The service sector of Britain posted a 2.8% growth in January, accounting for roughly 80% of the nation's economy. The country's GDP increased by 0.6% during the fourth quarter of 2015.
Chancellor of Exchequer George Osborne in his latest budget has set a £100 million ($141 million) budget for research and development of autonomos vehicle. Driverless cars will be tested on the road next year.
George Osborne has over-shoot the borrowing forecast due to weak economic outlook and poor tax receipts. In order to achieve his self imposed goal, he has been left with only two options for his 2016 budget- cut public expenses or increase taxes. However, the UK chancellor has hinted opting for reducing public expenses while addressing the BBC’s Marr Show.
Chancellor of the Exchequer George Osborne face a hurdle in fulfilling his last year's ambition. In to eliminate budget deficit. Brexit issue and economic slowdown has decimated his plan.
Britain's exit from the European Union will have a negative impact on the economy of the country, according to officials. The UK prime minister pledges to negotiate a better agreement for the nation in the union.
Deutsche Borse confirmed that it is in talks with London Stock Exchange regarding a potential merger. The parties remain hopeful that a possible merger transaction will take place.
Bank of England has many choices to boost Britain's economy. The bank may slack its financial policy on fears that the country may exit the European Union.
The finance minister of Canada, Bill Morneau, is expected to disclose the principal terms of Liberal's first budget on Monday. Morneau's revised budget figures will highlight the problems facing Canada's economy.
Britain is losing its faith in the chancellor George Osborne as he is readying for the annual budget in the midst of global challenges facing the nation's economy. Poor economic conditions prevented the chancellor from achieving his election targets.
Bank of England has been keeping its interest rates at the lowest point at 0.5% since March 2009. However, some signals of the interest rate upsurge will be a shock to some people in Britain.
Amidst a growing threat from Islamic State terrorism, Britain strengthen its defense by spending more budget on defense and security. According to CNN, Britain will beef up its security by purchasing nine new Boeing P8 maritime patrol aircraft for surveillance and anti-submarine warfare,with additional spending of £12 billion ($18 billion).
The Treasury has sold worth of 13 billion British pounds of Northern Rock mortgages to a US private venture firm in what is thought to be the greatest ever budgetary source deal by the European government.
City watchdog the Financial Conduct Authority wasted £3.2 million of taxpayers' money on a deal with Oracle for software that was never used. FCA officials admitted that the agency only required £1 million for a software they needed. But according to reports from This Is Money, the FCA paid a total of £4.2 million for a deal with San Francisco-based tech giant Oracle.
As the onslaught of the stock market tumult continues to wreak havoc on some of Britain's banks, Lloyds and Royal Bank of Scotland lost almost £3 billion from their value.
For a world economy coming to terms with a soaring dollar and a plunge in oil prices, this week will be all about the U.S. Federal Reserve's policy meeting and its intentions on interest rates.