UK economy - updates

Rappler's latest stories on UK economy


Britain focuses on youth in $37-billion virus package

Jul 09, 2020 - 9:25 AM

The UK government pledges £1,000 for firms to take on trainees, and £2 billion to subsidize placements for 16- to 24-year-olds from lower-income families

Pedestrians, one wearing PPE (personal protective equipment), including a face mask as a precautionary measure against COVID-19, walk past clothing stalls at Petticoat Lane Market in London on June 7, 2020, as lockdown measures are partially eased during the COVID-19 pandemic. - Outdoor markets swung open their gates on June 1, and car showrooms tried to lure back customers and recoup losses suffered since Britain effectively shut down for business on March 23, to ward off a disease that has now officially claimed more than 40,000 lives in the country. Britain's Health Ministry said 40,261 people who tested positive for COVID-19 had died as of 0800 GMT on Friday June 5. (Photo by JUSTIN TALLIS / AFP)

UK economy suffers worst quarterly slump since 1979

Jun 30, 2020 - 6:55 PM

The British government revises the gross domestic product contraction in the 1st quarter of 2020 to 2.2%, from the initial 2%

People enjoy the warm weather and sunshine on the southern bank of the River Thames in London on June 25, 2020. - Just days after lockdown ended and European travel restrictions were lifted, many were staying home in the cool as a heatwave hit the continent with temperatures touching 40 degrees Celcius. Britain was bracing for a flood of visitors to its beaches with the heatwave expected to last until Friday and temperatures set to climb into the mid-30s in the south and centre of the country. (Photo by Niklas HALLE'N / AFP)

Virus-fighting Bank of England pumps out extra £100-billion stimulus

Jun 18, 2020 - 11:05 PM

Analysts say the Bank of England's move is ultimately aimed at avoiding deflation – a spiral of falling prices

A pedestrian walks past the Bank of England in London on June 17, 2020. - The Bank of England, confronted by Britain's collapsing coronavirus-ravaged economy, will on June 18 reveal the outcome of its latest monetary policy meeting with analysts predicting more stimulus. The British central bank has been at the forefront of economic fire-fighting over this year's deadly COVID-19 emergency -- and could expand its quantitative easing (QE) stimulus in an attempt to kickstart growth. (Photo by Tolga Akmen / AFP)

UK inflation hits 4-year low on virus lockdown

Jun 17, 2020 - 6:00 PM

Britain's inflation rate slumps to 0.5% in May 2020 despite a rebound in oil prices

shoppers, some wearing PPE (personal protective equipment), of a face mask or cvoering as a precautionary measure against COVID-19, walks past recently re-opened shops on Regent Street in London on June 17, 2020, as lockdown restrictions imposed to stem the spread of the novel coronavirus continue to be relaxed. - Britain's annual inflation rate slid to 0.5 percent in May, the lowest level in four years, as the country's coronavirus lockdown dampens prices, official data showed Wednesday. (Photo by Tolga Akmen / AFP)

UK economy shrinks a fifth on virus lockdown

Jun 12, 2020 - 6:45 PM

Britain's gross domestic product nosedives by a record 20.4% in April 2020

(FILES) In this file photo taken on March 19, 2020 A pedestrian walks along an empty street outside York Minister in the centre of York, northern England, as the novel coronavirus pandemic continues. The UK government said on June 7,2020, it will reopen places of worship "for private individual prayer" on June 15 as it continues to progressively ease coronavirus restrictions. Prime Minister Boris Johnson's office said services and worship groups will still be banned for the time being due to concern that the virus spreads more quickly in enclosed spaces. OLI SCARFF / AFP

UK labor market outlook bleakest since 1992 – study

Jun 09, 2020 - 6:15 PM

Employment consultancy ManpowerGroup says British employers' hiring intentions for the 3rd quarter of 2020 are down to -12%

LOCKDOWN. A man walks the near-deserted streets of London on April 16, 2020. Photo by Tolga Akmen/AFP

Tax the rich? Post-pandemic recovery idea finds favor in UK

Jun 05, 2020 - 12:30 PM

Mass unemployment, bankruptcies, and other potential shocks could hit the richest, but supporters of tax reform say they should still shoulder more of the burden

The Palace of Westminster housing the Houses of Parliament is seen from Westminster Bridge with a Union Flag in the foreground in central London on August 28, 2019 - British Prime Minister Boris Johnson announced Wednesday that the suspension of parliament would be extended until October 14 -- just two weeks before the UK is set to leave the EU -- enraging anti-Brexit MPs. (Photo by DANIEL LEAL-OLIVAS / AFP)

