Experts have warned that the UK's recession-threatened economy, which saw a rebound in July, may take a hit from the public holiday marking Queen Elizabeth II's funeral next week.

Following a 0.6 per cent drop in June, the nation's gross domestic product (GDP) saw an expansion of 0.2 per cent, reports AFP citing a statement by the Office for National Statistics.&nbsp;

Experts have attributed the June dip to a public holiday for Queen's platinum jubilee, which marked her 70 years on the throne. Now another public holiday is scheduled next week for her funeral.

Watch |&nbsp;Will Queen Elizabeth's Corgis be at her funeral? Well, royal watchers want them to be

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"The feeble 0.2-percent bounce back in July was driven by weak GDP in June due in part to the loss of working days from the Jubilee long weekend," notes KPMG UK chief economist Yael Selfin.

He also expressed concern that the GDP in July remained below May levels, as per him this points to "overall contraction over the first two months of summer."

"Looking ahead, the extra public holiday for the queen's funeral on September 19 has the potential to be more damaging for the economy than the extra day off for the Jubilee in June," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

Also read |&nbsp;<a href="https://www.wionews.com/world/king-charles-iii-makes-first-address-to-british-parliament-515469" hreflang="en">King Charles III makes first address to British parliament</a>

He predicts that, unlike in June, many businesses will not be able to catch up on work and that the funeral will hit September GDP by 0.2 per cent.

As per the Bank of England (BoE) forecast, UK inflation which is already at a 40-year high will keep surging this year.

Also read |&nbsp;<a href="https://www.wionews.com/world/queen-elizabeth-iis-lookalike-set-to-give-up-job-after-34-years-out-of-respect-for-late-monarch-515327" hreflang="en">Queen Elizabeth II's lookalike set to give up job after 34 years out of respect for late monarch</a>

Rising energy and food costs combined with decades-high inflation will trigger a recession in the UK economy before the end of the year, BoE has predicted.

There is typically only one public holiday in Britain during the summer, but for the Jubilee celebrations, the holiday was doubled, and now the day off for the funeral means that millions of Britons get two extra public holidays.&nbsp;

(With inputs from agencies)

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Experts have warned that the UK's recession-threatened economy, which saw a rebound in July, may take a hit from the public holiday marking Queen Elizabeth II's funeral next week.

Experts have warned that the UK's recession-threatened economy, which saw a rebound in July, may take a hit from the public holiday marking Queen Elizabeth II's funeral next week. Following a 0.6 per cent drop in June, the nation's gross domestic product (GDP) saw an expansion of 0.2 per cent, reports AFP citing a statement by the Office for National Statistics. Experts have attributed the June dip to a public holiday for Queen's platinum jubilee, which marked her 70 years on the throne. Now another public holiday is scheduled next week for her funeral. Watch | Will Queen Elizabeth's Corgis be at her funeral? Well, royal watchers want them to be "The feeble 0.2-percent bounce back in July was driven by weak GDP in June due in part to the loss of working days from the Jubilee long weekend," notes KPMG UK chief economist Yael Selfin. He also expressed concern that the GDP in July remained below May levels, as per him this points to "overall contraction over the first two months of summer." "Looking ahead, the extra public holiday for the queen's funeral on September 19 has the potential to be more damaging for the economy than the extra day off for the Jubilee in June," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics. Also read | King Charles III makes first address to British parliament He predicts that, unlike in June, many businesses will not be able to catch up on work and that the funeral will hit September GDP by 0.2 per cent. As per the Bank of England (BoE) forecast, UK inflation which is already at a 40-year high will keep surging this year. Also read | Queen Elizabeth II's lookalike set to give up job after 34 years out of respect for late monarch Rising energy and food costs combined with decades-high inflation will trigger a recession in the UK economy before the end of the year, BoE has predicted. There is typically only one public holiday in Britain during the summer, but for the Jubilee celebrations, the holiday was doubled, and now the day off for the funeral means that millions of Britons get two extra public holidays. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Economic experts fear Queen Elizabeth II's funeral will further damage the UK's economy

Next UK leader to inherit an economy in a bind

India has overtaken the United Kingdom to become the fifth largest economy in the world, according to Bloomberg, which has cited GDP figures from the International Monetary Fund.

New Delhi pushed Britain to the sixth spot in the final three months of 2021 to become the fifth-biggest economy. The calculation is based on US dollars, with India extending its lead in the first quarter.

According to the Bloomberg report, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. In contrast, the UK was at $814 billion.

The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.

The latest report reflects the economic trajectory these two countries have taken in recent months.

While UK is witnessing its worst cost-of-living crisis, soaring inflation—the highest in four decades—and a potential recession that is expected to last well into 2024, according to the Bank of England, the Indian economy, on the other hand, is forecast to grow more than 7 per cent this year.

“A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s," the Bloomberg report said.

Moreover, the IMF's forecasts show India pegged to overtake the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany.&nbsp;

About a decade ago, India was ranked the world’s 11th largest economy, while the UK used to remain at the fifth spot.

The latest economic performance comes as a major blow to the ruling Conservative party, which is in the midst of leadership change following the resignation of Boris Johnson.

The Tory members will pick Johnson's successor on Monday, with reports indicating a comfortable win for foreign secretary Liz Truss over former chancellor Rishi Sunak.

(With inputs from agencies)

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India has overtaken the United Kingdom to become the fifth largest economy in the world, according to Bloomberg, which has cited GDP figures from the International Monetary Fund.

