#UK economic growth

[eaglesnick]

Second-rate Britain 7

The UK pension and life expectancy controversy rumbles on.

Kemi Badenoch, Secretary of State for Business and Trade, was interviewed by Amol Rajan on the Today programme (31/03/23) about her new trade deal in the Pacific. This much-heralded deal is worth 0.08% of GDP. The governments own figures calculate that leaving the EU cost us 4% of GDP so Badenock's deal is hardly doing to make up the loss in EU trade.

What has this got to do with pensions and life expectancy?  A lot. Without a vibrant economy, good pensions become unaffordable and ordinary people are made to work longer and longer, to the point where many will die before they reach official retirement age.

I mention Kemi Badenoch because she is one of many self-proclaimed right-wing politicians in Sunak's administration, and our pensions and life expectancy are directly linked to their beliefs and behaviour: beliefs inform and shape legislation.

Badenoch, and right-wing politicians like her, are ideologues. They put belief before evidence when drawing up the laws we have to live by. We all know the terrible damage Liz Truss, an ideologue in the extreme, did to our economy: so extreme even her own party couldn’t stomach her!

Badenoch is as bad.

When asked by Amol Rajan if this year’s economic figure of 0.1% growth was acceptable she replied:

“Even getting 0.1% GDP (growth) is actually us managing the economy well”.

Really? The IMF reported Eurozone growth at 3.5% for 2022. If Badenoch’s 0.1% growth is managing the economy well what does a failing UK economy would look like?

Rajan put two points to Badenoch.

“In the decade to 2007 Britain’s productivity growth was second only to America in the G7. In the decade to 2019 growth stalled to just 0.7% a year making Britain the 2nd slowest in the G7."

These economic figures, said Rajan, translate into:

 “…real felt human experience…After 13 years of your party being in power life expectancy in this country is rising for the rich people and falling for the poor people. Can you think of a more severe indictment of your parties record in power than that?”

Badenoch then made a number of excuses for her party failing to grow the economy, and on falling life expectancy for the poor said:

“We have done and spent so much on things like the NHS and education. Obviously it is very disappointing.”

Apart from this being a totally misleading statement regarding monies spent on the NHS and education - spending has actually fallen in both these sectors as a percentage of GDP over the last decade – her reaction to life expectancy falling for the poor as being “disappointing” is callous in the extreme.

But she isn’t the only callous right-wing politician in the Tory ranks.

“Jacob Rees-Mogg suggests state pension age should be raised to 72” (Daily Mail: 30/3/23)

Rees-Mogg, like Badenoch, is an ideologue of the worse kind: they simply REFUSE to acknowledge facts.

Reese-Mogg, according to the Mail,

…”argued that for the age to reflect improvements in life expectancy since 1940 it would need to be four years higher than the 68 currently being mooted.”

In the same way Badenoch has publicly stated that there is no institutional racism in Britain (please read the reports on the Met and the Fire Service), Reese-Mogg ignores the figures for life expectancy for the poor.

If the Tories remain in power we in Britain face the prospect of watching younger French retirees sitting on Mediterranean beaches sipping champagne while we, providing  we are lucky enough to live long enough, will be slaving away into our seventies.

[matonda]

the UK "emergency" budget announced today by this new tory government is so catastrophic i am speechless, this was supposed to be the "help is coming" budget:

- caps on bankers bonuses scrapped (a priority, clearly, it just couldn't wait)

- the band to tax the highest earners (£150k+) is scrapped entirely

- borrowing at least £60bn from the public purse to pay energy companies for their obscene price gouging

- previously planned increase (from 19% to 25%) in corporation tax on business profits now cancelled

- attacks on the right to strike

..to urgently push through this "mini" budget which disproportionately benefits the wealthiest in society in the middle of a cost of living crisis, recession, soaring inflation- when people are facing a cold and hungry winter ?? honestly what the Fuck. the only answer to this is guerrilla warfare

[feckcops]

Quick, tangible change will see off the hard right – these are the things Labour must do now

“Fourteen years of austerity, economic incompetence and corruption under the Conservatives created the disillusionment and alienation from politics that Farage has been able to feed off. With a change of government, his focus now will be on damaging Labour.

