Bank of England warns UK ‘may be in recession’ as it hikes interest rates
24 September 2022 | 11:15 am
The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent.
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Economic output grew by 0.1% in the last quarter of 2022 compared with the previous quarter, according to an early estimate.
The United Kingdom is experiencing a wave of strikes on a scale not seen since the 1980s under then-Prime Minister Margaret Thatcher. With double-digit inflation, the spiralling cost-of-living crisis means that those on stagnating and low salaries, especially public sector workers, are struggling to make ends meet. This Wednesday, half a million people are expected to go on strike, from teachers to civil servants to train drivers.
Tens of thousands of railway workers, university staff, teachers and civil servants in London have gone on a day of strike on Wednesday, Feb. 1.
The visit comes as Prime Minister Rishi Sunak said the UK will train Ukrainian pilots on "NATO-standard fighter jets.''
The proposed deal would be the largest in tech industry history, handing popular franchises Call of Duty, World of Warcraft and Candy Crash to Microsoft.
The European Commission has revised its economic forecasts upwards slightly, predicting growth of almost 1% in the bloc for 2023. Inflation is expected to slow but remain high, a little more so outside the eurozone.
Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen have jointly announced in-person talks, in London on Monday. This comes amid long-running post-Brexit negotiations on Northern Ireland.
The British prime minister rushed to Northern Ireland a day after his EU agreement to tout the country as "the world's most exciting economic zone." But he needs to convince the unionist DUP to back the agreement.
A Welsh jury found the couple guilty of manslaughter in the negligent death of their handicapped daughter. The teen was found dead on a pile of soiled beddings by shocked authorities in 2020.
Prize organizers said the architect sustained "connections between tradition and innovation." Chipperfield is known for the reconstruciton of old buildings while honoring their history and preserving the environment.
The professional services firm said rising childcare costs were pricing many women out of work. In 2021, childcare costs relative to average income were one of the highest among OECD countries, representing nearly a third of the income of a UK family on an average wage.
It was like an estranged couple agreeing to give themselves another chance. Announcing the "Windsor Framework" in late February, British Prime Minister Rishi Sunak and EU Commission President Ursula von der Leyen were emphatic that the UK and the EU are allies, trading partners and friends.
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