Mixed fortunes for London shops hit by pandemic

Jun 02, 2020 - 1:30 PM

Certain businesses like bicycle shops are seeing surging demand in London, but others like cafes are asking for help to make it through the coronavirus crisis

Shop owner Michael Falkowski is pictured at his bicycle repair shop, ImpressedLondon, on England’s Lane in north London on May 19, 2020. - England's Lane is one of those postcard streets in London just a short walk from Primerose Hill Park. But behind the colourful facades, the shops have had their darkest hours - and varying fortunes - in the face of the coronavirus pandemic. (Photo by ISABEL INFANTES / AFP) / TO GO WITH AFP STORY BY VERONIQUE DUPONT

UK risks 'longer and harder recovery' – Bank of England

May 28, 2020 - 8:30 AM

Bank of England Governor Andrew Bailey hints that further interest rate cuts could be in the pipeline

DIRE WARNING. The Bank of England in London. Photo from Shutterstock

UK sells negative bond yields for first time

May 20, 2020 - 11:40 PM

Investors park their cash in bonds, which are in keen demand as the coronavirus pandemic sends the global economy into a dizzying downturn

LOCKDOWN. A man walks the near-deserted streets of London on April 16, 2020. Photo by Tolga Akmen/AFP

UK economy shrinks on coronavirus

May 13, 2020 - 10:00 PM

Britain's gross domestic product contracts 2% in the 1st quarter of 2020, with the economy 'in freefall'

LOCKDOWN. A man walks the near-deserted streets of London on April 16, 2020. Photo by Tolga Akmen/AFP

UK extends virus furlough scheme until October 2020

May 13, 2020 - 12:30 AM

A British government scheme which allows employees to receive 80% of their monthly pay during the coronavirus crisis is extended for 4 months

LONDON. A pedestrian walks along the bank of the Thames with the towers of London in the background on March 11, 2020. Photo by Tolga Akmen/AFP

UK economy to plunge 14% in 2020 on virus, warns Bank of England

May 07, 2020 - 7:15 PM

Bank of England Governor Andrew Bailey says the government's soon-to-be-announced decision on lockdown restrictions 'will shape the path by which the economy is brought back into action'

A man walks the near-deserted streets of the City of london on April 16, 2020, during the novel coronavirus Covid-19 pandemic. - The British government on Thursday was expected to extend a nationwide lockdown for another three weeks, while the country's coronavirus death toll spiked by 861 -- a greater increase than in recent days. (Photo by Tolga AKMEN / AFP)

UK launches loans for virus-hit small businesses

Apr 28, 2020 - 12:30 AM

This new plan is the latest in a series of multibillion-pound packages to help those affected by the coronavirus outbreak in Britain

NEARLY DESERTED. A man wearing a protective face mask walks through the near-deserted streets in Lincoln, Eastern England on April 20, 2020, as life in Britain continues during the nationwide lockdown to combat the novel coronavirus pandemic. Photo by Oli Scarff/AFP

Bank of England warns of worst recession in centuries

Apr 24, 2020 - 1:00 AM

'It seems that we are experiencing an economic contraction that is faster and deeper than anything we have seen in the past century, or possibly several centuries,' says economist Gertjan Vlieghe

INTEREST RATE CUT. The Bank of England in London. Photo from Shutterstock

UK puts virus-hit construction sector back on track

Apr 16, 2020 - 5:15 PM

Despite the coronavirus pandemic, work will begin on a high-speed railway that will link London with major cities in central and northern England

A digger is driven on the HS2 construction site near South Cubbington Wood, Leamington Spa, on February 25, 2020 where ancient woodland is set to be felled to make way for Britain's HS2 high-speed railway project. - The British government confirmed that UK's high-speed railway HS2 will be built despite soaring costs, bringing faster and greener transport connections between London and northern England. Critics like the protesters at South Cubbington Wood point out that construction of the HS2 line is set to destroy ancient woodlands and wildlife. (Photo by Justin TALLIS / AFP)

UK GDP could 'fall 13%' in 2020 as virus death toll climbs

Apr 15, 2020 - 2:30 AM

(UPDATED) The Office for Budget Responsibility warns that the impact of the coronavirus pandemic would be a bigger shock to the United Kingdom economy than the 2008 financial crisis

