Tausi Insider

Pedestrians pass a souvenir shop on Oxford Street, in London, on Nov. 11. Kirsty Wigglesworth/The Associated Press Britain’s economy shrank in the three months to September at the start of what is likely to be a lengthy recession, underscoring the challenge for finance minister Jeremy Hunt as he prepares to raise taxes and cut spending next week. Economic output shrank by 0.2 per cent in the third quarter, less than the 0.5 per cent contraction analysts had forecast in a Reuters poll, Friday’s official data showed. But it was the first fall in gross domestic product since the start of 2021, when Britain was still under tight coronavirus restrictions, as households and businesses struggle with a severe cost-of-living crisis. Britain’s economy is now further below its pre-pandemic size – it is the only Group of Seven economy yet to recover fully from the COVID slump – and is smaller than it was three years ago on a calendar-quarter basis. The Resolution Foundation think tank said that ...

People shop at market stalls in east London, on Jan. 23, 2021. HENRY NICHOLLS/Reuters Surging household energy bills and food prices pushed British inflation to a 41-year high, data showed a day before finance minister Jeremy Hunt announces “tough but necessary” tax hikes and spending cuts to control price growth. Consumer prices rose 11.1 per cent in the 12 months to October, the most since October 1981 and a big jump from 10.1 per cent in September, the Office for National Statistics said on Wednesday. Economists in a Reuters poll – many of whom think inflation is probably peaking around now – had forecast inflation would rise to 10.7 per cent. Inflation would have risen to around 13.8 per cent in October had the government not intervened to limit the price of household energy bills to £2,500 ($2,960) a year on average, the ONS said. In response to the data, Hunt – who is due to outline a new budget on Thursday – said “tough but necessary” decisions were required to tackle rising p...

Railway workers picket outside Lime Street Station, in Liverpool, Britain, on Dec. 13. PHIL NOBLE/Reuters The United Kingdom recorded the highest number of working days lost to labour disputes in October for more than 10 years, official data showed on Tuesday, as employees went on strike to demand higher pay in the face of soaring inflation. The data comes as more than 40,000 railway workers begin their latest round of walkouts on Tuesday in a long-running dispute over pay and conditions, causing widespread disruption to the country’s transport network. The Office for National Statistics said 417,000 working days were lost to strikes in October, the highest since November 2011 when just under a million days were lost due to public sector workers walking out in a row over pension reforms. Between June and October this year, more than 1.1 million working days were lost, the ONS figures showed, the highest in a five-month period since early 1990. Workers across a range of sectors have g...

Railway workers picket outside Lime Street Station, in Liverpool, Britain, on Dec. 13. PHIL NOBLE/Reuters The United Kingdom recorded the highest number of working days lost to labour disputes in October for more than 10 years, official data showed on Tuesday, as employees went on strike to demand higher pay in the face of soaring inflation. The data comes as more than 40,000 railway workers begin their latest round of walkouts on Tuesday in a long-running dispute over pay and conditions, causing widespread disruption to the country’s transport network. The Office for National Statistics said 417,000 working days were lost to strikes in October, the highest since November 2011 when just under a million days were lost due to public sector workers walking out in a row over pension reforms. Between June and October this year, more than 1.1 million working days were lost, the ONS figures showed, the highest in a five-month period since early 1990. Workers across a range of sectors have g...