UK interest rates have risen to 1% – their highest level for 13 years – with the Bank of England (BoE) warning the economy will slip into recession this year as experts predict inflation will go above 10%. The bank’s grim forecast hit the value of the pound which slumped to a two-year low, losing […]
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The number of workers made redundant in the UK has soared to a record high in the three months to October – the original date for the end of the job furlough scheme. Figures released by the Office of National Statistics (ONS) show 819,000 fewer workers on company payrolls compared to pre-pandemic levels – a […]
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Boris Johnson has followed up last night’s warning there’s a “strong possibility” of a no-deal Brexit by saying today it’s now “very, very likely” to be the outcome. Ursula von der Leyen, president of the EU Commission agrees with the prime minister’s assessment and told EU leaders she is pessimistic about the chances of a […]
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Chancellor Rishi Sunak unveiled his fourth winter economic plan in six weeks by announcing the extension of the furlough scheme until March. It means the government will pay 80% of workers’ wages with companies paying national insurance and pension contributions. Support for self-employed had also been extended and the amount increased from previous Treasury statements. […]
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Although everyone knew that the UK economy suffered a significant blow because of the lockdown, few experts expected the UK coronavirus recession to be the worst on record. The latest ONS figures show that GDP is 17.2 per cent lower now than it was in February. A country is in recession if the economy shrinks […]
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In his mini-budget today, the Chancellor is set to announce a £2bn investment into a new coronavirus employment scheme for young people. Under the scheme, the government will pay the wages of 18-24 year-olds working 25 hours per week. Employers have the option to make top-up payments. Although this youth employment boost has received a […]
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If you were active on social media, you would have come across a video where dozens of citizens in Florida, USA were gathered in a court to explain themselves for their failure to use face masks in public places. One citizen argued that she does not wear masks just like she hates wearing her underwear, […]
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The European Union (EU) is keen to offer Britain a two-year transition period after Brexit provided that the latter pump more cash into the bloc. EU chief Brexit negotiator Michel Barnier announced on Wednesday that EU leaders would consider extending the 11-month transition phase after the UK formally left the bloc on January 31. “Such […]
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The UK has recorded its biggest ever monthly increase in unemployment claims with 856,500 people added to the benefits list in April. The overall number of people claiming universal credit and jobseekers allowance spiked to almost 2.1 million, according to official figures released by the Office for National Statistics (ONS). Economists said the 69% spike […]
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The number of deaths recorded in England and Wales has hit a record high amidst warnings Britain’s GDP could shrink by 35% while unemployment may double to 3.4 million in the next two months. The dire forecast from the Office for Budget Responsibility (OBR) says the economy faces its biggest quarterly decline in at least […]
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