{
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UK business output contracts for first time in over a year

British business output has contracted for the first time in over a year, with the S&P Global Flash Composite PMI falling to 49.9 in November. Tax increases from the new government’s budget have dampened hiring and investment plans, leading to job cuts and a pessimistic outlook, particularly in the manufacturing sector. The services sector also showed weakness, with inflation concerns prompting caution from the Bank of England.
SWI swissinfo.ch
British Pound Sterling Bank of England S&P Global Inc. GBR William Schomberg Rachel Reeves Chris Williamson Keir Starmer Show more
Finance & Economy, Market Report
10:33 22.11.2024

UK finance minister proposes significant tax hikes and increased borrowing in budget

Britain's new finance minister, Rachel Reeves, is set to announce significant tax hikes, potentially the largest in 30 years, to address public service issues and fund election pledges. The Labour government plans to increase borrowing by £20 billion for public investment while aiming to reassure investors of economic stability. Reeves emphasizes the need for substantial investment to drive growth, despite concerns over business optimism and the impact of higher taxes on the wealthiest citizens.
SWI swissinfo.ch
British Pound Sterling Bank of England PIMCO High Income Fund GBR Rachel Reeves William Schomberg Keir Starmer Jeremy Hunt Liz Truss Show more
Finance & Economy, News Article
23:35 29.10.2024
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