SOCIAL DISTANCING. A single customer sits at the bar in a near-empty pub in central London on March 17, 2020. Photo by Justin Tallis/AFP

Fitch downgrades UK debt to AA-, outlook negative

Mar 28, 2020 - 10:10 AM

Fitch Ratings estimates the British economy could contract by 4% in 2020

LOCKDOWN. A deserted Mall leading to Buckingham Palace is pictured in London on the morning on March 24, 2020 after Britain ordered a lockdown to slow the spread of the novel coronavirus. Photo by Daniel Leal-Olivas/AFP

Britain, eurozone face 2% recession in 2020 – S&P

Mar 26, 2020 - 8:30 PM

S&P says a 2% recession for Britain and the eurozone would amount to a loss in real GDP of about 420 billion euros ($460 billion) in 2020

A man wearing a mask walks past the Regional Science Centre in Oldham, Lancashire on March 26, 2020, during a country-wide lockdown to slow the spread of the novel coronavirus COVID-19. (Photo by Oli SCARFF / AFP)

Bank of England cuts interest rate to record low 0.1%

Mar 20, 2020 - 12:45 AM

'The spread of COVID-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary,' says the Bank of England

Britain deploys 'big bazooka' on coronavirus crisis

Mar 12, 2020 - 8:00 AM

The British government outlines a fiscal stimulus worth £30 billion ($39 billion) in response to the novel coronavirus outbreak

A pedestrian walks along the bank of the Thames with the towers of the City of London in the background in London on March 11, 2020. - Britain on Wednesday unleashed a "big bazooka" of aggressive spending and monetary policy stimulus, assembling an emergency response to the deadly spreading coronavirus -- and warning that it stood ready to act to safeguard the health of the nation and the economy. The British government and the Bank of England launched a coordinated fightback against the country's "significant but temporary" economic impact from the coronavirus, pledging fiscal stimulus worth £30 billion ($39-billion, 34.4-billion euros) and slashing interest rates to a record-low 0.25 percent. (Photo by Tolga Akmen / AFP)

Big UK retailers reveal coronavirus supply disruptions

Mar 05, 2020 - 11:10 AM

With production hampered in China, retailers in the United Kingdom express concern over continuity of supply

Shoppers carry plastic bags containing purchases from John Lewis and other retail stores as they walk along Oxford Street, on 'Black Friday' in London, on November 25, 2016. - Black Friday is a sales offer originating from the US where retailers slash prices on the day after the Thanksgiving holiday. In the UK it is used as a marketing device to entice Christmas shoppers with the discounts at stores often lasting for a week. (Photo by Justin TALLIS / AFP)

The state of Britain's economy as Brexit looms

Sep 11, 2019 - 4:20 PM

Here is an assessment of Britain's economy as it prepares to leave the European Union

BREXIT UNCERTAINTY. Union and European flags flutter in the breeze in central London. Photo by Niklas Hallen/AFP

Brexit turmoil drives UK economy towards recession

Aug 09, 2019 - 6:02 PM

Gross domestic product fell 0.2% in the April-June period, the first time the economy has contracted in almost 7 years

UK ECONOMY. Union flags fly near the Houses of Parliament, comprising the House of Commons and the House of Lords, in London on March 13, 2017. File photo by Daniel Leal-Olivas/AFP

UK PM faces backlash over Brexit immigration plan

Oct 05, 2016 - 9:22 PM

UPDATED Theresa May s address to the Conservative party conference comes as the pound plunged on currency markets and amid growing criticism of proposals to make businesses publish lists of how many foreign workers they employ

British Prime Minister Theresa May delivers a keynote address on the final day of the annual Conservative Party conference at the International Convention Centre in Birmingham, central England, on October 5, 2016. Ben Stanstall/AFP

British economy faces Brexit 'rollercoaster' – minister

Oct 03, 2016 - 3:55 PM

Philip Hammond: We must expect some turbulence as we go through this negotiating process

The skyline of the City of London is pictured on the horizon as people relax in Greenwich park in south-east London on June 26, 2016. Odd Anderson/AFP

UK votes to leave the European Union

Jun 24, 2016 - 7:12 AM

11th UPDATE Britain will be the first country to leave in the history of the EU the culmination of decades of suspicion over European aims of creating an ever closer political union

LONG NIGHT. Staff count ballot papers at the Glasgow count center at the Emirates Arena, Glasgow, Scotland, on June 23, 2016 after polls closed in the referendum on whether the UK will remain or stay in the European Union (EU). Robert Perry/AFP