Economics

The UK has nine out of the ten poorest regions in northern Europe, with suggestions that the rapid industrial decline brought about under Margaret Thatcher is chiefly responsible for creating pockets of poverty in one of the World's richest economies. West Wales, Durham and Tees Valley, South Yorkshire and Northern Ireland all rank highly as the poorest areas in Europe in a report by Inequality Briefing. The report notes that despite Britain having a similar economic make-up to its northern European...

The UK parliamentary constituencies most at risk from Donald Trump’s steel tariffs have been revealed in new analysis. Trump protectionist administration has slapped a 25 per cent tariff on steel and a 10 per cent tariff on aluminium, citing national security interests. Britain's steel industry directly contributes £2 billion to the economy every year, official figures show. In total, more than a billion pounds are paid in wages to steelworkers across the country each year. That adds up to more than...

The UK economy has been hit with some depressing economic statistics…and it can’t be blamed on the “beast from the east.” In the first quarter of 2018 GDP growth was a tiny 0.1% reported the Office for National Statistics. Household spending has been weak and business investment at reduced levels has meant that this is the worst performance for the economy for five years. The construction industry declined by 2.7% and business investment fell by 0.2%. These figures will heighten...

The Institute for Fiscal Studies and Health Foundation said the NHS would need an extra 4% a year - or £2,000 per UK household - for the next 15 years. The report said the NHS has been struggling to cope after the toughest financial constraints in its 70-year history had been imposed on the service. Niall Dickson, chief executive of the NHS Confederation, which commissioned the report and represents 85% of NHS bodies, said: “This report is a wake-up call. And its...

Mark Carney, governor of the bank of England has indicated that Brexit has already hit the UK economy and it hasn’t even happened yet. Carney said that Brexit has taken two per cent off the size of the economy in the UK and has left each household £900 worse off. He described this amount as “a lot of money.” The Bank of England boss has compared forecasts from before the referendum, assuming that remain had won the national vote. Carney...

A group of MPs have signalled that dodgy Russian money flowing into the British banking sector is harming UK national security. Even after Salisbury attack, it appears to be business as usual, and the flow of illicit money has continued regardless of the tough talk from the highest levels of government. The MPs have called upon the British government to take stronger action to halt money laundering by ‘kleptocrats and human rights abusers.” The foreign affairs select committee said the...

What have the Conservatives got against the UK shipbuilding industry, asks GMB? GMB, the union for shipbuilding workers, says the Conservative Government must not be allowed to downgrade the Royal Navy any more by ‘sneaking’ out of their obligation to build three Royal Navy Auxiliary vessels. The Ministry of Defence today announced it may only commission two new Fleet Solid Support ships – rather than the three that were expected. The new ships are required to replenish the UK’s £6.3 billion...

With the surprise announcement by President Trump to impose tariffs on steel and aluminum, many countries have been scrambling to deal with the potential ramifications. Trump has since exempted the European Union, as well as Argentina, Australia, Brazil, Canada, Mexico and South Korea. But what does this mean for EU trade with China? And how does it affect the United Kingdom? When Trump announced his plans to impose tariffs of 25 percent on imported steel and 10 percent on aluminum,...

The Labour leader Jeremy Corbyn has called for all Navy vessels to be built in the UK. There has been speculation that a £1bn contract for three new Royal Fleet Auxiliary support ships could go to a foreign shipyard. The Ministry of Defence contract is expected to go out to international tender later this month. Visiting Glasgow, the Labour leader said building the ships somewhere in the UK could secure more than 6,500 jobs - 1,800 of these in shipyards....