Weekly Digest – 17 January 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Why the UK economic outlook is looking brighter
The UK stagnated through much of 2023 and might have even entered a technical recession, albeit a small one. But things are looking brighter, according to ING.
Britain’s economy grows by more than expected in hope to avoid recession
Britain’s economy grew by more than expected in November, boosting hopes that the country can avoid recession in 2024. Gross domestic product (GDP) rose by 0.3 per cent in November, after declining by 0.3 per cent in October, according to the Office for National Statistics (ONS).
Government fraud campaign plan sparks division among banks
The UK government’s plan to launch a fraud awareness campaign has caused division among banks. Some institutions worry it could lead to a surge in false claims, while others believe it will help protect customers. The campaign aims to educate the public about scams, particularly those targeting the elderly and vulnerable.
Bank governor says further ‘global shocks’ the biggest threat to UK economy
Bank of England Governor, Andrew Bailey, has said further “global shocks” are a major threat to the UK economy as he told MPs he is monitoring the situation in the Red Sea closely amid concerns over oil supplies.
UK economy bounces back with 0.3% growth
The UK’s economy bounced back in November after shrinking during the previous month, according to official figures. The Office for National Statistics said the rebound was led by the services sector, with areas such as retail boosted by Black Friday sales. However, the long-term picture was “one of an economy that has shown little growth over the last year,” it said.
UK Manufacturers outpacing European rivals, but watchful of global market
Britain’s manufacturers are viewing the UK as a more competitive place to locate their activities compared to twelve months ago, with an increasing number believing they are moving ahead of their European rivals.
Britons face ‘higher taxes’ in years to come despite National Insurance cut
Households are likely to face “higher taxes” in the next few years despite the Government’s recent reduction to the National Insurance rate, experts claim. This is primarily due to fiscal drag which occurs when wages rise but tax allowance thresholds remain the same.
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