India has overtaken the United Kingdom to become the fifth largest economy in the world, according to Bloomberg, which has cited GDP figures from the International Monetary Fund. New Delhi pushed Britain to the sixth spot in the final three months of 2021 to become the fifth-biggest economy. The calculation is based on US dollars, with India extending its lead in the first quarter. According to the Bloomberg report, the size of the Indian economy with regards to ‘nominal’ cash was $854.7 billion during the quarter through March on an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter. In contrast, the UK was at $814 billion. The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal. The latest report reflects the economic trajectory these two countries have taken in recent months. While UK is witnessing its worst cost-of-living crisis, soaring inflation—the highest in four decades—and a potential recession that is expected to last well into 2024, according to the Bank of England, the Indian economy, on the other hand, is forecast to grow more than 7 per cent this year. “A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China’s," the Bloomberg report said. Moreover, the IMF's forecasts show India pegged to overtake the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. About a decade ago, India was ranked the world’s 11th largest economy, while the UK used to remain at the fifth spot. The latest economic performance comes as a major blow to the ruling Conservative party, which is in the midst of leadership change following the resignation of Boris Johnson. The Tory members will pick Johnson's successor on Monday, with reports indicating a comfortable win for foreign secretary Liz Truss over former chancellor Rishi Sunak. (With inputs from agencies) WATCH WION LIVE HERE

India overtakes UK to become world’s fifth largest economy

Marking a week end to first quarter of a year, when risk of recession is looming, Britain's economy unexpectedly shrank in March, it is also coming at a time when there is an increasing pressure on government to offer more support to inflation-hit households.

Recession risk mounts for UK economy

Declaring that Britain would not return to the “broken model” of the past, Prime Minister Boris Johnson vowed Wednesday to engineer a radical transformation of the country’s economy to a future defined by highly skilled workers earning higher wages.

Projecting sunny optimism but offering few details, Johnson sketched a vision of Britain on the cusp of change. He barely mentioned the spate of fuel and food shortages that have afflicted the country in recent weeks, characterizing them as mainly the consequence of a rapidly recovering economy in transition.

In a speech to a cheering crowd at his Conservative Party’s annual conference, Johnson said, “We are going to deal with the underlying issues of our economy and society — the problems that no government has had the guts to tackle, the long-term structural weaknesses in the U.K. economy.”

It was, Johnson said, “a change of direction that has been long overdue,” adding, “We are not going back to the same old broken model: low wages, low growth, low skills and low productivity — all of it enabled, as a system, by uncontrolled immigration.”

The prime minister devoted much of the speech to his flagship policy of “leveling up,” which aims to even out disparities between the economically disadvantaged northern parts of England and its more prosperous South. As he put it, “We have one of the most imbalanced societies and lopsided economies of all the richer countries.”

But Johnson offered little in the way of concrete policies, apart from a bonus payment to math and science teachers in economically struggling areas. His other pledges — to improve housing, tackle crime and upgrade transportation networks in northern cities — struck a familiar note.

Johnson has branded his agenda “Build Back Better,” the same slogan President Joe Biden uses for his infrastructure legislation (both adopted it around the same time last year). Unlike Biden, the prime minister riffed on the line, adapting it to describe the return of beavers to British rivers (“Build Back Beaver”) and beef exports to the United States (“Build Back Burger”).

Mixing self-deprecating humor with historical and literary references, gleeful jabs at the opposition and a populist appeal to social issues, Johnson reinforced his status as the Conservative Party’s all-purpose cheerleader.

At one point, the prime minister, who has six children with multiple partners, lamented Britain’s comparatively small population, despite, he said, his best efforts to add to it. At another, he described the leader of the Labour Party, Keir Starmer, as the skipper of a cruise ship that had been hijacked by Somali pirates.

Johnson also appealed to social and cultural issues that resonate with the Conservative rank and file. He vowed to defend Britain’s history and to oppose revisionist interpretations of Conservative heroes like Winston Churchill.

And Johnson invoked Margaret Thatcher, another of his Conservative predecessors, to defend tax increases imposed by the government to compensate for massive pandemic-related spending. Thatcher, he said, would not have ignored “this meteorite that has just crashed through the public finances.”

For all the references to Conservative icons, however, Johnson’s speech amounted to a remarkable repudiation of the traditional guiding principles and governance record of his party.

The Conservatives have long been the party of business, yet Johnson, in effect, put the onus on firms to break their addiction to a low-wage economy. The Tories have led the government since 2010, yet Johnson spoke of the last decade as if some other party had been in charge.

To political analysts, Johnson appeared to be launching something new for the post-pandemic, post-Brexit era: a party that combines the free-spending, interventionist impulses of social democrats with the anti-immigration instincts of the Brexiteers who agitated to leave the European Union in 2016. His party was committed to “radical and optimistic Conservatism,” he said.

Johnson’s rhetorical acrobatics showcased a politician who has managed, time and again, to defy political gravity. His 40-minute speech, in a hall packed with party faithful, contrasted with the more subdued, sometimes sparsely attended, appearances by his Cabinet ministers in previous days. It underscored the prime minister’s complete control over the Conservative Party.

Still, as Britain confronts painful adjustments, Johnson faces a convergence of hostile trends that could test this high-wire act. Rising food and fuel prices are straining consumers; gas shortages have forced motorists to wait for hours to fill up their tanks.

