Economy

Experts have said the Bank of England's Monetary Policy Committee may not increase interest rates by a further 50 basis points (bps) as previously expected, due to the likelihood of a deep recession lessening.

Fears grow of a worse recession than previously thought as experts predict lower GDP growth for the next three years.

The governor of the Bank of England (BoE), Andrew Bailey, has suggested that the base rate will peak at 4.5%, down from a previously expected 6% or higher. The UK economy is will still enter a recession but the BoE's newest projections show that inflation is set to fall rapidly from spring.

The consumer prices index rate of inflation has decreased to 10.5% in December from 10.7% in November, according to the latest figures from the Office for National Statistics (ONS). The rate was slightly lower than the forecast 10.6%, and continues the downward trend from 11.1% in October, suggestin

New figures from the Office for National Statistics (ONS) have shown that the UK's GDP grew by 0.1% in November, driven by an increase in the services sector. The growth was attributed to temporary factors such as the beginning of the men's football World Cup, which boosted activity in the food and

Sentiment among financial services recovered in the three months to December (+10% from -55% in September), despite gloomy expectations for activity in the quarter ahead, according to the latest CBI/PwC financial services survey.

Typical household disposable incomes for working-age families are on track to fall by 3% this financial year, and by 4% next year, with the two-year cost-of-living squeeze set to leave families £2,100 worse off and only the very richest households seeing their incomes rise, according to new re

Economic confidence has risen slightly in December to -58, up from -64 in November, according to the IoD Directors’ Economic Confidence Index, which measures business leader optimism in economic prospects. There were also slight improvements in expectations for revenue, employment, investment

Edinburgh and Glasgow are set to see their local economies be amongst the fastest growing as the UK emerges from recession in the second half of 2023, according to a new study by law firm Irwin Mitchell.

In November, UK credit card borrowing reached its highest level since 2004 as pressure mounts on households from rising living costs.

Two-thirds of Scots plan to reduce their non-essential spending in 2023, according to research released by KPMG.

Scotland’s GDP is estimated to have fallen by 0.1% in Q3 compared to the previous quarter, and increased 0.4% month-on-month in October, according to statistics announced by the chief statistician.

Business confidence in Scotland fell nine points during December to 15% but overall economic positivity has increased, according to the latest Business Barometer from Bank of Scotland Commercial Banking.

Expert analysis has shown the UK economy will shrink by 1.3% in 2023, amidst a relatively shallow but protracted recession, and will be followed by a partial recovery in 2024, which could see GDP rise by 0.2%. According to KPMG’s latest UK Economic Outlook, elevated inflation and rising intere

A new report has said the outlook for Scotland’s budget in 2023-24 has become more challenging due to factors wholly outwith the control of the Scottish Government, but there are decisions that Deputy First Minister John Swinney can make to ease the path ahead for Scotland. In its pre-budget r