Tag: United Kingdom

Britain and the United States are poised to agree to zero tariffs on pharmaceutical products, with an announcement due at the White House on Monday, according to two sources familiar with the matter.

Shares in British betting and gaming firms tumbled on Wednesday after the Office for Budget Responsibility said finance minister Rachel Reeves is set to increase gambling duties in her budget, raising fears of steep costs restricting industry growth.

British Finance Minister Rachel Reeves announced on Wednesday a reduction in the annual tax-free limit for cash investments in Individual Savings Accounts (ISAs) from £20,000 to £12,000 ($15,800), effective from 2027.

The U.K.’s inflation rate cooled to 3.6% in October, marking one of the last major economic data releases ahead of the government’s Autumn Budget next week.

British inflation in August held at 3.8%, official data showed on Wednesday, the highest among major advanced economies and reinforcing expectations that the Bank of England will not cut interest rates until next year.

Norway said on Sunday it had chosen Britain as its strategic partner for the acquisition of new frigates in its biggest ever military investment, in a deal worth some 10 billion pounds ($13.51 billion) to boost the Nordic country’s maritime defence.

The U.K.’s annual inflation rate hit a hotter-than-expected 3.8%in July, according to data released by the Office for National Statistics (ONS) on Wednesday.

Britain’s annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6% in June, official figures showed on Wednesday, slightly dampening expectations for further cuts in Bank of England interest rates.

The U.K. economy bounced back into growth in the first quarter of 2025, the final reading of gross domestic product data confirmed Monday, but uncertain times lie ahead.

UK retail sales fell at the fastest rate in more than a year last month, as food and clothing sales slumped and shoppers cut back on alcohol and tobacco spending, figures show.

British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East.

The U.K. economy shrank sharply in April as global trade tariffs and domestic tax rises kicked in, data showed Thursday.

Nvidia CEO Jensen Huang poured praise on the U.K. on Monday, promising to boost investment in the country’s artificial intelligence sector with his multitrillion-dollar semiconductor company.

U.S. tariffs entered the spotlight once again in Europe on Wednesday as U.S. President Donald Trump’s 50% levy on steel and aluminum imports to the U.S. came into effect.

Confidence among British retailers fell at the sharpest pace in five years and a decline in sales volumes gathered pace as stores expect conditions to worsen, a Confederation of British Industry survey showed on Tuesday.

The U.K. and European Union announced a landmark deal to reset relations Monday after Britain’s acrimonious exit from the bloc in 2020.

Following a recent analysis by Barclays using their proprietary UK Spend Trends 2.0 signals, UK consumer spending has shown a year-on-year (YoY) increase of 4.4% in the four weeks leading up to April 4.

Supermarkets performed well in November but clothing stores had tough month

U.K. inflation fell to the Bank of England’s target of 2.0% in May, the Office for National Statistics said Wednesday, in the last print of the key economic measure ahead of national elections in July.

U.K. retail sales volumes dropped 2.3% in April as wet weather deterred shoppers, the Office for National Statistics said Friday.