Johnson has portrayed these challenges as growing pains — evidence of an economy awakening from the pandemic and remaking itself to reap the benefits of a high-wage, highly skilled future.

For ordinary people, however, the specter of fuel and food shortages as the autumn closes in harks instead to the 1970s and the period of strikes and soaring prices that newspapers called the “winter of discontent.”

Even some members of his own party seemed unconvinced, with one influential Conservative lawmaker, Tom Tugendhat, writing on Twitter that “rising wages are great unless prices rise faster. Inflation matters — it’s about what we can afford and how families make ends meet in a tough month.”

Critics also disputed Johnson’s claim that Brexit had allowed Britain to strike a new submarine alliance with the United States and Australia. Britain has long enjoyed an intelligence relationship with these nations, and national governments control defense within the EU.

Johnson tried to draw a new dividing line with the opposition Labour Party, which he painted as welcoming uncontrolled immigration — and the resulting low wages — while the Conservatives seek training and better pay for British workers.

Asked in an interview this week how Britain would deal with the immediate consequences of an economic transition that could take years, he echoed a phrase made famous by Thatcher: “There is no alternative.”

But Johnson’s comments dramatized the extent of his breach with her legacy. The party’s traditional relationship with business was strained over Brexit, which was opposed by major companies that took advantage of Europe’s massive single market. And in recent days, the prime minister has added to the tensions, chiding some businesses for what he said was a failure to invest in their workers.

While even his critics welcome the idea of moving away from a low-wage, low-skills economy, there could be pain ahead for Britons if the government’s policies cause inflation to spike and interest rates to rise. Much of the fiscal stimulus the government injected into the economy to cushion the pandemic’s blow — including paying most of the wages of people who had been sent home — has been wound down.

Johnson urged people to return to their offices but otherwise ignored cost-of-living issues. Instead he celebrated what he described as the unquenchable spirit of Britons. It was evident, he said, in the scientists who developed the AstraZeneca vaccine, the nurses of the National Health Service, and Emma Raducanu, the 18-year-old who won the U.S. Open tennis championship last month.

While those lines drew applause among Tories in the hall, the reaction from businesses across the country was far warier.

“Firms are dealing with a cumulative crisis in business conditions as supply chains crumple, prices soar, taxes rise and labor shortages hit new heights,” said the director-general of the British Chambers of Commerce, Shevaun Haviland, adding that “the economic recovery is on shaky ground.”

Declaring that Britain would not return to the “broken model” of the past, Prime Minister Boris Johnson vowed Wednesday to engineer a radical transformation of the country’s economy to a future defined by highly skilled workers earning higher wages.

