Uncertainty over Brexit vote hurting UK economy, says IMF
Businessam Staff
December 20, 2017
The International Monetary Fund says that Britain’s vote to leave the EU is already damaging the UK despite a strong recovery in the world economy, and warned that losses in tax revenues could exceed any gains from ceasing net contributions to Brussels, according to report by Financial Times (FT). The fund’s annual health check of […]
UK public becoming more pessimistic over Brexit’s economic impact, Bank of England reveals
Businessam StaffDecember 15, 2017
A major new survey for the Bank of England has found that the British public has become more pessimistic about the economic impact of country’s withdrawal from the European Union (EU). According to The independent, a survey by NMG of some 6,000 households, conducted in September, shows that the proportion of households expecting to leave the European […]
May urges EU leaders to move on with Brexit talks
Businessam StaffDecember 14, 2017
Theresa May, British Prime Minister, will urge European Union leaders to approve an agreement to move Brexit talks on to a second phase on Thursday, describing it as a fair deal that offers a good base for a discussion of future ties. According to report by Reuters, at the beginning of a dinner in Brussels, 24 […]
Sterling climbs as UK inflation hits 6-year high
Businessam StaffDecember 13, 2017
Sterling climbed and British bond futures dipped on Tuesday after data showed UK inflation unexpectedly hit its highest level in nearly six years in November, putting pressure on the Bank of England to raise interest rates again next year. Consumer price inflation hit an annual rate of 3.1 percent in November above economists’ average expectations […]
2017 set to be worst year for UK consumer spending since 2012, Visa says
Businessam StaffDecember 11, 2017
UK consumer spending declined for a third consecutive month in November, putting 2017 on track to be the worst year for expenditure since 2012, new data reveals. Figures published by Visa on Monday show that household spending fell by 0.9 per cent on the same month a year ago, following a 2.1 per cent decline […]
UK banks have 2m customers stuck in permanent overdraft
Businessam StaffDecember 7, 2017
More than 2 million people in the UK are stuck with permanent overdrafts, with many trapped in a “vicious cycle” of borrowing, according to a debt charity. StepChange said it had also uncovered evidence of unaffordable lending in the overdraft market, and cases, where banks had failed to offer customers a, means to deal with […]
UK state pensions ranked the worst in the developed world
Businessam StaffDecember 6, 2017
The British state pension is now worst in the developed world as it has fallen below Mexico and Chile, data shows. An average worker entering the UK workforce today can expect to receive less than a third (29 per cent) of their final working salary as a basic pension income after tax, according to a […]
U.K. consumers drive economic growth in q3 as Brexit takes toll on business investment
Businessam StaffNovember 23, 2017
Consumers drove the British economy in the third quarter as spending on cars rebounded but Brexit appears to be inflicting a toll on business investment. According to the report from the Office for National Statistics Thursday, household spending rose 0.6 percent, the fastest pace in a year. But business investment slowed and net trade acted as […]
U.K. predicts worse growth, earmarks cash for hard Brexit
Businessam StaffNovember 22, 2017
Prime Minister Theresa May’s under-fire government acknowledged the U.K. economic outlook is deteriorating as it set aside an extra 3 billion pounds ($4 billion) to prepare for all possible Brexit outcomes. Opening his Budget speech in Parliament on Wednesday, Chancellor of the Exchequer Philip Hammond said the Office for Budget Responsibility now sees 2018 economic […]
Skills shortage tightens around UK construction sector
Businessam StaffNovember 16, 2017
Britain’s shortage of surveyors, bricklayers and other construction workers is holding back building work just at the time when the country needs more houses and infrastructure. Almost two-thirds of surveyors said a lack of skilled workers is a key factor limiting building activity, according to the Royal Institute of Chartered Surveyors. The skills shortage has […]