“People will be relatively patient, but will want to see some early initial progress on a number of fronts – and significant results by at least the midterm of this government ... To guard against a rise of the hard right here, the left has to secure a wave of progressive policy delivery, and to start soon ...

“With 14 million people, including 4.3 million children, now living in poverty, an early win in the implementation of the anti-poverty strategy Labour committed to in its manifesto would be secured by the scrapping of the brutal two-child benefit cap, lifting 300,000 children out of poverty ...

“The wages of many workers have been effectively frozen since 2008 and there has been a widespread extension of insecure and often precarious work across the economy. Labour’s commitment to introduce its new deal for workers in its first 100 days could transform the lives of people at work, and address the scourge of low pay and insecure employment, but to be effective it has to be comprehensive with no further watering down ...

“People know how much pressure our public services have been put under by Conservative austerity, but will want to see change. They will support reform that puts control into the hands of the frontline professionals, but will react to reform that privatises and enables companies to profiteer, fuelling Farage’s claim of the corporate capture of the Labour party.

“Realistically, large-scale investment is needed ... We are at a defining moment not just for the new Labour government but for the politics of our country. Beware the danger but recognise the potential.”

[head-post]

UK may worsen by £311bn by 2035 due to leaving EU – new Brexit report

Brexit has cost the UK £140bn so far, according to a new analysis. The new report predicts the country may be worse off by £311bn by the middle of the next decade, Sky News reports.

Economists and analysts at Cambridge Econometrics, commissioned by London Mayor Sadiq Khan, modelled the country’s economy if it had not quit the EU. This was compared with data published by the Office for Budget of Responsibility in March 2023 and projections based on that data.

According to the report’s findings, the country faces slowing economic growth, declining employment, a strong negative impact on investment, falling imports, and a widening gap between London and the rest of the UK.

Read more HERE

[ceevee5]

The central problem of Liz Truss is that she has the diagnosis wrong. We’ve starved public services, and now they want to cut them back even further to pay for tax cuts. “Growth” isn’t something you turn on at the tap. It will take years of investment in skills training and primary/secondary education.

[navinsamachar]

उत्तराखंड के सर्वश्रेष्ठ कृषि पर्यटन ग्राम सूपी की सफलता की कहानी, अपार संभावनाएं और भविष्य की बड़ी चुनौतियाँ...

डॉ. नवीन जोशी @ नवीन समाचार, नैनीताल, 20 सितंबर 2024 (Story of UKs Best Agro-Tourism Village Soopi-Ntl) । केंद्रीय पर्यटन मंत्रालय की ओर से ग्रामीण पर्यटन को बढ़ावा देने के लिए उत्तराखंड के चार गांवों को अंतरराष्ट्रीय पर्यटन दिवस पर 27 सितंबर को नई दिल्ली में सर्वश्रेष्ठ पर्यटन ग्राम पुरस्कार से सम्मानित किया जाएगा। इन चार गांवों में उत्तरकाशी जिले के जखोल गांव को साहसिक पर्यटन व हर्षिल गांव को…

[digitalwibe]

Europe Aircraft Leasing Market: Rapid Development and Value Trends Forecast (2024-2032)

The Europe Aircraft Leasing Market is on a trajectory of rapid development, driven by evolving value trends and a robust aviation sector. As European airlines and operators navigate the complexities of fleet management, leasing has emerged as a strategic solution to meet both current and future needs.

Europe Aircraft Leasing Market showcases the following key aspects:

Fleet Expansion and Modernization: European airlines are increasingly turning to leasing to expand and modernize their fleets. This approach allows them to quickly integrate new aircraft models that enhance operational efficiency and comply with environmental regulations.

Economic Uncertainty and Flexibility: Leasing provides airlines with greater financial flexibility amid economic uncertainties. It allows operators to manage capital expenditure more effectively and adjust their fleet size according to market demand.

Technological Advancements: The adoption of advanced technologies in leased aircraft supports better fuel efficiency and lower emissions. European airlines benefit from these innovations without the long-term financial commitment of owning the aircraft.

Regulatory Pressure: Europe’s stringent environmental regulations drive the demand for modern, eco-friendly aircraft. Leasing offers a practical solution for airlines to meet these requirements while minimizing financial risk.

