ECONOMY

Hunt defended the move, asserting that it aligns with the government's commitment to supporting businesses and individuals during challenging times.

The UK government is changing the unsustainable UK welfare system with a new policy change that will reduce benefits for disabled and mentally ill people and make them work from home.

In September, inflation stood at 6.7 per cent, as many people across the UK continue to struggle with the cost-of-living crisis.

With the cost of household gas and electricity remaining notably elevated, the cost of living crisis continues to plague Britons.

The summit, jointly hosted by Prime Minister Rishi Sunak and Business Secretary Kemi Badenoch, aims to position the UK as a leading global business destination and attract billions of pounds in strategic investments.

Nine members of the Monetary Policy Committee (MPC) voted 6-3 in favour of maintaining the current rate, in a move that was widely anticipated.

Data from Zoopla shows there has been a 23 per cent reduction in housing sales so far this year compared to the same time last year.

Transparent communication with customers about price changes and a continuous focus on cost analysis are essential components of a comprehensive strategy to lower prices during inflation while maintaining competitiveness.

A 10 per cent rise in the real living wage will be a "lifeline" for 460,000 workers struggling with low pay but minority ethnic workers are still disproportionately paid the lowest wages.

The UK Space Agency has signed a deal with the "only full-service orbital mission provider" in the space industry for a two-week UK astronauts' flight mission, showcasing the nation's role in commercial space investment.

The preliminary reading of the S&P Global UK PMI for the services sector, often referred to as the "flash" PMI, fell to 49.2 in October from 49.3 in September.

Approximately half a million employees employed by companies committed to the voluntary Real Living Wage are poised to experience a substantial increase in their earnings, bringing their minimum hourly wage to at least £12.

The figures are worrying reading, as the Bank of England (BoE) prepares for its latest interest rate decision next week.

In September, the Government announced a £500 million grant for Port Talbot's steelworks, to keep the plant open and produce steel in a greener way.

UK companies across various sectors like finance, logistics and transport can now use satellite data for their benefit as the UK Space Agency is opening it for business use.

While nothing is set in stone yet, a new report suggests the small-scale production of foldable iPad units will begin by the end of 2024.

CPI reported a year-on-year increase of 6.7 per cent, maintaining the same pace as the previous month, contrary to economists' predictions of a dip to 6.6 per cent.

The figures show that between June and August of this year, wages rose at an annual rate of 7.8 per cent, higher than average inflation over the same three months.

The initiative, commissioned by the Foreign, Commonwealth & Development Office (FCDO), aims to deepen collaboration between the UK and India on recent and planned regulatory reforms in the pension sector.

As Britain grapples with a cost of living crisis, the deeper fissures in the economy, including inadequate education and training spend, are more evident than ever.

The Nobel Prize Organisation honoured Claudia Goldin for shedding light on the various underlying factors like childbirth and contraceptive pills as reasons behind the gender gap in earnings.

Britain has set the ball rolling for deregulation with the launch of the Smarter Regulation Programme which will review 90 UK regulators across different sectors for 12 weeks, identifying and scraping unnecessary regulations.

New data has shown the UK economy grew faster than Germany or France since Covid, but analysts are wary of the future, as recent figures show sluggishness.

The approval of the Rosebank development follows an extensive regulatory process, including a detailed environmental impact assessment and public consultation. All new projects, including Rosebank, align with the natural decline of the North Sea basin.

While London has the highest number of estates subject to the tax, regions such as Sussex, the Cotswolds, and areas around Birmingham are expected to have the highest number of taxable estates per 100,000 residences.

Economically inactive British youths can now get employment support through the Youth Offer programme, which will reduce work barriers with assistance like interview coaching.

A new Board of Trade has been created to boost UK exports in high-growth potential sectors like the fashion retail and food and drink sectors.

Initial GDP figures for July show a fall of 0.5 per cent, a worse performance than expected by economists, increasing the fears of a "mild recession".

Birmingham City Council, Europe's largest local authority, declared effective bankruptcy due to annual budget shortfalls, shifting focus to protect vital services while halting non-essential spending.