The UK’s economy shrank at its fastest rate since the 1920s last year, as the pandemic forced thousands of businesses to remain closed for several months.The Office for National Statistics revealed that gross domestic product (GDP) dropped by 9.9%.However, after registering 1.2% growth in December, despite strong restrictions across large parts of the country, the economy looks set to avoid what could have been its first double-dip recession since the 1970s.
Chief Secretary to the Treasury Laura Trott says the drop in inflation is not an accident but the result of the government's 'hard work' and 'deflationary’ spring Budget.
New figures from the Office for National Statistics show the rate fell to 3.2% in the year to March. Report by Alibhaiz. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor Jeremy Hunt says the latest GDP figures that show that 2023’s recession was slightly weaker than originally thought are a “testament to the resilience of the economy”. Figures released by the Office for National Statistic revealed the economy shrunk for two quarters in a row, but the total contraction over that six-month period dropped from 0.5% to 0.4%. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Jonathan Reynolds says he welcomes last month’s drop in inflation but insists people are ‘still worse off after 14 years of Conservative government’. Speaking on the day the Office for National Statistics confirmed inflation fell to 3.4% in February, the shadow business secretary also suggested a cut in interest rates was unlikely, due to ongoing ‘uncertainty, particularly around the Red Sea’. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Work and Pension Secretary Mel Stride said the latest employment statistics are "a step in the right direction." The latest figures from the Office of National Statistics revealed unemployment rose and wage growth slowed in the three months to January. However, Mr Stride pointed out: "We've still got a record level of payroll employment and we're seeing real wages rising for the eighth month in succession. This is really because our plan is working." Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The cost-of-living crisis and the end of the Covid-19 pandemic have been reflected in the Office for National Statistics’ ‘basket of goods’, which measures the UK’s inflation rate. A pint of Guinness and hand sanitiser have been removed whilst gluten-free bread and air fryers are in. Vinyl records have made a return to the basket after a 32-year absence, thanks in part to the success of a Taylor Swift album. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
A look at the key figures and dates in the world of politics on February 28 as the Chancellor announced a £5 billion grant scheme to help businesses reopen as the lockdown is eased.Rishi Sunak will..
Credit: PA - Press Association STUDIO Duration: 00:47Published
Airbnb’s CEO Brian Chesky says his company is preparing for what they believe will be a “meaningful travel rebound” after seeing bookings drop 41% in 2020 due to the pandemic.
Lockdown winners could become post-pandemic losers. Airbnb and DoorDash signaled very different possible paths forward after the pandemic ends. CNN’s Paul R. La Monica reports
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