Declaring that Britain would not return to the “broken model” of the past, Prime Minister Boris Johnson vowed Wednesday to engineer a radical transformation of the country’s economy to a future defined by highly skilled workers earning higher wages. Projecting sunny optimism but offering few details, Johnson sketched a vision of Britain on the cusp of change. He barely mentioned the spate of fuel and food shortages that have afflicted the country in recent weeks, characterizing them as mainly the consequence of a rapidly recovering economy in transition. In a speech to a cheering crowd at his Conservative Party’s annual conference, Johnson said, “We are going to deal with the underlying issues of our economy and society — the problems that no government has had the guts to tackle, the long-term structural weaknesses in the U.K. economy.” It was, Johnson said, “a change of direction that has been long overdue,” adding, “We are not going back to the same old broken model: low wages, low growth, low skills and low productivity — all of it enabled, as a system, by uncontrolled immigration.” The prime minister devoted much of the speech to his flagship policy of “leveling up,” which aims to even out disparities between the economically disadvantaged northern parts of England and its more prosperous South. As he put it, “We have one of the most imbalanced societies and lopsided economies of all the richer countries.” But Johnson offered little in the way of concrete policies, apart from a bonus payment to math and science teachers in economically struggling areas. His other pledges — to improve housing, tackle crime and upgrade transportation networks in northern cities — struck a familiar note. Johnson has branded his agenda “Build Back Better,” the same slogan President Joe Biden uses for his infrastructure legislation (both adopted it around the same time last year). Unlike Biden, the prime minister riffed on the line, adapting it to describe the return of beavers to British rivers (“Build Back Beaver”) and beef exports to the United States (“Build Back Burger”). Mixing self-deprecating humor with historical and literary references, gleeful jabs at the opposition and a populist appeal to social issues, Johnson reinforced his status as the Conservative Party’s all-purpose cheerleader. At one point, the prime minister, who has six children with multiple partners, lamented Britain’s comparatively small population, despite, he said, his best efforts to add to it. At another, he described the leader of the Labour Party, Keir Starmer, as the skipper of a cruise ship that had been hijacked by Somali pirates. Johnson also appealed to social and cultural issues that resonate with the Conservative rank and file. He vowed to defend Britain’s history and to oppose revisionist interpretations of Conservative heroes like Winston Churchill. And Johnson invoked Margaret Thatcher, another of his Conservative predecessors, to defend tax increases imposed by the government to compensate for massive pandemic-related spending. Thatcher, he said, would not have ignored “this meteorite that has just crashed through the public finances.” For all the references to Conservative icons, however, Johnson’s speech amounted to a remarkable repudiation of the traditional guiding principles and governance record of his party. The Conservatives have long been the party of business, yet Johnson, in effect, put the onus on firms to break their addiction to a low-wage economy. The Tories have led the government since 2010, yet Johnson spoke of the last decade as if some other party had been in charge. To political analysts, Johnson appeared to be launching something new for the post-pandemic, post-Brexit era: a party that combines the free-spending, interventionist impulses of social democrats with the anti-immigration instincts of the Brexiteers who agitated to leave the European Union in 2016. His party was committed to “radical and optimistic Conservatism,” he said. Johnson’s rhetorical acrobatics showcased a politician who has managed, time and again, to defy political gravity. His 40-minute speech, in a hall packed with party faithful, contrasted with the more subdued, sometimes sparsely attended, appearances by his Cabinet ministers in previous days. It underscored the prime minister’s complete control over the Conservative Party. Still, as Britain confronts painful adjustments, Johnson faces a convergence of hostile trends that could test this high-wire act. Rising food and fuel prices are straining consumers; gas shortages have forced motorists to wait for hours to fill up their tanks. Johnson has portrayed these challenges as growing pains — evidence of an economy awakening from the pandemic and remaking itself to reap the benefits of a high-wage, highly skilled future. For ordinary people, however, the specter of fuel and food shortages as the autumn closes in harks instead to the 1970s and the period of strikes and soaring prices that newspapers called the “winter of discontent.” Even some members of his own party seemed unconvinced, with one influential Conservative lawmaker, Tom Tugendhat, writing on Twitter that “rising wages are great unless prices rise faster. Inflation matters — it’s about what we can afford and how families make ends meet in a tough month.” Critics also disputed Johnson’s claim that Brexit had allowed Britain to strike a new submarine alliance with the United States and Australia. Britain has long enjoyed an intelligence relationship with these nations, and national governments control defense within the EU. Johnson tried to draw a new dividing line with the opposition Labour Party, which he painted as welcoming uncontrolled immigration — and the resulting low wages — while the Conservatives seek training and better pay for British workers. Asked in an interview this week how Britain would deal with the immediate consequences of an economic transition that could take years, he echoed a phrase made famous by Thatcher: “There is no alternative.” But Johnson’s comments dramatized the extent of his breach with her legacy. The party’s traditional relationship with business was strained over Brexit, which was opposed by major companies that took advantage of Europe’s massive single market. And in recent days, the prime minister has added to the tensions, chiding some businesses for what he said was a failure to invest in their workers. While even his critics welcome the idea of moving away from a low-wage, low-skills economy, there could be pain ahead for Britons if the government’s policies cause inflation to spike and interest rates to rise. Much of the fiscal stimulus the government injected into the economy to cushion the pandemic’s blow — including paying most of the wages of people who had been sent home — has been wound down. Johnson urged people to return to their offices but otherwise ignored cost-of-living issues. Instead he celebrated what he described as the unquenchable spirit of Britons. It was evident, he said, in the scientists who developed the AstraZeneca vaccine, the nurses of the National Health Service, and Emma Raducanu, the 18-year-old who won the U.S. Open tennis championship last month. While those lines drew applause among Tories in the hall, the reaction from businesses across the country was far warier. “Firms are dealing with a cumulative crisis in business conditions as supply chains crumple, prices soar, taxes rise and labor shortages hit new heights,” said the director-general of the British Chambers of Commerce, Shevaun Haviland, adding that “the economic recovery is on shaky ground.”

Johnson pledges transformed economy for UK

Demand for workers from British employers soared this month at the fastest rate since the late 1990s as much of the economy reopened following the latest coronavirus lockdown, a survey of recruitment consultants showed on Friday.

World Business Watch: UK jobs market hits full throttle as lockdown eases

Schools have reopened and non-essential retail is expected to re-open from 12 April. Hospitality is to follow from 17 May, with remaining restrictions removed from 21 June.

UK's Economy to expand 5% in 2021, 5.5% in 2022

While reading out Britain's Budget 2021 address, British finance minister Rishi Sunak said that the UK economy is likely to reach its pre-pandemic output level by the middle of next year (2022). WION brings you all you need to know about UK Budget 2021.

World Business Watch: UK economy to reach pre-pandemic size by mid-2022, says Sunak

British business confidence recorded its biggest monthly improvement in more than four years this month, reflecting optimism that COVID-19 vaccines will lead to economic recovery in 2021, a Lloyds Bank survey showed on Monday.

UK business morale jumps by most in over 4 years - Lloyds

Businesses that rely on personal interactions with customers have particularly suffered from Britain's coronavirus safety restrictions that have been in place for much of 2020.

Barely back on their feet, UK small businesses face crushing new lockdown

Britain’s unemployment rate rose for the first time since the coronavirus lockdown began in March, prompting fresh calls for finance minister Rishi Sunak to extend a job subsidy programme which is due to expire next month.

Dramatic increase in UK's unemployment could worsen

Finance minister Rishi Sunak welcomed the figures but added that people were rightly worried about the coming months.

UK economy grew 6.6% in July as lockdowns eased

Finance minister Rishi Sunak has rejected calls to extend his huge Coronavirus Job Retention Scheme beyond Oct. 31.

UK services firms report heavy job cuts

The British economy has shrunk by a record due to COVID-19 lockdowns to 20.4% in a quarter from April to June. Watch report.

Record fall in UK economic output | COVID-19 crisis | World News

Britain’s lockdown has been slowly lifting since May, with the last major change on July 4 when hotels, pubs and restaurants were allowed to reopen.

Two thirds of UK firms fully operational after COVID, says Survey

As the UK reopened its economy, a lot of businesses, big or small,&nbsp;are trying to make up for the loss that they suffered due to the extended lockdown initiated to contain the spread of novel coronavirus.

