Published 3 months ago • loading... • Updated 3 months ago

Budget has caused economy to stagnate, Bank of England says

The Bank of England has warned that the economy is stagnating after Rachel Reeves’s budget, as businesses have responded by raising prices and cutting jobs.
The Bank downgraded its forecasts and now expects 'zero growth' in the final three months of 2024.
A survey by the Bank indicated that companies were responding to the £25 billion National Insurance tax raid by increasing prices and cutting jobs.
The Bank emphasized that growing 'geopolitical tensions and trade policy uncertainty' were putting the global economy under strain.

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Daily Express

'Absolute ZERO - how Starmer's Labour crashed economy and killed growth'

The only thing worse than watching PM Keir Starmer and chancellor Rachel Reeves crash the UK economy is listening to them justify their decisions.

3 months ago·United Kingdom

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Evening Standard

Bank of England warns economy will stagnate after Budget

Bleak forecast comes at Bank leaves interest rates on hold

3 months ago·London, United Kingdom

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The Times

Budget has caused economy to stagnate, Bank of England says

Andrew Bailey downgrades growth forecasts and says businesses are cutting costs and raising prices after Rachel Reeves’s raid on employers’ NI

3 months ago·United Kingdom

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Sky News UK

The growth versus inflation bind now visible at the Bank of England

Sky's Gurpreet Narwan writes that recent shifts in the economic data relied upon by the Bank's rate setters have caused a splinter group to argue the case for rate cuts despite rising inflation.

3 months ago·United Kingdom

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Euronews

BoE delivers 'dovish hold' as growth stalls, trade risks rise

The Bank of England maintained its key interest rate at 4.75% in a 6–3 split vote, as inflation pressures persist and growth falters. Inflation rose to 2.6% in November, but growth is now forecast at 0% for the fourth quarter. Markets interpreted the decision as dovish.

3 months ago·France

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Great Yorkshire Radio

Bank Of England Governor To Join Reeves On Key China Visit - Great Yorkshire Radio

Sky News has learnt that Mr Bailey and Nikhil Rathi, chief executive of the Financial Conduct Authority, will both accompany the chancellor on the January trip. Mr Bailey is expected to hold talks with Pan Gongsheng, governor of the People’s Bank of China, although there was no confirmation of any meeting between them this weekend. The attendance of the Bank of England governor and City regulator’s boss underlines the importance that the summit,…

3 months ago

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