Economy

The consumer price index rose marginally in September with inflation having reached 10.1% as the fall in fuel prices was largely offset by the rising cost of food. The current inflation rate is the highest in 40 years. Multiple U-turns on fiscal policy from the UK government have left experts uncert

Begbies Traynor have warned businesses across Scotland to prepare for further tough times ahead as new research by the firm shows that, in the latest quarter, advanced financial distress among businesses in the country has already started to soar compared with other parts of the UK. The latest

The Scottish Government has set its focus on nurturing economic ties with the US and Canada as currently trade minister Ivan McKee is on a trade visit to the two countries in a bid to strengthen economic connections, attract investment into Scotland and boost exports. It comes the same week as the S

An independent Scotland will adopt a new currency "as soon as practicable" under economic plans unveiled by First Minister Nicola Sturgeon today. A new paper, titled "Building a New Scotland: A stronger economy with independence", sets out the Scottish Government's economic prospectus for independen

The new Chancellor of the Exchequer, Jeremy Hunt, has announced the reversal of most of the tax cuts announced in the preceding chancellor's 'mini-budget'. The measures which were scrapped include:

New figures released by the Office for National Statistics (ONS) have estimated that GDP has fallen by 0.3% in August 2022, after growth of 0.1% in July 2022 (revised down from a growth of 0.2%). The ONS said: "monthly GDP is now estimated to be at the same level as its pre-coronavirus levels (Febru

The Scottish Government has confirmed the members of an expert panel providing advice as part of its emergency budget review (EBR). Sir Anton Muscatelli, Professor Frances Ruane and Professor Mike Brewer will assess the impact on Scotland of the UK Chancellor’s fiscal approach and held their f

Over ten banks and building societies have removed over 1000 mortgage products and limited other products amid economic uncertainty and fear of an imminent interest rate hike.

The Bank of England and HM Treasury released updates as the Pound fell greatly in value following the government's fiscal announcements. The Chancellor of the Exchequer, Kwasi Kwarteng, announced that he will outline further regulatory reforms to the UK’s financial services in the next mo

The Pound Sterling has continued to lose value against the US Dollar since the Friday Mini Budget, falling over 4% and reaching a record low of $1.03.

Today, Kwasi Kwarteng, the chancellor of the Exchequer revealed his fiscal plans in his emergency 'Mini Budget' aimed at boosting the economy to reach his 2.5% growth target. Mr Kwarteng's announced tax cuts and reforms, "the biggest package in generations", were met with mixed reactions.

The Bank of England (BoE) has raised interest rates again, from 1.75% to 2.25%, as it attempts to curb rising inflation and return to its standard 2% target. The vote was close as the bank’s Monetary Policy Committee (MPC), by a majority of 5-4, passed the measure to increase the bank rate by

The Office for National Statistics (ONS) has reported a fall in retails sales volume of 1.6% for August continuing a downward trend since summer 2021 and significantly worse than expectations. This follows the lifting of restrictions on hospitality which has likely caused a shift in where consu

The new UK government has ordered the treasury to audit existing and new anti-obesity policies which were to be introduced next month. The sugar tax, officially known as the Soft Drinks Industry Levy (SDIL), was introduced in 2018 as a measure to deter people from consuming unhealthy drinks high in

As the the recent increases in petrol prices slightly unwound, the Consumer Price Index (CPI) recorded a 0.2% drop in inflation for August, bringing inflation to just below 10% at 9.9%. The drop was largely influenced by a 6.8% month-to-month fall in petrol prices, but at the same time food prices r