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3 mentions found


☆ U.K. Economy Stagnates as High Interest Rates Take Toll
  + stars: | 2023-11-10 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com   time to read: +4 min
The services sector contracted last quarter as the highest interest rates since 2008 have weighed on the housing industry. Britain’s weak economy mirrors the stagnation in Europe, where eurozone economies contracted 0.1 percent in the third quarter. Across the region, high interest rates intended to drive down inflation are weakening economic activity, with demand for loans dropping and consumer spending slowing. This contrasts with the United States, where the economy is growing strongly and defying expectations for a slowdown prompted by high interest rates. This weak outlook is driven by high interest rates, which are expected to have an increasingly heavy toll on the economy.
Persons: ”, Stephen Millard, Jeremy Hunt, Hunt Organizations: Bank of England, National Institute of Economic, Social Research Locations: Europe, United States, Germany
☆ Britain's early retired resist calls to work, despite higher living costs
  + stars: | 2023-03-09 | by ( David Milliken | ) www.reuters.com   time to read: +8 min
The exodus of older workers has no equivalent in other advanced economies. "The best part of 90% of people who say they are early retired ... say that they will probably or definitely never work again." Based on data from before the pandemic, Britain's Resolution Foundation found the richest fifth of 50-59 year olds were 10 times likelier to retire early than the bottom fifth. Other companies say they value older workers for their experience. "Older workers are the ones that have got the skills - we don't find young people with the skills that we need.
☆ UK think-tank urges Hunt to think again on budget squeeze
  + stars: | 2022-11-11 | by ( William Schomberg | ) www.reuters.com   time to read: +2 min
LONDON, Nov 11 (Reuters) - British finance minister Jeremy Hunt should rethink his plans to raise taxes and cut spending in next week's budget, a think-tank said, warning that many households would need further government help even without a fresh squeeze on the public finances. "It's not at all clear that the Chancellor needs to raise taxes or cut spending in the Autumn Statement next week. NIESR's deputy director for public policy, Adrian Pabst, said the cost of supporting the poorest households did not have to be big. "It seems extraordinary to suggest that this country cannot afford 0.2% of GDP to help the most vulnerable," Pabst said. ($1 = 0.8516 pounds)Writing by William Schomberg; Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.
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