Appreciating the businesses for their cooperation, understanding and efforts during and after the lockdown, Queen Elizabeth thanked&nbsp;Britain's Queen Elizabeth thanked the businesses on Friday.

<a href="https://www.wionews.com/world/lawmakers-think-uk-may-suspend-wage-pension-link-to-uplift-economy-government-denies-307081">Also read|&nbsp;Lawmakers think UK may suspend wage-pension link to uplift economy; government denies</a>

"As many organisations around the country are reopening, I send my warmest best wishes and support to business communities throughout the United Kingdom, Commonwealth and across the world," the Queen said in a message to the British Chambers of Commerce.

"At a time of great difficulty for many, it is heart-warming to see the civic response and generosity of so many businesses, small and large, to the challenges posed, whether supporting the health sector or vulnerable communities."

The businesses across the globe have been suffering loss due to the lockdown. However, as the retail industry reopened in the UK, the sales did observe a significant jump which has given a hope to the economists and the business owners.

"I wish all businesses every success in their endeavours in the weeks and months ahead," she said.

As the UK reopened its economy, a lot of businesses, big or small, are trying to make up for the loss that they suffered due to the extended lockdown initiated to contain the spread of novel coronavirus.

As the UK reopened its economy, a lot of businesses, big or small, are trying to make up for the loss that they suffered due to the extended lockdown initiated to contain the spread of novel coronavirus. Appreciating the businesses for their cooperation, understanding and efforts during and after the lockdown, Queen Elizabeth thanked Britain's Queen Elizabeth thanked the businesses on Friday. Also read| Lawmakers think UK may suspend wage-pension link to uplift economy; government denies "As many organisations around the country are reopening, I send my warmest best wishes and support to business communities throughout the United Kingdom, Commonwealth and across the world," the Queen said in a message to the British Chambers of Commerce. "At a time of great difficulty for many, it is heart-warming to see the civic response and generosity of so many businesses, small and large, to the challenges posed, whether supporting the health sector or vulnerable communities." The businesses across the globe have been suffering loss due to the lockdown. However, as the retail industry reopened in the UK, the sales did observe a significant jump which has given a hope to the economists and the business owners. "I wish all businesses every success in their endeavours in the weeks and months ahead," she said.

Queen Elizabeth thanks businesses worldwide for being considerate during COVID

Britain's economy shrank by a record 5.8% in March as the coronavirus crisis escalated and the government shut down much of the country, according to official data that point towards an even bigger hit to come.

UK GDP falls by record 5.8% in March due to coronavirus crisis

Recently, discharged from hospital after being treated from the coronavirus, British PM Boris Johnson returned to work on April 21. He spoke with US President Donald Trump over a phone call. Both the leaders discussed the need to reopen economies.

UK PM Boris Johnson agrees on the need to reopen economies: Spoke to Donald Trump over call

The United Kingdom's government has announced a $ 1.6 billion relief package to help tech start-ups survive the coronavirus epidemic.

UK provides $1.6 Bn relief package to tech start-ups battling pandemic Coronavirus

As per the data received from&nbsp;the <a href="https://www.wionews.com/world/tesco-suspends-chinese-supplier-after-suspected-prisoner-message-269636">Bank of England</a>&nbsp;on Friday, the British consumers increased their borrowing in November&nbsp;at the slowest rate in more than five years that indicates the economy stalled late the previous year.&nbsp;

The growth rate in unsecured consumer lending slowed to 5.7 per cent&nbsp;in the 12 months to November from 6.1 per cent&nbsp;in October, the BoE said, marking the smallest increase since June 2014.

The figures also showed credit card repayments exceeded borrowing for the first time since July 2013.

Household spending has helped to drive Britain's economy over the last few years, helped by record levels of employment and recovery in wage growth.

But some BoE officials are concerned that the labour market may finally be on the turn, raising questions about the sustainability of solid rates of consumer spending.

Investors are watching for signs that Prime Minister <a href="https://www.wionews.com/opinions/donald-trump-enthusiastic-about-boris-johnsons-victory-but-it-wont-be-smooth-sailing-for-them-269348">Boris Johnson's</a> victory in the December&nbsp;12 election has lifted worries about Britain's political stability, potentially providing a much-needed boost to the economy.

In cash terms, consumer credit rose by 563 million pounds in November after a 1.339 billion-pound rise in October, the smallest increase since November 2013, the BoE said.

The data also showed the number of mortgages approved for house purchase edged up to 64,994 in November from 64,662 in October, compared with the consensus forecast of 64,450 in a poll of economists.

British house price growth has slowed since 2016's <a href="https://www.wionews.com/world/british-pm-boris-johnsons-brexit-deal-wins-first-vote-in-new-parliament-269404">Brexit referendum</a>, with price falls in London and some neighbouring areas and nationally price growth is around 1-2 per cent, according to figures from the country's two main mortgage lenders.

Earlier on Friday lender, Nationwide said house prices rose in annual terms by more than 1 per cent&nbsp;for the first time in more than 12 months in December.

As per the data received from the Bank of England on Friday, the British consumers increased their borrowing in November at the slowest rate in more than five years that indicates the economy stalled late the previous year.

