Economy

 

Factbox: Osborne to cut spending in post-election budget

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LONDON - Chancellor George Osborne will spell out his plans to reshape the country's economy when he announces the first budget of the new Conservative government on Wednesday.

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UK May industrial output jumps on oil boost, but manufacturing weak 07 Jul 2015

LONDON - British industrial output unexpectedly rose thanks to strong oil and gas production but manufacturing fell, underscoring a challenge for Chancellor George Osborne before Wednesday's budget statement.

NIESR estimates economy grew 0.7 percent in second quarter 07 Jul 2015

LONDON - Britain's economy picked up speed in the second quarter after a slow start to the year, forecasters at the National Institute for Economic and Social Research said on Tuesday.

Britain depends increasingly on services sector to drive growth - BCC 07 Jul 2015

LONDON - Britain was more heavily dependent on services companies to drive its economy during the second quarter as manufacturing growth ebbed, according to a business survey that said greater efforts are needed to boost investment and exports.

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Osborne says he has found 12 billion pounds of welfare cuts 06 Jul 2015

LONDON - Chancellor George Osborne on Sunday said he had found all 12 billion pounds of welfare cuts he needs as part of his plan to balance the current budget by 2017/18, speaking ahead of his budget announcement on Wednesday.

UK new car registrations rocket 12.9 percent in year to June - SMMT 06 Jul 2015

LONDON - British new car registrations in June rose by 12.9 percent year-on-year to 257,817 vehicles, which marked the best half-year performance on record, an industry body said on Monday.

UK private-sector growth falls to six-month low in June - CBI 06 Jul 2015

LONDON - Growth in Britain's private sector eased to its lowest level since the end of last year during the three months to June, although optimism among companies surged, according to the Confederation of British Industry.

Cameron sets out plans to cut inheritance tax on homes 06 Jul 2015

LONDON - Prime Minister David Cameron outlined plans on Saturday to accelerate house-building over the next five years and raise the inheritance tax threshold on family homes to the psychologically important one million pound mark.

Investment appetite rebounds in post-election Britain - Deloitte 06 Jul 2015

LONDON - British firms' appetite for risk has increased since the general election in May, a survey of finance directors showed on Monday, with businesses confident that Prime Minister David Cameron will be able to negotiate better ties with the European Union before holding a referendum on whether the UK should stay or leave.

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Conservatives see best chance in 18 years to cut welfare bill 03 Jul 2015

LONDON - Prime Minister David Cameron's Conservatives have their best chance in almost two decades to remould Britain's economy next week, in their first budget statement after an unexpectedly decisive election victory.

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