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The Latest Breaking News from Samuel Tombs

Recession verdict for UK economy will be no laughing matter for Hunt and Sunak

Figures on GDP, wages and inflation this week are set to offer Labour plenty of scope for criticising Tories’ economic competence

The Guardian - UK

Unemployment Rate in the UK: Official Figures Show Potential Discrepancy

The new data, derived from experimental results within the Labour Force Survey, could potentially exert pressure on the Bank of England to reconsider any immediate plans for interest rate cuts.

International Business Times UK

Hunt hit by higher-than-expected public borrowing despite rise in tax revenues

Analysts blame rises in welfare costs and debt interest bill for monthly deficit of £14.3bn in November

The Guardian - UK

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UK Consumer Inflation Rate Unexpectedly Decreases In November

Jeremy Hunt says that wages will go up as prices go down next year after it was announced that the rate of inflation has decreased to 3.9 per cent.

International Business Times UK

UK construction dives amid housebuilding slump and HS2 pause

Scrapping of second HS2 leg likely to concern contractors after data shows sector’s biggest contraction in September since pandemic

The Guardian - UK

Average UK house price £14,500 lower in September than a year earlier

Some experts suggested that the house price downturn may only have a few months left to run, amid wider developments in the economy.

The Independent UK

Zombie Britain sees zero growth – and that’s the good news

Some surveys predict recession, but with pay and confidence rising, they may be wrong. That’s the best we, and the PM, can hope for

The Guardian - UK

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Post-Brexit shift in immigration may mean higher wages and more self-sufficient UK economy

Sunak faces headache over India trade deal as upheaval continues in handling overseas labour

The Guardian - UK

UK interest rates now expected to peak at 5.5%; offshore wind power auction flops – as it happened

Government criticised as Britain’s latest subsidy auction to help support new renewable energy projects awarded no contracts for offshore wind projects

The Guardian - UK

UK jobs market is cooling despite record pay growth

Risks of interest rate overkill rising fast even though wages grew strongly in last quarter

The Guardian - UK

Another interest rate rise? News on prices and wages may decide

The MPC will look at this week’s earnings and inflation figures, but energy volatility could also come into play

The Guardian - UK

Construction sector grows despite rate rises dealing ‘hammer blow’ to housing

Commercial building work and civil engineering offset sharp falls in residential house building, an influential survey showed.

The Independent UK

UK GDP: mortgage payers’ worst fears are likely to come true

Cycle of interest rate rises are expected to continue after better than forecast economic data

The Guardian - UK

Housebuilding slump drags construction sector into decline

Higher mortgage rates are taking their toll across the sector

Manchester Evening News

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Evening Standard

London house prices to ‘fall 10 per cent by autumn’ as interest rate rises send mortgage payments soaring

London buyers will be particularly vulnerable to a slump as interest rate rises on large loans push up mortgage payments

The Independent UK

Mortgage approvals to home-buyers increase for first time in six months

Some 43,500 mortgages were approved for house purchase in February, up from 39,600 in January, according to Bank of England figures.

The Guardian - UK

UK ‘not out of the woods yet’ after economy dodges recession by a whisker; Russia cuts oil output – as it happened

Latest GDP report shows that UK economy flatlined in final quarter of last year, while Russia is to cut oil production over Western price caps

Wales Online

Worst of cost of living crisis may now be over as fuel price fall

Inflation last month is set to be lower than it was in November after reaching a 41-year high in October

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The Guardian - UK

UK credit card borrowing soars to highest monthly level since 2004

Concerns mount over cost of living crisis as November figures show additional £1.2bn borrowing on cards

Wales Online

2023 set to be 'year of recession', expert says

The cost of living crisis wrought havoc in 2022, but 2023 is not expected to be much better

The Guardian - UK

How Britain’s economic woes stack up against Europe’s – a close look at the figures

The UK’s money troubles spread from inflation and higher interest rates to sluggish productivity. But how do we compare with our European neighbours?

Daily Mirror

Mini-Budget U-turns mean interest rates may NOT rise as much as feared, say experts

The new Chancellor Jeremy Hunt this morning announced he will scrap major policies planned by his predecessor Kwasi Kwarteng, in an attempt to calm rattled markets

The Independent UK

Pound hits two-week high as chancellor ‘brings forward debt plan and forecast’

Kwasi Kwarteng promises to release the highly anticipated financial statement ‘shortly’

The Independent UK

Jump in mortgage approvals in August is ‘calm before the storm’

Experts said the surge in loan approvals is likely to reflect people trying to lock into mortgage deals amid expectations of rising interest rates.

The Guardian - UK

UK borrows almost twice as much as expected in August

Figure of £11.8bn comes as high inflation drives interest payments to a record for the month

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