As per the data received from the Bank of England on Friday, the British consumers increased their borrowing in November at the slowest rate in more than five years that indicates the economy stalled late the previous year. The growth rate in unsecured consumer lending slowed to 5.7 per cent in the 12 months to November from 6.1 per cent in October, the BoE said, marking the smallest increase since June 2014. The figures also showed credit card repayments exceeded borrowing for the first time since July 2013. Household spending has helped to drive Britain's economy over the last few years, helped by record levels of employment and recovery in wage growth. But some BoE officials are concerned that the labour market may finally be on the turn, raising questions about the sustainability of solid rates of consumer spending. Investors are watching for signs that Prime Minister Boris Johnson's victory in the December 12 election has lifted worries about Britain's political stability, potentially providing a much-needed boost to the economy. In cash terms, consumer credit rose by 563 million pounds in November after a 1.339 billion-pound rise in October, the smallest increase since November 2013, the BoE said. The data also showed the number of mortgages approved for house purchase edged up to 64,994 in November from 64,662 in October, compared with the consensus forecast of 64,450 in a poll of economists. British house price growth has slowed since 2016's Brexit referendum, with price falls in London and some neighbouring areas and nationally price growth is around 1-2 per cent, according to figures from the country's two main mortgage lenders. Earlier on Friday lender, Nationwide said house prices rose in annual terms by more than 1 per cent for the first time in more than 12 months in December.

Consumers up borrowing at slowest rate in UK: Bank of England

Brexit&nbsp;pressures and political uncertainty have prompted the Confederation of British&nbsp;Industry&nbsp;and a manufacturing trade body, Make&nbsp;UK, to downgrade their growth forecasts for next year.

Official figures have shown that Britain's economy is growing at the&nbsp;weakest annual pace since 2010, and&nbsp;industry&nbsp;leaders see little or no improvement in&nbsp;2020, even if Prime Minister Boris Johnson wins re-election and secures a&nbsp;<a href="https://www.wionews.com/world/uk-pm-johnson-says-uk-will-leave-eu-by-jan-31-at-the-latest-265230">Brexit&nbsp;divorce deal</a> by a January&nbsp;31 deadline.

The CBI on Monday predicted economic growth of 1.3 per cent&nbsp;this year and 1.2 per cent&nbsp;in&nbsp;2020, followed by a pick-up to 1.8 per cent&nbsp;in 2021, assuming Johnson reaches a trade deal with the EU that leads to no tariffs and little divergence from EU rules.

"Alongside perennial&nbsp;Brexit&nbsp;uncertainty, (businesses) are also contending with softer&nbsp;global&nbsp;demand," CBI chief economist Rain Newton-Smith said.

Back in July, the CBI forecast growth of 1.4 per cent&nbsp;this year and 1.5 per cent&nbsp;next.

Make&nbsp;UK&nbsp;halved its forecast for manufacturing growth next year to 0.3 per cent&nbsp;from 0.6 per cent, though it kept its forecast for growth in the overall economy in&nbsp;2020&nbsp;unchanged at 1.4 per cent, up from 1.3 per cent this year.

"Export orders have increased slightly this quarter, indicating greater confidence from foreign customers about purchasing&nbsp;UK&nbsp;goods as concerns about an end of year no-deal&nbsp;Brexit&nbsp;fade," Make&nbsp;UK's chief executive, Stephen Phipson, said.

Britain's economy has slowed since the June 2016 referendum decision to leave the European Union, with manufacturing especially hard hit due to concerns about disruption to supply chains, on top of pressures from the <a href="https://www.wionews.com/world/china-wants-us-tariffs-rolled-back-in-phase-one-trade-deal-report-265517">US-China trade war</a>.

Johnson's&nbsp;Brexit&nbsp;plan - which he was unable to pass through parliament before he called an early election on <a href="https://www.wionews.com/opinions/uk-elections-2019-five-reasons-to-vote-265079">December&nbsp;12</a> - sees Britain leaving the EU on January&nbsp;31, and then negotiating a new trade deal to take effect at the end of&nbsp;2020.

Johnson has said he will not allow transitional arrangements to continue beyond the end of&nbsp;2020, but many trade experts say this leaves too little time to negotiate a good deal.

If a post-EU transition deal expires at the end of&nbsp;2020&nbsp;without an agreement settled for future trade ties, the CBI predicted a sharp slowdown in growth in 2021 to just 0.4 per cent&nbsp;- the&nbsp;weakest since the financial crisis.

"A no-deal&nbsp;Brexit&nbsp;would put the brakes on&nbsp;UK&nbsp;growth and realise businesses' worst fears," Newton-Smith said.

Brexit pressures and political uncertainty have prompted the Confederation of British Industry and a manufacturing trade body, Make UK, to downgrade their growth forecasts for next year.

