (Reuters) - The British government will delay imposing full post-Brexit import controls on goods from the European Union by a further three months, it said on Tuesday, pushing the start date back to January 2024. Britain left the EU's single market in January 2021 and has delayed full implementation of border controls several times due to worries about disruption at ports and the risk of adding to a cost-of-living crisis. In contrast, Brussels immediately introduced checks and paperwork for goods moving from Britain into the EU, leading to delays and higher costs, and making it challenging for some businesses to compete. Further requirements, such as physical checks and safety declarations are due to be introduced in stages through 2024.

Persons: Toby Melville, William Bain ,, Kylie MacLellan, Bernadette Baum Organizations: REUTERS, European Union, Northern Ireland, Target, Chambers of Commerce, Thomson Locations: Dover, Britain, British, Brussels, Europe

☆ Retail and films drive modest growth in UK economy
▼ + stars: | 2023-06-14 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

Britain's economy grew by 0.2% month-on-month in April, the Office for National Statistics said, matching the consensus in a Reuters poll of economists. Over the three months to April, Britain's economy expanded just 0.1% - a "low growth trajectory" according to the British Chambers of Commerce. The ONS said the economy in April stood 0.3% above its pre-pandemic level of February 2020. Services output rose 0.3% on the month, with the wholesale and retail trade the biggest driver of growth. But manufacturing output dropped 0.3% and the construction sector contracted unexpectedly by 0.6%, the figures showed.

Persons: Samuel Tombs, Jeremy Hunt, Sumanta Sen, William James, Sarah Young, Kate Holton, Andrew Heavens Organizations: National Statistics, Financial, Bank of England, British Chambers of Commerce, Reuters, ONS, Thomson Locations: British

☆ Nearly half of UK firms to defer investment due to tax rises, survey finds
▼ + stars: | 2023-05-21 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, May 22 (Reuters) - Almost half of medium-sized British companies plan to delay investment plans due to last month's rise in corporation tax, a survey published on Monday found. Britain's headline rate of corporation tax rose to 25% in April from 19% the year before, under the enactment of a policy announced in March 2021. "The recent rise in the headline corporation tax rate will dampen current business investment plans although the positive reaction to the new full expensing capital allowances regime suggests this may only be a short-term effect," said Paul Falvey, a tax partner at BDO. The BDO survey was based on responses from 512 companies polled between March 30 and April 16. ($1 = 0.7923 pounds)Reporting by David Milliken; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Why the UK spring budget won't fix the economy's problems
▼ + stars: | 2023-03-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. But he will deliver his budget against essentially the same gloomy backdrop: the UK economy is stuck in the doldrums. John Springford, deputy director at the Centre for European Reform, estimates that Brexit had cost the UK economy 5.5% of GDP by June 2022. SVB could depress UK bank lendingAnother factor that could weigh on the UK economy in the near term: Silicon Valley Bank. “It is likely that UK financial conditions will remain tighter (or potentially significantly tighter) over coming months than they would have been without the US banking troubles,” Pickering said in a research note Monday.

☆ UK to avoid recession this year but outlook still weak, BCC says
▼ + stars: | 2023-03-08 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The BCC forecast that gross domestic product (GDP) would fall by 0.3% this year, a smaller decline than its previous forecast of a 1.3% fall, after stronger activity at the end of 2022. Official data showed the economy narrowly avoided a recession after zero growth in the final quarter of 2022. The BCC expects the economy to grow 0.6% next year, while the Bank of England (BoE) predicted a quarter percent contraction for 2024 last month. While consumers and businesses still face a hit from double-digit inflation, the BCC expects inflation to drop to 5% in the fourth quarter and 1.5% by late 2024. The BCC expects BoE rates to be a quarter-point higher at the end of the year than they are now - taking rates to 4.25% - and then for rates to be cut to 3.5% by late 2024.

☆ UK inflation rate dips for third straight month to hit 10.1%
▼ + stars: | 2023-02-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — The U.K. inflation rate fell for the third month in a row in January to hit 10.1%, below economists' expectations, but high food and energy prices continued to put the pressure on British households. Economists polled by Reuters had forecast inflation would drop to 10.3% after the rate fell to 10.5% for December. Core CPI, which doesn't include food, energy, alcohol or tobacco, was 5.3% compared to 5.8% in December, according to the ONS. While the inflation rate has dropped, it's important to remember prices aren't necessarily going to start falling, according to Richard Ollive, senior advisor at financial services firm Wesleyan. Worker pay continues to lag behind inflation, with growth in average total pay at 5.9% among U.K. employees between October and December year-on-year, the ONS reported Tuesday.

