7 h. ago UK economy shrinks in January; stocks and euro jump on German debt deal – as it happened

UK economy unexpectedly contracts by 0.1% in January in blow to the chancellor ahead of spring statement; Friedrich Merz declares: ‘Germany is back’Let’s look at the GDP figures in more detail.The 0.9% drop in production output in January, which came after 0.5% growth in December, was mainly caused by a 1.1% slump in manufacturing while mining and quarrying also declined. Basic metals and metal products were down along with pharmaceutical products. Continue reading...

Economics

7 h. ago UK economy shrinks in January; stocks and euro jump on German debt deal – business live

UK economy unexpectedly contracts by 0.1% in January in blow to the chancellor ahead of spring statement; Friedrich Merz declares: ‘Germany is back’Let’s look at the GDP figures in more detail.The 0.9% drop in production output in January, which came after 0.5% growth in December, was mainly caused by a 1.1% slump in manufacturing while mining and quarrying also declined. Basic metals and metal products were down along with pharmaceutical products. Continue reading...

Economics

11 h. ago What is a recession? UK sees 0.1% fall in GDP ahead of Rachel Reeves' spring statement

Recession fears loom as the UK economy unexpectedly shrank at the beginning of the year

Politics

12 h. ago New calls to ‘stop taxing the State Pension’ ahead of Spring Statement

More than 81,000 people have signed an online petition urging Chancellor Reeves to raise the £12,570 Personal Allowance for pensioners.

Economics

12 h. ago Shrinking economy offers unhelpful backdrop for Rachel Reeves’s growth push

GDP goes in wrong direction as chancellor puts final touches to fiscal plansUK economy shrinks unexpectedly in blow to ReevesFor a government that has made growth its overriding mission, the 0.1% decline in GDP in January signalled by the Office for National Statistics will be depressing news.As Rachel Reeves prepares to announce her spring statement on 26 March, the economy appears to be going in the wrong direction – underlining the fact that the Office for Budget Responsibility is likely to have presented her with notably weaker forecasts than in October. Continue reading...

Politics

12 h. ago Chancellor ‘determined to turn around’ economy amid surprise fall in GDP

Figures revealed a surprise contraction in the economy in January, in a blow to Rachel Reeves ahead of her spring statement.

Politics

14 h. ago UK economy unexpectedly shrank by 0.1% in January in blow to Rachel Reeves

The slowdown in January piles further pressure on Rachel Reeves and Sir Keir Starmer ahead off this month’s spring statement

Politics

38 h. ago Why Keir Starmer’s government is seeking to cut benefits bill

Labour targeting sickness and disability benefits which have ballooned amid an increasingly ageing and unwell population Keir Starmer’s government is aiming to cut billions of pounds from welfare spending before the spring statement.The prime minister has warned that Britain’s benefits system is the “worst of all worlds”, before the government publishes a green paper on sickness and disability benefit reform next week. Starmer faces the biggest rebellion of his premiership over the plans. Continue reading...

Politics

38 h. ago Why is Keir Starmer’s government seeking to cut the benefits bill?

Labour targeting sickness and disability benefits that have ballooned amid increasingly ageing and unwell populationKeir Starmer’s government is aiming to cut billions of pounds from welfare spending before the spring statement.The prime minister has warned that Britain’s benefits system is the “worst of all worlds”, before the government publishes a green paper on sickness and disability benefit changes next week. Starmer is facing the biggest rebellion of his premiership over the plans. Continue reading...

Politics

46 h. ago Rachel Reeves delays plans to reform cash ISAs until after her Spring Statement

The Chancellor was said to be considering the idea of reducing the amount that can be saved into cash Isas annually to encourage people to direct more money into stocks and shares.

Politics

57 h. ago Reeves delays plan to reform cash Isas until after Spring Statement

City executives have urged chancellor to lower cap on tax-free savings

Politics

62 h. ago New calls to make State Pension payments exempt from income tax

The Personal Allowance will remain frozen at £12,570 until the 2028/9 financial year.

Economics

4 d. ago More support for people in ill health to stay in work ‘could save UK £1bn’

Commission for Healthier Working Lives warns against cutting benefits and calls for proactive route for 8m affectedProviding more support for people in ill health to stay in work could save the UK government more than £1bn, according to a report warning ministers against cutting benefits.As the chancellor, Rachel Reeves, looks for savings before the 26 March spring statement, the cross-sector Commission for Healthier Working Lives has called for a new approach to supporting the 8 million people in Britain with a work-limiting health condition. Continue reading...

Economics

4 d. ago Labour MP warns against ‘draconian cuts’ ahead of expected welfare reforms

Reforms to the welfare system are expected ahead of the Spring Statement at the end of this month.

Events

6 d. ago Labour told benefits ‘not a lifestyle choice’ as Reeves refuses to rule out PIP cut

Chancellor Rachel Reeves is expected to cut welfare spending in her Spring Statement later this month

Politics

8 d. ago Rachel Reeves budget: What’s in and out of chancellor’s ‘austerity 2’ spring statement

News analysis: In less than three weeks Rachel Reeves will deliver her spring statement to the country - an event which is already shaping up to being a second Budget

Politics

8 d. ago Reeves says she DOES want to cut benefits and hints that 'NEETs' will be targeted as part of drive to save £5bn

Chancellor Rachel Reeves said reducing the welfare bill is the 'right thing to do' as she battles to avoid the need for tax rises at the Spring Statement later this month.

Economics

8 d. ago Reeves warned there is 'not a hope in hell' work coaches plan will slash £5bn from welfare and stave off fresh tax hikes as ministers panic over calls for cuts

Rachel Reeves is facing a battle to avoid the need for tax rises at the Spring Statement later this month, after stalling growth and rising debt interest costs laid waste to her plans.

Economics

8 d. ago DWP confirms plans to change PIP includes payments, eligibility and decision

The DWP will announce plans to ‘transform the entire PIP service’ before the Spring Statement this month.

Economics

8 d. ago Fresh austerity cuts to DWP benefits eyed by Reeves ahead of Spring Statement

The Chancellor's room for manoeuvre is believed to have been wiped out by global turmoil and sluggish economic growth

Politics