Brexit pressures and political uncertainty have prompted the Confederation of British Industry and a manufacturing trade body, Make UK, to downgrade their growth forecasts for next year. Official figures have shown that Britain's economy is growing at the weakest annual pace since 2010, and industry leaders see little or no improvement in 2020, even if Prime Minister Boris Johnson wins re-election and secures a Brexit divorce deal by a January 31 deadline. The CBI on Monday predicted economic growth of 1.3 per cent this year and 1.2 per cent in 2020, followed by a pick-up to 1.8 per cent in 2021, assuming Johnson reaches a trade deal with the EU that leads to no tariffs and little divergence from EU rules. "Alongside perennial Brexit uncertainty, (businesses) are also contending with softer global demand," CBI chief economist Rain Newton-Smith said. Back in July, the CBI forecast growth of 1.4 per cent this year and 1.5 per cent next. Make UK halved its forecast for manufacturing growth next year to 0.3 per cent from 0.6 per cent, though it kept its forecast for growth in the overall economy in 2020 unchanged at 1.4 per cent, up from 1.3 per cent this year. "Export orders have increased slightly this quarter, indicating greater confidence from foreign customers about purchasing UK goods as concerns about an end of year no-deal Brexit fade," Make UK's chief executive, Stephen Phipson, said. Britain's economy has slowed since the June 2016 referendum decision to leave the European Union, with manufacturing especially hard hit due to concerns about disruption to supply chains, on top of pressures from the US-China trade war. Johnson's Brexit plan - which he was unable to pass through parliament before he called an early election on December 12 - sees Britain leaving the EU on January 31, and then negotiating a new trade deal to take effect at the end of 2020. Johnson has said he will not allow transitional arrangements to continue beyond the end of 2020, but many trade experts say this leaves too little time to negotiate a good deal. If a post-EU transition deal expires at the end of 2020 without an agreement settled for future trade ties, the CBI predicted a sharp slowdown in growth in 2021 to just 0.4 per cent - the weakest since the financial crisis. "A no-deal Brexit would put the brakes on UK growth and realise businesses' worst fears," Newton-Smith said.

Brexit, weak global demand to hurt UK in 2020, industry warns

Britain's economy is increasingly showing signs of strain as the <a href="https://www.wionews.com/world/british-prime-minister-johnson-tells-eu-brexit-ball-is-in-your-court-now-254283/amp">Brexit crisis</a> and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth.

Confidence among businesses has ebbed to its lowest levels since the global financial crisis.

The labour market, which has long been a silver lining for the economy, is also starting to show signs of slowing, raising questions about the strength of consumer spending.

The different Brexit scenarios for the world's fifth-largest economy make it hard to gauge the outlook for the year ahead, not least for the Bank of England, and some investors fear Britain is already flirting with recession.

Economists polled by Reuters last month put the probability of a recession within a year at 35 per cent.

Below are some indicators of the <a href="https://www.wionews.com/business-economy/uk-business-activity-contracts-over-brexit-turmoil-raises-recession-risk-247628">British economy </a>and how they have changed since the June 2016 Brexit vote.

Pessimism among businesses has reached the highest levels in years.

The gauges of future activity in the Lloyds Business Barometer, CBI Growth Indicator, and IHS Markit/CIPS surveys have all turned weakened recently.

The closely watched IHS Markit/CIPS survey last week showed Britain's dominant <a href="https://www.wionews.com/business-economy/uk-economy-flirting-with-recession-after-services-shrink-unexpectedly-253502">services sector contracted </a>unexpectedly in September,&nbsp;and marked the worst reading in a major developed economy.

Household spending has supported Britain's economy since the Brexit vote, although there are signs that households have spent more on non-discretionary goods such as food, while spending in restaurants and hotels has weakened.

As of the second quarter, spending on the latter was about 1.5 per cent&nbsp;lower than in mid-2016, but nearly 7 per cent&nbsp;higher for food and non-alcoholic drinks, according to official data.

Figures from the British Retail Consortium and payment card company Barclaycard published on Monday showed shop chains had their worst September since records started in 1995, although spending on entertainment increased.

The labour market is the strong point of Britain's economy but some cracks have appeared recently. Employment fell in annualised terms in the six months to July 2019 to the greatest extent since early 2012.

Wage growth is at a decade-high although the BoE has said it may have peaked and there has been no pickup in productivity.

A measure that BoE policymakers like to look at,&nbsp;the three-month annualised growth rate of private sector earnings, excluding bonuses, slowed in July from an almost five-year high of 5.9 per cent&nbsp;in June.

Although the Office for National Statistics has revised up the level of business investment in Britain's economy lately, the figures still show capital expenditure has stagnated since the Brexit vote.

Business investment is running about 5 billion pounds lower than it would have been had it followed its pre-Brexit vote trend since the financial crisis, according to the latest data.

Britain's economy is increasingly showing signs of strain as the Brexit crisis and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth.

Britain's economy is increasingly showing signs of strain as the Brexit crisis and the global slowdown intensify, with the loss of momentum appearing to spread to areas that have hitherto been sources of growth. Confidence among businesses has ebbed to its lowest levels since the global financial crisis. The labour market, which has long been a silver lining for the economy, is also starting to show signs of slowing, raising questions about the strength of consumer spending. The different Brexit scenarios for the world's fifth-largest economy make it hard to gauge the outlook for the year ahead, not least for the Bank of England, and some investors fear Britain is already flirting with recession. Economists polled by Reuters last month put the probability of a recession within a year at 35 per cent. Below are some indicators of the British economy and how they have changed since the June 2016 Brexit vote. Pessimism among businesses has reached the highest levels in years. The gauges of future activity in the Lloyds Business Barometer, CBI Growth Indicator, and IHS Markit/CIPS surveys have all turned weakened recently. The closely watched IHS Markit/CIPS survey last week showed Britain's dominant services sector contracted unexpectedly in September, and marked the worst reading in a major developed economy. Household spending has supported Britain's economy since the Brexit vote, although there are signs that households have spent more on non-discretionary goods such as food, while spending in restaurants and hotels has weakened. As of the second quarter, spending on the latter was about 1.5 per cent lower than in mid-2016, but nearly 7 per cent higher for food and non-alcoholic drinks, according to official data. Figures from the British Retail Consortium and payment card company Barclaycard published on Monday showed shop chains had their worst September since records started in 1995, although spending on entertainment increased. The labour market is the strong point of Britain's economy but some cracks have appeared recently. Employment fell in annualised terms in the six months to July 2019 to the greatest extent since early 2012. Wage growth is at a decade-high although the BoE has said it may have peaked and there has been no pickup in productivity. A measure that BoE policymakers like to look at, the three-month annualised growth rate of private sector earnings, excluding bonuses, slowed in July from an almost five-year high of 5.9 per cent in June. Although the Office for National Statistics has revised up the level of business investment in Britain's economy lately, the figures still show capital expenditure has stagnated since the Brexit vote. Business investment is running about 5 billion pounds lower than it would have been had it followed its pre-Brexit vote trend since the financial crisis, according to the latest data.

