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The Latest Breaking News from Economy

Tax hikes ‘almost certainly’ to come if economy worsens, IFS says

IN FULL

The Independent UK

Voices: First the spending review, now the economy – what else lies in wait for Rachel Reeves?

COMMENT: Official figures showed UK plc plunged into the red in April, contracting by 0.3 per cent. There is no sugarcoating how bad a result that is for the chancellor, writes James Moore

The Independent UK

World Bank warns the global economy is barreling toward its weakest decade in 50 years

The World Bank cut growth forecasts for 70% of global economies.

Fortune

From analysis to the latest developments in health,
read the most diverse news in one place.

Tax hikes will come if economy shrinks any further, IFS warns Rachel Reeves

Institute for Fiscal Studies suggests Treasury is ‘making up the numbers’ as it warns council tax will rise at fastest rate in a generation

The Independent UK

Rachel Reeves fails to rule out future tax rises as economy shrinks

However, the Chancellor repeated her promise that she would not need to increase taxes on the same scale as last year.

The Independent UK

UK economy contracts sharply in April: Will the BoE respond?

UK GDP shrank 0.3% in April, the sharpest drop since October 2023, led by declines in services and manufacturing. Labour market data weakened, fuelling speculation of a Bank of England rate cut in August as recession fears grow.

Euronews

UK politics: Reeves only a ‘gnat’s whisker’ from having to raise taxes in autumn, says IFS – as it happened

Institute for Fiscal Studies says Treasury figures for projected efficiency savings are not credible

The Guardian - UK

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Economy shrinks by more than expected amid record fall in exports to the US

Exports to America fell at the fastest pace on record, down £2 billion in April, according to the ONS.

Evening Standard

UK economy sees biggest drop since October 2023 in blow for Rachel Reeves

THE UK economy saw the biggest monthly contraction for a year-and-a-half in April in a setback for Chancellor Rachel Reeves ...

The National (Scotland)

Blow for Rachel Reeves after UK economy shrinks by more than expected

The cut to GDP figures will be bad news for the chancellor in her mission to grow the UK economy

The Independent UK

UK economy shrinks by more than expected in April – ONS

Gross domestic product fell by 0.3% in April, compared with growth of 0.2% in March.

Evening Standard

Rachel Reeves refuses to rule out Autumn Budget tax rises as economy shrinks 0.3% in April

Latest GDP estimate worse than the 0.1% fall expected by economists

Evening Standard

FTSE 100 Live 12 June: GDP setback as US exports slide, Poundland sold for £1

Tesco and Halma today provided the buying interest in a session when geopolitical concerns and a below par UK GDP reading weighed on the FTSE 100 index.

Evening Standard

UK economy shrinks by 0.3% as firms hit by tax rises and Trump trade war

Worse than forecast April GDP data shows challenge facing Rachel Reeves to kickstart growth to fund spending review

The Guardian - UK

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The Guardian - UK

Reeves’ review shows Labour plans to take on the right over net zero

By earmarking billions of pounds for the green economy, Labour is setting itself apart from the Tories and Reform

The Guardian - UK

UK’s FTSE 100 share index hits record closing high despite economy shrinking in April – as it happened

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumped.. but FTSE 100 ends at new record close

Al Jazeera

How is Pakistan raising money for a 20 percent hike in defence spending?

Pakistan hikes its defence budget by 20 percent after border clashes with India, economy remains reliant on IMF loans.

The Independent UK

JPMorgan’s Jamie Dimon warns national economy may soon ‘deteriorate’

Recent economic data shows both job growth and inflation slowed in May

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The Independent UK

There may be trouble ahead, but Labour should stick to the plan for national renewal

THE INDEPENDENT VIEW: Editorial: With the Brexit reset, new trade deals and planning reforms, the chancellor’s spending review could result in a stronger economy with a better long-term growth rate. But it will take time

Kiplinger

June Fed Meeting: Updates and Commentary

The June Fed meeting was a key economic event, with Wall Street keyed into what Fed Chair Powell & Co. have to say about interest rates and the economy.

The Independent UK

A former Lebanese economy minister is arrested on corruption charges

A former Lebanese Cabinet minister has been arrested and charged after an investigation into alleged financial crimes

The Conversation

Waste pickers and vendors should be treated as workers, not small businesses – labour lawyer

A new report from the International Labour Organisation outlines a set of propositions on how countries should go about formalising the informal economy. The report provides the basis for negotiations on the subject at the International Labour Conference in Geneva in June 2025.

The Guardian - US

US prices continued to rise in May amid Trump tariffs

Annualized inflation hit 2.4% in May, up from 2.3% in April, as Trump pushes ahead with controversial trade plans

Euronews

Swiss deflation fuels talks of negative interest rates: Is SNB ready?

Switzerland may become the first advanced economy to revive negative interest rates, as inflation turned negative in May for the first time since 2021.

The Independent UK

Tourists and locals at odds with each other in holiday hotspot

A housing crisis in popular cities has led to growing frustration about the proliferation of short-term rental apartments in city centres

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