Business Update – 27 March 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
UK economy sees another ‘robust expansion’ in March as manufacturing sector improves
The recovery of the UK economy looks set to roll on as business activity continued expanding in March, a closely watched survey suggests.
Bank of England boss hints cuts are on the way as interest rate remains unchanged
The Bank of England has given its clearest sign in years that cuts could be on the way, after voting to keep interest rates unchanged. Governor Andrew Bailey said the economy is “not yet at the point” where rates can be lowered, but said things are “moving in the right direction”.
UK private sector growth signals economy out of ‘brief recession’, survey shows
Activity across the UK’s private sector has grown steadily this month, showing further signs that the economy has climbed out of last year’s “brief recession”, according to new estimates.
Economic inactivity in the UK is like playing football with nine players
There has been a lot of talk about the UK’s crippling level of economic inactivity amongst working age people which currently stands at 21.8% of our total working age population, that’s 9.2 million of those aged 16 to 64. To put that into some perspective it’s like we’re playing a vital World Cup qualifier with only nine players on the pitch at kick-off.
UK inflation: which goods and services have changed most in price?
The UK’s annual inflation rate fell to 3.4% in February amid a slowdown in food and restaurant price rises. The Office for National Statistics compiled the overall reading using the consumer prices index but also logs prices for individual goods and services. Here we look at how the cost of many of those everyday items has changed over the past year.
Fitch revises United Kingdom’s outlook to ‘stable’ on easing policy risks
Global ratings agency Fitch revised the United Kingdom’s sovereign credit outlook to “stable” from “negative” on Friday, citing easing economic policy risks, and affirmed its sovereign credit rating at “AA-“.
Easing UK inflation keeps BoE on track for rate cuts later in 2024
British inflation slowed in February, keeping the Bank of England on track to start cutting interest rates in the months ahead and offering some better economic news to Prime Minister Rishi Sunak before an election expected later this year.
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