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Economy
UK economy contracts by 9.9% in 2020, largest-ever annual fall in GDP
February 12, 2021 09:44 AM GMT| By Kunal SawhneyThe UK economy recorded the “largest-ever” annual fall with the GDP slipping by 9.9 per cent in the pandemic-laden calendar year, as per latest figures from the Office for National Statistics. The UK GDP saw a growth of 1 per ce.....
What does EU proposal to delay application of post-Brexit trade deal means for Britain?
February 12, 2021 08:16 AM GMT| By Kunal SawhneyThe European Commission has asked its member states to delay the applications of the post-Brexit trade deal with UK till April. On Tuesday, the proposal to extend the deal was sent for approval after which it will be sent to a joint council l.....
Is the UK economy poised for a sharp turnaround?
February 12, 2021 07:41 AM GMT| By Kunal SawhneyAndy Haldane, chief economist at the Bank of England, has said that the current state of the UK economy is like a coiled spring bursting to release a huge amount of pent-up financial energy. Consumer confidence would surge back with full fo.....
What Does RICS’ Latest Survey Say About Property Prices in the UK
February 11, 2021 10:48 AM GMT| By Team Kalkine MediaThe third lockdown imposed in the UK has cast a shadow on its property market. In its monthly survey RICS (the Royal Institution of Chartered Surveyors) stated that after a seven-month of continuous rise in new buyer enquiries, January recorded a d.....
Why is Mastercard supporting cryptocurrencies on its network?
February 11, 2021 10:13 AM GMT| By Team Kalkine MediaCredit card payments company Mastercard (NYSE: MA) announced that it would allow cardholders to transact using some cryptocurrencies on its platform starting later this year. The financial services giant is the latest in various other companies to .....
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Why UK’s local county council is reconsidering its coal mine permission
February 11, 2021 09:03 AM GMT| By Team Kalkine MediaSummary The West Cumbria County Council said it will be reconsidering approving a new coal mine, which was set to be the first UK coal mine in 30 years. The local authority has taken this decision based on the governmen.....
Why Bank of Canada Calls Crypto Boom A Speculative Mania?
February 11, 2021 07:35 PM AEDT| By Ipsita SarkarThe recent surge of cryptocurrencies has caught the imagination of people from around the world. But not all are amused. A senior official of the Bank of Canada dubbed the crypto rally a speculative mania that would soon run out of steam. The ban.....
UK exporters facing Brexit-related hurdles, says study
February 11, 2021 08:02 AM GMT| By Team Kalkine MediaAlmost half of British businesses exporting goods have run into trouble due to Brexit transition regarding trade terms with the European Union, a British Chamber of Commerce study has stated. As per the report, 49 per cent of the goods exporters an.....
Why are the UK finance tax receipts projected to drop this year?
February 10, 2021 07:59 AM GMT| By Team Kalkine MediaA report released by the City of London Corporation has stated that the amount of tax contribution from the British financial sector for 2020-21 is uncertain due to the double blow of the pandemic and Britain’s exit from the Europea.....
Why Labour is asking Sunak to extend Covid-19 support to the businesses
February 09, 2021 07:58 AM GMT| By Team Kalkine MediaThe Labour party has urged Chancellor of the Exchequer Rishi Sunak to extend the support for ailing companies after March, when much of it is slated to expire. The party has warned that businesses could face a £50-billion&.....
How price cap removal on energy bills will affect consumers
February 08, 2021 09:06 AM GMT| By Team Kalkine MediaSummary Energy regulator Ofgem is planning to lift its price cap on energy tariffs from 1 April, which would impact about 15 million households. The hike aims to offset the rise in gas prices and aid energy companies recoup Covid-related unpaid.....
Court Directs Insurance Group to Compensate Irish Pubs for Pandemic Closures
February 07, 2021 12:25 AM GMT| By Kunal SawhneySummary In a landmark decision by the Ireland High Court, FBD Insurance Group has been ordered to pay four pub owners for the losses incurred due to the disruption caused by Covid-19 pandemic. The judgment is expected to benefit more than thou.....
UK Retail Footfall Plummets Amid the Third Lockdown
February 05, 2021 10:55 AM GMT| By Kunal SawhneyThe lockdown 3.0 has led to a substantial decline of 76.9 per cent in the number of store visitors during January in contrast to the previous lockdown in the country. According to the UK’s apex trade association British Retail Consort.....
Be prepared for negative rates in six months: BoE tells banks
February 05, 2021 07:59 AM GMT| By Team Kalkine MediaThe Bank of England has told the banks to be ready for negative interest rates in the next six months. The Monetary Policy Committee (MPC) has asked the Prudential Regulatory Authority, the national regulatory body for the British banks,&.....
In A First, UK Launches Covid-19 Alternating Vaccine Study
February 04, 2021 05:35 PM GMT| By Kunal SawhneyThe United Kingdom launched the world’s first alternating Covid-19 vaccine dose study on Thursday under which the feasibility of different vaccine shots will be examined. Under the schema of study, individuals will be administ.....
Bank of England to update the market about the negative rates today
February 04, 2021 08:14 AM GMT| By Team Kalkine MediaWhile the Monetary Policy Committee of Bank of England (BoE) is expected to leave the bank rate unchanged in its latest announcement on Thursday, it is expected to provide an update on its negative rate project. This is the first time th.....
Energy Consumers in The UK Willing to Adopt Sustainability: Survey
February 03, 2021 12:02 PM GMT| By Kunal SawhneyGlobal consulting firm EY in a survey came across startling facts regarding the changing consumption pattern in the UK’s energy sector. According to the survey findings, more customers are factoring sustainability while choosing energy-relate.....
Why private house approval hit a new high in December 2020
February 03, 2021 02:38 AM GMT| By Team Kalkine MediaThe private sector house approvals surged for the sixth straight month in December and hit a record high amid robust demand due to stimulus measures and low-interest rates. While the approvals for private houses jumped 15.8 per cent in December, dw.....
UK Seeks to Join the Trans-Pacific Trade Group, A Year After Exiting EU
February 01, 2021 01:34 PM GMT| By Hina ChowdharyThe United Kingdom formally applied to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) trading bloc on Monday to increase its trade partnership with the Asia-Pacific region. The move follows after the UK exited the .....
Make UK urges the British government to address Brexit border delays
February 01, 2021 09:31 AM GMT| By Team Kalkine MediaMake UK, the manufacturers’ union of the United Kingdom, has urged the government to address Brexit border delay issues that have been causing supply chain disruptions for British companies. (I.....