UK economy starts to shows cracks under Brexit and global strains

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Prime Minister <a href="https://www.wionews.com/world/will-be-out-of-eu-by-october-31-come-what-may-says-british-pm-johnson-253298">Boris Johnson has promised to take Britain out </a>of the European Union by October&nbsp;31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow.

September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction.

It was also the worst reading for service PMIs among major advanced economies in September.

Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009.

IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September.

"Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said.

British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown.

Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter.

"Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients.

Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe.

On Wednesday, Johnson sent <a href="https://www.wionews.com/videos/lets-get-brexit-done-uk-pm-johnson-tells-conservative-party-253358">new Brexit proposals </a>to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels.

Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports.

Britain's economy is also slowing due to <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">global trade tensions</a>. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies.

The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum.

But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers.

"September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said.

Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March.

Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure.

Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month. Prime Minister Boris Johnson has promised to take Britain out of the European Union by October 31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow. September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction. It was also the worst reading for service PMIs among major advanced economies in September. Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009. IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September. "Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said. British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown. Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter. "Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients. Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe. On Wednesday, Johnson sent new Brexit proposals to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels. Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports. Britain's economy is also slowing due to global trade tensions. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies. The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum. But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers. "September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said. Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March. Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure. Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

UK economy flirting with recession after services shrink unexpectedly

Britain will struggle to achieve even modest economic growth next year unless the government secures an orderly<a href="http://www.wionews.com/world/mays-brexit-deal-under-fire-as-legal-advice-stiffens-opposition-181720"> Brexit </a>in March, the Confederation of British Industry said on Thursday.

The CBI said the world's fifth-largest economy would grow by 1.3 per cent in 2018, 1.4 per cent in 2019 and 1.6 per cent in 2020, little changed from its previous projections in June.

The forecasts were slightly weaker than those of the Bank of England.

The CBI said it was assuming that <a href="http://www.wionews.com/world/brexit-uk-government-found-in-contempt-of-parliament-181525">Prime Minister Theresa May</a> wins backing in parliament for her preferred plan for leaving the European Union, something which looks unlikely at a vote due on Dec. 11.

"A no-deal scenario would blow these figures out of the water," the CBI's director-general, Carolyn Fairbairn, said, reiterating her organisation's support for May's plan.

Last week, the BoE warned that a worst-case Brexit could deal a bigger blow to Britain than the 2008 financial crisis, shrinking the economy by as much as 8 per cent in a year.

Economists at US&nbsp;bank JP&nbsp;Morgan said on Wednesday the odds of Britain staying in the EU had risen to 40 per cent from 20 per cent, following parliamentary setbacks for May and the likelihood that the European Court of Justice will rule that Britain could unilaterally revoke its EU departure notice.

Before the 2016 referendum, the CBI argued that staying in the EU would be best for Britain's economy.

Whilst the CBI expects real wage growth to recover partially, it predicts living standards will not rise much, due to Britain's failure to tackle persistently weak productivity.

"Brexit has sucked the oxygen from the domestic agenda," Fairbairn said.

Britain will struggle to achieve even modest economic growth next year unless the government secures an orderly Brexit in March, the Confederation of British Industry said on Thursday.

Britain will struggle to achieve even modest economic growth next year unless the government secures an orderly Brexit in March, the Confederation of British Industry said on Thursday. The CBI said the world's fifth-largest economy would grow by 1.3 per cent in 2018, 1.4 per cent in 2019 and 1.6 per cent in 2020, little changed from its previous projections in June. The forecasts were slightly weaker than those of the Bank of England. The CBI said it was assuming that Prime Minister Theresa May wins backing in parliament for her preferred plan for leaving the European Union, something which looks unlikely at a vote due on Dec. 11. "A no-deal scenario would blow these figures out of the water," the CBI's director-general, Carolyn Fairbairn, said, reiterating her organisation's support for May's plan. Last week, the BoE warned that a worst-case Brexit could deal a bigger blow to Britain than the 2008 financial crisis, shrinking the economy by as much as 8 per cent in a year. Economists at US bank JP Morgan said on Wednesday the odds of Britain staying in the EU had risen to 40 per cent from 20 per cent, following parliamentary setbacks for May and the likelihood that the European Court of Justice will rule that Britain could unilaterally revoke its EU departure notice. Before the 2016 referendum, the CBI argued that staying in the EU would be best for Britain's economy. Whilst the CBI expects real wage growth to recover partially, it predicts living standards will not rise much, due to Britain's failure to tackle persistently weak productivity. "Brexit has sucked the oxygen from the domestic agenda," Fairbairn said.

UK economy risks severe damage without orderly Brexit: British industry

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