Articles
Bank of England boss has economic concerns
The Governor of the Bank of England (BoE), Andrew Bailey, has sounded the alarm on the UK’s economic growth outlook. He believes the potential for the UK to experience economic growth in the near future is lower than it has been across much of his working life, also citing that interest rates are unlikely to come down any time soon.
What the Autumn Statement means for you and your money
Chancellor Jeremy Hunt has made his Autumn Statement, which will affect – to some degree - the personal finances and economic prospects of everyone across the nation. We’ve cherry-picked some of the most notable inclusions from the Autumn Statement and explained what this could mean for you. All information below is collated from the government’s official announcement.
Inflation Down to 4.6%
The UK’s rate of inflation for October was recorded as 4.6%, which is the slowest rate of inflation for around two years1. It is a significant drop from the 6.7% reading from the previous month and is a sign that inflation is closer to being under control.
Largest number of firms going bust since 2009
There has also been a notable rise in companies at serious risk of going bust. Firms that are considered in “critical financial distress” are said to be up by 25% over the third quarter of 2023 compared to the same period a year ago.
UK inflation remains at 6.7%
After the ONS released data showing that the UK’s inflation rate remained unchanged, industry experts have been discussing what this could mean for the Bank of England’s base rate of interest.
