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British economy

BT currently has around 130,000 workers including both staff and contractors.

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UK's BT announces 55,000 job cuts amid plans to ultilise AI

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UK finance minister Jeremy Hunt delivers his autumn statement in parliament, November 17, 2022.

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Hunt strives to play up UK's performance as he sets out austere budget

The UK finance minister said Britain was holding up against "unprecedented global headwinds" as he outlined a severe package of cuts and tax rises.

17/11/2022

Britain's Prime Minister Liz Truss holds a press conference in the Downing Street Briefing Room in central London, Friday Oct. 14, 2022.

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'We made mistakes, I'm sorry': UK PM Truss apologises for budget mess

Some have questioned how much longer UK PM Liz Truss can remain in office.

18/10/2022

Jeremy Hunt leaves 10 Downing Street in London after he was appointed Chancellor of the Exchequer following the resignation of Kwasi Kwarteng, 14 October 2022

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New UK chancellor says mistakes were made and taxes could rise

New Chancellor of the Exchequer Jeremy Hunt, a two-time Tory leadership candidate, said PM Liz Truss' government has to "show the world we have a plan that adds up financially."

15/10/2022

Britain's Prime Minister Liz Truss and finance minister Kwasi Kwarteng at a construction site during the Conservative Party conference, Birmingham, Tuesday, Oct. 4, 2022.

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Truss resigns: A timeline of three months of UK political chaos

From Boris Johnson's summer resignation, to the economic and political turmoil under Liz Truss's tenure that ended with her departure too: a blow-by-blow account of events in the UK's latest crisis.

14/10/2022

Kwasi Kwarteng speaks at the Conservative Party conference at the ICC in Birmingham, England, Monday, Oct. 3, 2022

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Truss 'incredibly sorry' as Kwarteng sacked as UK finance minister

Kwasi Kwarteng's departure comes amid financial and political turmoil over government policy. His successor Jeremy Hunt will be the UK's fourth finance minister in as many months.

14/10/2022

Britain's Prime Minister Liz Truss

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Truss toils to stop UK economic turmoil from turning into tailspin

The British prime minister, in office for barely a month, is struggling to stem the tide amid massive market turmoil, gloomy economic forecasts and a catastrophic drop in ratings.

12/10/2022

Liz Truss arrives at the Tory Party Conference on Monday

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UK PM refuses to confirm if benefits will rise in line with inflation

The turbulence around benefits comes after a backlash over the new government's tax-cutting growth plan.

04/10/2022

Kwasi Kwarteng leaving 10 Downing Street

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Mini-budget has 'inflicted lasting damage' on UK's Conservative Party

Kwasi Kwarteng on Monday made a u-turn on a proposal to give a tax cut to the rich, saying "we get it, and we have listened."

03/10/2022

UK Chancellor Kwasi Kwarteng

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UK announces U-turn on plans to abolish top rate of income tax

"We get it, and we have listened," said UK Chancellor Kwasi Kwarteng, announcing the U-turn.

03/10/2022

British Prime Minister Liz Truss meets with Denmark's Prime Minister Mette Frederiksen, in 10 Downing Street, London, Saturday, Oct. 1, 2022.

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'Trust me' says Truss after budget havoc and as UK energy bills rise

The British prime minister insists the government has a "clear plan" that is "right for the country" after its mini-budget caused market turmoil and an opinion poll nosedive

01/10/2022

British Prime Minister Liz Truss, pictured at Downing Street on Sept. 7, 2022, has defended her government's budget

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UK PM Truss defends tax-cutting budget despite market turmoil

The Bank of England made an emergency intervention on Wednesday after warning of a "material risk to UK financial stability".

28/09/2022

British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, in Northfleet, Kent, Britain,Friday, Sept. 23, 2022.

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Market turmoil over Truss tax cut plan 'could hit Europe's economy'

The UK pound tumbled on Monday while the cost of borrowing soared to a higher level than that in Greece or Italy, the eurozone's most indebted members.

26/09/2022

The tax-cut plan has sparked concerns that increased public borrowing will worsen the nation’s cost-of-living crisis.

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British pound hits record low against US dollar

It dipped as low as $1.0349 per US dollar early Monday but then rebounded to $1.07.

26/09/2022

Flowers placed outside Buckingham Palace

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Royal mourning gives a boost to local businesses in London

Visitors crowding into central London from as far away as the US and India are giving a boost to businesses at a time when the British economy is facing a cost-of-living crisis

18/09/2022

Pedestrians pass homeless people sleeping in front of a closed retail unit in London, 13 April 2022 (AP Photo/Kirsty Wigglesworth)

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'Breaking point': Record numbers at risk of homelessness in UK

A surge in 'no fault' evictions at the start of 2022 has left a record number of people at risk of homelessness in the UK.

28/07/2022

Britain's Prince William, Duke of Cambridge smiles at BB-8 droid during a tour of the Star Wars sets at Pinewood studios in Iver Heath, west of London on April 19, 2016.

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Booming UK film industry threatened by skill shortages

21,000 more staff are needed by 2025 to make films and TV in the UK, according to a report.

24/06/2022

Tether is launching a cryptocurrency pegged to the British pound

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A new stablecoin is ready to hit the UK amid the crypto crash

GBPT will launch in early July and will be built on the Ethereum blockchain.

23/06/2022

Volunteers from the charity 'The Felix Project' prepare meals in the kitchen of their hub, London, May 4, 2022. The cost of food in the UK has risen sharply in recent months.

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Brexit will make UK workers poorer over next decade, report says

An academic report "The Big Brexit" says some negative impacts on trade cannot be explained by the pandemic and is down to the UK's departure from the EU.

22/06/2022

Britain's Chancellor of the Exchequer Rishi Sunak delivers his Budget to the House of Commons, London, Oct. 27, 2021.

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UK government unveils budget for 'post-COVID economy'

The Chancellor of the Exchequer said that "this budget is focused on investment and a more innovative and skilled economy," but the opposition has railed against tax cuts for banks and short-haul flights.

28/10/2021

Britain's Prime Minister Boris Johnson gestures as he makes his keynote speech at the Conservative party conference in Manchester, England, Wednesday, Oct. 6, 2021.

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UK: Business urges Johnson to put flesh on bones of post-Brexit vision

The UK prime minister outlined a vision for a "high wage, high skill, high productivity and low tax economy" but gave no details of how he intends to achieve it.

06/10/2021