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” Ruth Gregory - 2 ” - 2 That’s - 2 Gregory - 2 “ - 1 Huw Dixon - 1 ” Dixon - 1 ” John Springford - 1
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☆ The UK economy is bigger than we thought. It still has ‘a growth problem’
  + stars: | 2023-09-04 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +5 min
London CNN —The UK economy recovered from the Covid-19 pandemic much faster than previously thought, according to major revisions of official statistics that have erased Britain’s laggard status overnight. The ONS had said as recently as last month that UK GDP had still not reached its pre-pandemic size by the second quarter of this year. “UK growth has still been very sluggish, even if it’s not at the bottom,” said Prof. Huw Dixon, who leads research in economic measurement at the National Institute of Economic and Social Research. So while the size of the economy is bigger than we thought, Britain still has a growth problem.”Richer dataIn 2020, the UK economy suffered its biggest slump in more than three centuries, recovering sharply the following year off a low base. Annual GDP growth for 2021 was also revised up by 1.1 percentage points to 8.7%.
Persons: ” Ruth Gregory, “, ”, Huw Dixon, ” Dixon, ” John Springford, Richer, That’s, Frost, Darren Morgan, Henry Nicholls, Jeremy Hunt, Gregory, Nomura Organizations: London CNN, Office, National Statistics, ONS, Capital Economics, National Institute of Economic, Social Research, CNN, Centre, European Reform, Getty Images, Bank of England Locations: Germany, United States, Canada, Japan, Italy, France, Britain, Petticoat Lane, AFP, United Kingdom
☆ Why inflation makes Britain’s debt the costliest among rich economies
  + stars: | 2023-08-22 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
Interest payable on UK central government debt hoovered up £7.7 billion ($9.8 billion) last month alone, hitting a record for July, the Office for National Statistics said Tuesday. That’s double the share in Italy, whose dependence on inflation-linked debt comes second only to that of the UK among advanced economies, according to Fitch Ratings. According to Fitch, Britain now spends more to service its debt than any other developed economy, as a percentage of government revenue. In a statement Tuesday, Hunt said: “As inflation slows, it’s vital that we don’t alter our course and continue to act responsibly with the public finances. Only by sticking to our plan will we halve inflation, grow the economy and reduce debt.”
Persons: That’s, ”, Ellie Henderson, Fitch, ” Ruth Gregory, Jeremy Hunt “, Gregory, Hunt Organizations: London CNN, National Statistics, United, Fitch, “, Investec, AAA, Capital Economics, CNN, Conservative Locations: Ukraine, United States, Italy, Fitch, Britain, London
☆ UK inflation stays at 10% as bread rises at record clip. Here’s why it’s proving hard to beat
  + stars: | 2023-04-19 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +5 min
London CNN —UK inflation remained above 10% in March, far higher than in the United States and Europe, as bread prices rose at a record pace. Energy an ‘Achilles’ heel’The United Kingdom is a net importer of energy, unlike the United States. UK inflation to fall sharplyThe good news is that UK inflation is expected to fall rapidly through the remainder of the year, as lower wholesale gas prices feed through to household energy bills. From April, “UK inflation might start to drop faster than in Europe,” he said. But core inflation could take longer to fall in the United Kingdom, according to Gregory of Capital Economics.
☆ Pound holds ground as Rishi Sunak leads race to become UK prime minister
  + stars: | 2022-10-24 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +6 min
London CNN Business —Britain’s third prime minister in seven weeks will face the huge challenge of projecting stability after a period of historic political and financial market chaos. Rishi Sunak emerged over the weekend as the clear front-runner in the dramatic race to replace Liz Truss, who’s set to be the shortest-serving prime minister in UK history. “A key focus for the next Prime Minister and their chosen Chancellor needs to be fiscal responsibility,” Carl Emmerson, deputy director of the Institute for Fiscal Studies, said in a statement. An economy in recessionThe Bank of England forecast last month that the UK economy was already in recession. 10 Downing Street, investors and economists expect the revamped economic plan outlined by current finance minister Jeremy Hunt to remain intact.
☆ Lurking behind Britain’s political mess is an economy on the edge
  + stars: | 2022-10-21 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +5 min
London CNN Business —The spectacle surrounding Liz Truss, who on Thursday secured her fate as the shortest-serving prime minister in UK history, has quickly given way to a frenetic race to determine who will replace her. 10 Downing Street next will inherit an economic mess with no easy fixes. “A key focus for the next Prime Minister and their chosen Chancellor needs to be fiscal responsibility,” Carl Emmerson, deputy director of the Institute for Fiscal Studies, said in a statement on Friday. An economy in recessionEconomists agree that if the United Kingdom isn’t already in recession, one is likely to arrive soon. The cost of uncertaintyTruss has said the Conservative Party will install a new prime minister within a week.
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