Category: Services sector

UK has moved out of recession, official figures show

GDP rose by 0.6% in first quarter of 2024 but forecasters expect economy to grow slowly this yearBusiness live – latest updatesThe UK is officially out of recession after figures showed the economy grew by 0.6% in the...

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UK will be worst performer in G7 next year, OECD forecasts

UK constrained by high interest rates, price rises and staff shortages but thinktank offers optimistic outlook for global economyThe UK will be the worst-performing economy in the G7 next year, according to the Organisation for...

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UK economic outlook has worsened, warns OECD

Global forecast contrasts with downbeat assessment for a British economy constrained by high interest rates, price rises and staff shortagesThe UK’s economic outlook has worsened this year as high interest rates and the...

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Hopes of UK exit from recession boosted as GDP rises in January

Monthly increase of 0.2% after surge in high street and online spending offers relief for government A surge in high street and online spending helped Britain’s economy return to growth in January, boosting hopes that the...

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UK economy shrinks by 0.1% in May after coronation festivities

GDP fell month on month after growth of 0.2% in April, reports ONSEconomy shrank by 0.1% in May as coronation hits activityBritain’s economy shrank by 0.1% in May after a hit to activity from a trio of bank holidays,...

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Wetherspoon’s boss: hospitality holding off price rises could be ‘catastrophic’

Tim Martin says Bank of England is right to ask firms to be mindful but advice should not be taken too literallyBank boss urges firms to hold back price rises or risk higher ratesThe boss of JD Wetherspoon has warned it could be...

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Sunak hints he will slow down progress on India trade deal

Prime minister says UK should not sacrifice quality for speed as he seeks to improve terms at G20 talksRishi Sunak has hinted he will slow down progress on the India trade deal to improve its terms, saying the UK should not...

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Jeremy Hunt warns of ‘tough road ahead’ as UK economy shrinks

GDP fall of 0.2% for three months to September gives bleak picture in run-up to autumn statementAnalysis: decline of British manufacturing acceleratesBusiness live updates: Jeremy Hunt warns of ‘tough road...

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UK GDP shrinks in March as consumers cut spending

Spending in shops drops steeply as ONS data shows economy struggling before higher energy bills and tax risesBritain’s economy contracted in March as consumers cut back on spending in the face of the rising cost of living,...

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