UK Economy

Investors welcomed Rishi Sunak as Britain's new prime minister on Monday, but they're likely to give him little leeway to diverge from spending restraint and tax rises after his predecessor shook their faith in the Conservative party's management of the economy.

The British pound briefly surged more than one percent against the dollar to $1.1336, but later retreated somewhat.

Bank of England Deputy Governor Ben Broadbent told investors on Thursday that the big increases in interest rates they had priced in on the back of Prime Minister Liz Truss's fiscal plans would deliver a "pretty material" hit to the economy.

British house prices rose last month at their slowest pace since early in the coronavirus crisis and they look on course to fall as a surge in mortgage costs adds to uncertainty about the economy for home-buyers, a survey showed on Thursday.

British finance minister Kwasi Kwarteng, who last month sparked a bond market rout with unfunded tax cuts, sought to reassure investors on Monday by bringing forward a budget announcement and naming a Treasury insider to run the department.

Even though fears of another "sterling crisis" have been wide of the mark for decades, they are harder to bat away this time around as a fourth British prime minister in six years takes the helm.

New British Prime Minister Liz Truss and her finance minister Kwasi Kwarteng look set to revive Margaret Thatcher's 1980s experiment in "trickle-down" low-tax economics, the results of which have been disputed ever since.

British construction companies suffered a second straight month of contraction in the face of deep uncertainty about the outlook for the inflation-hit economy, a survey showed on Tuesday.

Saving the high street: three ways community businesses can kickstart a revival

Britain borrowed more than expected in July, official data showed, underscoring the challenge facing the country's next prime minister over how to provide more support to consumers hit by rocketing energy costs.

British shoppers spent more than expected last month after being enticed by online shopping deals, official figures showed on Friday, but sales volumes look set to resume their decline as households face the highest inflation in 40 years.

Britain's financial watchdog has told firms offering 'buy now, pay later' loans to spell out the cost of late repayments to customers as the UK cost-of-living crisis intensifies.

Plans for a high-wage, high-growth economy lie in ruins as Britain's Conservative prime minister struggles to answer a cost-of-living crisis, compounded by rising worker unrest.

Britain's economy grew unexpectedly in May, driven by a rise in doctor appointments but also broader demand for things such as holidays, according to data that could reassure the Bank of England about its plans to keep on raising interest rates.

The resignation of Prime Minister Boris Johnson deepens the uncertainty hanging over Britain's economy, already under strain from an inflation rate heading for double digits, the risk of a recession and Brexit.

Britain's economy is struggling under the strain of two major risks in the form of double-digit inflation and a possible recession, leaving the Bank of England in a dilemma about how much further it should raise interest rates.

The job cuts, to be carried out over the next three months, include losses from its central support centre, in regional management and in its UK stores.

The UK economy contracted by 2.2 percent in the first quarter.

On eve of Brexit, there is a strong possibility that the Bank of England will later Thursday announce its first interest rate cut in more than three years.

Johnson says Brexit will free up the new government to concentrate on trying to grow the stalled economy.

Senior economist Boris Glass said the U.K. economy has foregone economic activity of £6.6 billion in each of the 10 quarters since the 2016 referendum.

Leaving the European Union without a divorce deal could plunge Britain into its deepest recession in nearly a century, the Bank of England warned Wednesday.

The British economy's third-quarter performance was the highest since the fourth quarter of 2016.

Official figures show UK wages climbing for first time in six months and a record number of job vacancies.

Warmer weather fueled UK construction and consumer spending after snow and ice curtailed activity in March.

With the British government split over Brexit there's growing concern that there won't be a deal by the the autumn.

California's economy has a thriving technology sector in Silicon Valley, the world's entertainment capital in Hollywood and the nation's salad bowl.

A decade after the financial and debt crisis ravaged the Eurozone the economic indicators are "flashing green."

Three major chains today announced that they were either entering administration or closing branches.

Data from the EU statistics office shows that the economy of the 28-member EU grew by 2.5% in 2017, its best performance since it grew 2.7% in 2007.