UK chancellor faces tax cuts and public sector pay issues
LONDON: Britain’s new chancellor of the exchequer, Nadhim Zahawi, is facing two big calls as he tries to juggle the conflicting pressures of rising inflation and the cost-of-living crisis.
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LONDON: Britain’s new chancellor of the exchequer, Nadhim Zahawi, is facing two big calls as he tries to juggle the conflicting pressures of rising inflation and the cost-of-living crisis.
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More rises are likely as BoE reinforces the global trend to help curb inflation
A fragile economy and Brexit means the UK is facing a long period in the doldrums
The bank holiday to celebrate Queen Elizabeth II’s 70 years on the throne might tip the British economy into contraction but save it from the technical definition of a recession. The day off on Thursday to mark the jubilee would shave a half percentage point off GDP in the second quarter, an estimate by Bloomberg Economics based on previous holidays showed. That, along with reduced output from the healthcare sector as the government’s COVID-19 test and trace program winds down, means the British economy would shrink 0.4 percent in the quarter, a business intelligence forecast by economist ...