☆ Global economy seen facing a challenging year -Eurochambres
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Jan 25 (Reuters) - The international business community expects a challenging 2023 marked by geopolitical tensions, high inflation and the energy crisis, according to the Eurochambres global economic survey published Wednesday. The Eurochambres' report, based on the responses of trade and commerce organisations representing around 70% of world GDP, shows prolonged geopolitical tensions and instability as the top challenges for the global economy this year. Survey participants were asked about their expectations for real GDP growth in their country or region for 2023, which were compared to benchmark forecasts from the International Monetary Fund (IMF). The 2023 Eurochambres global economic survey was conducted during November and December 2022. Reporting by Christian Kraemer and Maria Martinez; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ 'Green' offices in London are over 25% more expensive. But a modern workforce now expects it
▼ + stars: | 2023-01-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +5 min

Employee satisfaction is a big motivator for companies to go green, particularly as the U.K. faces its tightest labor market in decades. She's looking to grow her business but her former warehouse office building is too small and inaccessible for people with disabilities, so it's "mission critical" that the team relocates. "It's not like you're stumbling over these green buildings all over the place. "In light of the planet burning this might not seem as relevant [but] your office building is a huge reflection of your business' brand. "What is really expensive is if you have a big office building that's used one or two days a week.

☆ Brexit has cracked Britain’s economic foundations
▼ + stars: | 2022-12-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brexit has erected trade barriers for UK businesses and foreign companies that used Britain as a European base. While Brexit isn’t the cause of Britain’s cost-of-living crisis, it has made the problem more difficult to solve. The Brexit deal, known as the Trade and Cooperation Agreement, came into effect on January 1, 2021. The deal is “the world’s largest zero tariff, zero quota free trade deal,” the spokesperson added. The Organization for Economic Cooperation and Development expects the UK economy to shrink by 0.4%, ahead only of sanctioned Russia.

☆ Brexit deal a 'nightmare' for small businesses - survey
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

The survey of more than 1,168 businesses, which was published on Wednesday, showed significant challenges for UK firms trying to use the Trade and Co-operation Agreement (TCA) that was signed in 2020 to allow tariff-free trade with the European Union once Brexit took effect. About 56% of firms face difficulties adapting to the new rules for trading goods, the survey found, while around 44% of businesses also reported challenges in getting visas for their staff. About 92% of the businesses surveyed were small and medium enterprises. Simple importing of parts to fix broken machines or raw materials from the EU have become a major time-consuming nightmare for small businesses," a manufacturer in the East Midlands was quoted as saying in the BCC survey report. Britain formally withdrew from the European Union on Jan. 31, 2020.

☆ The UK economy is sliding into recession and Europe is set to follow
▼ + stars: | 2022-11-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN Business —The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. UK GDP fell 0.2% between July and September, ending five consecutive quarters of growth, the Office for National Statistics said on Friday. Recession stalks EuropeThe Bank of England warned last week that the UK economy could experience its longest recession since the 1940s. The European Commission warned Friday that high inflation and rising interest rates are likely to tip the euro zone into recession in the fourth quarter. Still, the Commission expects GDP growth in the euro area to remain positive next year and in 2024.

☆ New UK finance minister Kwarteng seeks end to 'cycle of stagnation'
▼ + stars: | 2022-09-23 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Paul Johnson, director of the Institute for Fiscal Studies (IFS) think tank, said Truss and Kwarteng's tax cuts could be the largest since 1988, and risked putting Britain's public debt on an unsustainable path. The IFS, together with U.S. bank Citi, estimate household energy subsidies will cost about 120 billion pounds over two years, while six months of business energy subsidies will cost 40 billion pounds. read moreThese are a one-off, and the bigger concern for the IFS is around 30 billion pounds of permanent tax cuts - starting with 14 billion pounds in reduced payroll taxes, confirmed on Thursday, and 15 billion pounds of cuts to corporation tax. For Kwarteng, tax cuts and deregulation are a way to end what he calls "a cycle of stagnation" that led to tax rates being on course for their highest level since the 1940s. "We will liberalise planning rules in specified agreed sites, releasing land and accelerating development," Kwarteng is expected to say.

☆ Britain pursues 'trickle-down economics' despite scorn from Biden. And the stakes are sky-high
▼ + stars: | 2022-09-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

British Prime Minister Liz Truss and U.S. President Joe Biden formally met for the first time at the United Nations General Assembly in New York City, following clashes in economic policy between the two leaders. Biden, in a tweet Tuesday, said he was "sick and tired of trickle-down economics," adding "it has never worked." Liz Truss U.K. prime ministerCritics, including Britain's opposition Labour party, have argued that such measures disproportionately benefit the wealthy. Questions have also been raised over how the policies will be funded, with tax cuts expected to lead to higher borrowing. Truss has argued that resultant growth will bring in more revenue which will cover those borrowing costs.

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