The department’s initial estimates already predicted that Britain’s output would fall more than the "Great Frost" of 1709.
The ONS regularly updates its GDP estimates as new data comes in.
Their updated figures show lower contributions from retail and
healthcare than expected.
.
The health service faced higher costs than we initially estimated, meaning its overall contribution to the economy was lower, ONS statistician Craig McLaren, via Reuters .
Due to high inflation, the Bank of England predicts the economy will
go into recession later this year.
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
The governor of the Bank of England has signalled the UK is still on course for an interest rate cut as official figures show a further easing in the pace of.. Sky News
Chief Cashier of the Bank of England Sarah John has welcomed the new bank notes featuring a portrait of His Majesty The King. The King welcomed Mrs John and Governor of the Bank of England Andrew Bailey to Buckingham Palace, where he was presented with £5, £10, £20 and £50 notes. These are the first notes which feature the image of His Majesty. Mrs John said it's "a great pleasure to be able to show the King what he's going to look like on the bank notes of the future." Mrs John revealed the bank notes will be released to the general public on the 5th of June. Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The King welcomed Bank of England Governor Andrew Bailey to Buckingham Palace, who presented him with the first bank notes featuring his portrait as monarch. The portrait of His Majesty which appears on the notes is based on a portrait that was provided by the Palace to the Bank of England.
Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Bank of England has voted to keep interest rates unchanged, but showed what was perhaps the clearest sign in years that cuts could come in the months ahead. Bank governor Andrew Bailey said the economy is “not yet at the point” where rates can be lowered, but things are “moving in the right direction”. For the first time since September 2021, no-one on the nine-person decision-making body that sets interest rates voted for an increase.
Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor Jeremy Hunt announces UK inflation fell to the lowest level in more than two years, to 3.4%. He would not be drawn on whether the fall would allow him to announce pre-election tax cuts in an autumn statement. Mr Hunt said: “What I’m really saying is that as inflation gets closer to its target, that opens the door for the Bank of England to consider bringing down interest rates, that brings down mortgage rates, that makes a very big difference. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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