Category: Economy

Experts warn of recession risk

Economy

The UK economy is at an increasing risk of falling into recession as soaring inflation hits consumer spending power, experts have warned, saying slowing post-lockdown growth and rising living costs could see GDP fall for two consecutive quarters. Analysts say GDP is on track to grow by about 1%...

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Inflation set to hit record high

Economy

Inflation will reach its highest level on record this year, new research by City analysts suggests. Soaring energy bills will see the rate hit 6.8% in April, according to Goldman Sachs, with analysts at the bank warning that inflation could climb further if the Omicron coronavirus variant adds to...

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Small businesses primed to drive UK economic recovery

Economy

Research by accounting firm Xero indicates that Britain’s small businesses are set to heave the country out of the economic quagmire, with the firm’s small business index climbing to a 19-month high last month, hitting 95 points. Glen Foster, director of small business and accounting partners at Xero, said:...

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CBILS loan fraud could top £130m

Funding, Economy

A new investigation has found that over £130m was given to zombie companies or companies with no track record under the coronavirus business interruption loan scheme (CBILS). According to a review by Bloomberg News, a number of companies have claimed emergency funding despite not trading for years. Other companies claimed millions of pounds in government-backed loans just days after the company was founded. One emergency loan, for £4.7m, went...

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Inflation hits 4.2% in October

Economy

The rate of inflation has hit its highest level for almost a decade, with Office for National Statistics (ONS) data showing that the Consumer Prices Index measure rose to 4.2% in October from 3.1% in September. While the spike was driven largely by fuel and energy costs soaring, restaurant...

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Small firms have confidence in online sales

Economy

With shoppers maintaining demand for online goods, small businesses are confident of strong Christmas sales even if Covid restrictions return over the winter. Some 71% of consumers expect to do all or the majority of their Christmas business online this year, according to a survey of small firms by...

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Small firms key to meeting net zero target

Economy

Nimble small businesses are adapting their products and practices to reduce their impact on the environment in ways large companies with profit-focussed shareholders cannot, reports Sarah Bridge for the Mail on Sunday. Michelle Ovens, founder of trade organisation Small Business Britain, says: “Small businesses must be at the very...

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Sunak to usher in a new post-Covid economy

Finance, Economy

The Chancellor will set forth plans in his Budget to prepare the UK for a “new economy post-Covid”. Rishi Sunak will outline a vision for “an economy fit for a new age of optimism”, with the Chancellor prioritising Boris Johnson’s “green industrial revolution” while returning to some sort of...

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Turnover troubles put small firms at risk

Economy

Labour Party analysis suggests an estimated 390,000 small businesses are worried they will not survive the next three months. The report says around 1m small businesses do not have cash reserves to last beyond three months, with more than 520,000 small firms having seen turnover fall by more than...

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