Economics

The Bank of England seems to be losing faith in Britain’s economic strength and has slashed its outlook for the country yesterday as it opted to leave interest rates on hold. The bank expects growth this year to be just 1.2% - the slowest since 2009 when the economy was in recession. Bank of England Governor Mark Carney said: "The fog of Brexit is causing short term volatility in the economic data, and more fundamentally, it is creating a series...

The Bank of England has downgraded its growth forecast for 2019 growth to 1.2%, which would be the smallest rise since 2009. Sterling tumbled on the news and was trading 0.6% down versus the US dollar at $1.285. Against the euro, the pound was down 0.3% at €1.134. The PM flew to Brussels today to push for concessions from EU leaders on the divorce deal agreed with them last year, which has been rejected by Parliament. Both Mr Tusk and...

Industry bosses have warned that a third of British businesses are thinking of relocating abroad. The latest figures from the Institute of Directors (IOD) warn 16% of companies have already started the move, and 13% have now started actively planning it. The IOD surveyed 1,200 company directors and in shocking news for the British economy and UK jobs found only 62% confirmed that they have no intention of setting up outside the UK. This is a shocking vote of no...

Historian Rutger Bregman visited Davos and did not hold back on his thoughts about the super rich. He called out 'stupid philanthropy schemes' Bregman said that the real issue that needs tackling to make a fairer playing field is tax avoidance. He said: 'We can invite Bono once more but come on we've got to be talking about taxes ... all the rest is bullshit in my opinion,' he says. Bregaman said he feels like he’s ‘at a firefighters conference...

The reality of Brexit uncertainty is starting to bite, experts have said after the number of personal insolvencies hit its highest level since 2011. Insolvency Service figures showed 115,299 people became insolvent in England and Wales last year, 20 per cent up on 2017. The number of companies going under also reached a five-year high in 2018. There were 17,439 company insolvencies last year — the highest since 2013 — driven by a big jump in numbers of builders and retailers...

Researchers say that many more people may die over the next decade if Britain presses ahead with Brexit because the UK is "heavily dependent" on fruit and veg imports

Facebook execs today unveiled plans to integrate the messaging element of Facebook, WhatsApp and Instagram in a move set to bolster the group’s dominance of social media. This will mean that Facebook users for example, will be able to message a WhatsApp user making the ecosystem the social media giant is creating even more seamless. Merging communication between the apps is set to occur by the end of this year or early 2020 and will pit the reach of the...

Political uncertainty, the fall in the value of the pound and the crisis on the high street have all taken a toll on Europe's biggest toy market

As the possibility of a No deal Brexit continues the impact of this potential scenario is being calculated. The CBI (Confederation of Business Industry) have illustrated the long-term economic decline the North East would disproportionally suffer under a No Deal situation, compared to the rest of the UK. The study has calculated that the annual loss of output in this region would be worth £7billion by 2034, in an area of the country that is already one of the poorest...