Pandemic causes UK economy to suffer record annual slump
Video Credit: ODN - Duration: 00:27s - Published
Pandemic causes UK economy to suffer record annual slump
The UK's economy shrunk faster than at any point in 100 years in 2020, as gross domestic product (GDP) dropped by 9.9%, according to new data from the Office for National Statistics.
"Today's figures show last year our economy experienced a significant shock" said Chancellor Rishi Sunak.
He added that despite "some signs of resilience over winter, what's clear is right now many families and businesses are experiencing hardship".
The Chancellor said he will set out the "next stage" of his "economic response" at the budget in early March.
Report by Thomasl.
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Prime Minister Rishi Sunak promises to “sit there and vote” until his Rwanda Bill is passed on Monday.
Report by Ajagbef. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Prime Minister Rishi Sunak has insisted his Rwanda plan will finally get through parliament on Monday, telling reporters: "We will sit there and vote until it's.. Sky News
Rishi Sunak hopes to strip GPs of their power to sign people off work as part of a plan to tackle what he calls the UK's "sick note culture".
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Rishi Sunak is to call for an end to the "sick note culture" in a major speech on welfare reform - as he warns against "over-medicalising the everyday challenges.. Sky News
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
Former SNP chief executive Peter Murrell has been charged by police as part of a probe into the party's finances. The husband of Scotland’s former first minister Nicola Sturgeon was charged on Thursday in connection with the alleged embezzlement of funds. First Minister Humza Yousaf says the development is “a really serious matter indeed.” It comes more than a year after 59-year-old Murrell was originally arrested as part of the investigation known as Operation Branchform. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Almost a billion people will head to the polls over the next six weeks in the world’s biggest general election. The economy, startups, paid maternity, and the rights of minorities are some of the key issues being debated in a campaign dominated by Prime Minister Narendra Modi’s Bharatiya Janata Party and the opposition coalition fronted by Rahul Gandhi. In the UK, a Channel 4 News survey of 500 people tests how British Indians feel about politics in their ancestral homeland. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Labour leader Sir Keir Starmer has refused to comment on whether the party has provided funding for tax or legal advice for his deputy Angela Rayner’s tax affairs. Mr Starmer said, “I have said I am absolutely pleased to be out with Angela today, and that is the focus that she has, that is the focus that I have had.”
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Former Scottish first minister Nicola Sturgeon has said the situation has been "incredibly difficult" after her husband, former SNP chief executive Peter Murrell, was charged in connection with an alleged embezzlement of funds.
Report by Ajagbef. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
First Minister of Scotland Humza Yousaf has said the news that former SNP chief executive Peter Murrell has been charged in connection with embezzlement of funds is a "really serious matter indeed".
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