Business Update – 20 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK business growth rebounds to six-month high

UK business growth increased to a six-month high this month and boosted hopes that the economy will dodge a recession, according to an influential survey.

Petrol prices fall to lowest level in two years

Petrol prices have fallen to lowest level at the pumps on average for more than two years, the RAC has said. A litre of unleaded costs about £1.43 on average, a price which was last seen at UK forecourts in October 2021.

What does Bank of England interest rates decision mean for my mortgage and savings?

The Bank of England has chosen to hold interest rates at a 15-year high as it seeks to bear down on inflation. The central bank’s Monetary Policy Committee opted for a third consecutive time to keep its base rate at 5.25 per cent, after opting to hike the cost of borrowing 14 times in a row.

UK pay growth slows but BoE seen keeping rates high

British wage growth slowed by the most in almost two years, official data showed, but pay is probably still rising too fast for the Bank of England to relax its tough stance against cutting interest rates.

UK economy seen at risk of recession after fall in output

Data published by the Office for National Statistics reveal that the UK economy went into reverse in October.

Industry experts react to UK Labour Market Statistics

Following the latest UK labour market statistics that saw pay (including bonuses) rise 7.2% in the three months to October, but unemployment remain unchanged at 4.2%, industry experts and financial professionals have shared their thoughts.

Higher interest rates and bad weather blamed for shrinking economy

The UK’s economy shrank by more than expected in October, with higher interest rates and bad weather restricting growth, according to the latest figures published today.

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