Geographical Distribution: Key markets in Europe, such as the UK, Germany, and France, are at the forefront of the leasing trend. Their well-developed aviation sectors and strategic positions contribute to the overall growth of the market.

The forecast for the Europe Aircraft Leasing Market is characterized by robust growth and ongoing development. As airlines continue to seek flexible and cost-effective solutions, leasing will remain a vital component of the region’s aviation landscape.

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[notayesmanseconomics]

There is no "Black Hole" in the UK Public Finances

A theme of my analysis has been that our political class is addicted to spending and we have seen a new outbreak on this front in my home country overnight. From Pippa Crearer of the Guardian. NEW: Rachel Reeves expected to reveal a £20bn hole in government spending for essential public services on Monday, paving the way for potential tax rises in the autumn budget. In fact things went further in…

[creativemedianews]

Why has the Tories slowed UK economic growth?

Why has the Tories slowed UK economic growth? #economicgrowth #Tories #ToriesslowedUK

[chainreactionpodcast]

Infrastructure Investment A Look at Large Projects With an Emphasis on Rail Networks such as HS2

Photo by David Dibert on Pexels.com High Speed Railways such as HS2 Transport systems are central to moving people and goods around the country, and not only are they central, but the choices we make have implications for CO2 emissions, greenhouse gases and the impact on daily lives. Now the infrastructure investment in these projects is also a key part of driving supply chains, and they have…

[zvaigzdelasas]

[BBC is UK State Media]

Truong My Lan is charged with taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. Prosecutors say $27bn may never be recovered.[...]

The evidence is in 104 boxes weighing a total of six tonnes [!!!]. Eighty-five defendants are on trial with Truong My Lan, who denies the charges. She and 13 others face a possible death sentence.

"There has never been a show trial [sic] like this, I think, in the communist era," says David Brown, a retired US state department official with long experience in Vietnam. "There has certainly been nothing on this scale."

The trial is the most dramatic chapter so far in the "Blazing Furnaces" anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.

A conservative [sic] ideologue [sic] steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.

The campaign has seen two presidents and two deputy prime ministers forced to resign, and hundreds of officials disciplined or jailed. Now one of the country's richest women could join their ranks.[...]

Although Vietnam is best known outside the country for its fast-growing manufacturing sector, as an alternative supply chain to China, most wealthy Vietnamese made their money developing and speculating in property.

All land is officially state-owned. Getting access to it often relies on personal relationships with state officials. Corruption escalated as the economy grew, and became endemic.

By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank.

Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% [!!!] of Saigon Commercial.

They accuse her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.

The amounts taken out are staggering. Her loans made up 93% [!!!] of all the bank's lending.

According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.

That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes.[!!!!!][...]

David Brown believes she was protected by powerful figures who have dominated business and politics in Ho Chi Minh City for decades. And he sees a bigger factor in play in the way this trial is being run: a bid to reassert the authority of the Communist Party over the free-wheeling business culture of the south.

"What Nguyen Phu Trong and his allies in the party are trying to do is to regain control of Saigon, or at least stop it from slipping away.[...]

faster growth in Vietnam almost inevitably means more corruption [sic]. Fight corruption too much [sic], and you risk extinguishing a lot of economic activity.

10 Apr 24

[qqueenofhades]

i do genuinely hesitate to ask, as i am sure i will find out more than i meant to in time, but atm my various feeds and an uninformed google are not telling me what most recently exploded about the british government, so if you have the time and the inclination i'm agog for your summary/take

HOO BOY. It has been a Things Exploding In the British Government day to the extent that in the hour-odd between my previous post and this one, I had to go back and check if anything ELSE had exploded while I wasn't looking. Everything that they are currently denying will probably be confirmed within the next 12 hours or less, though, so nobody get too comfortable.

Anyway, we all remember how Liz Truss succeeded Boris Johnson as Prime Minister, met the Queen, the Queen immediately fucking croaked which honestly was the funniest time she could possibly have done it, the country ground to a total halt for ten days, and then when it got going again, Truss and her chancellor (aka finance minister, for those of you happily ignorant of British politics), Kwasi Kwarteng, proposed a Thatcherite wet-dream economic plan of unfunded massive tax cuts for rich people, because something something Stimulate Growth. We are also generally aware that this crashed the pound through the floor, blew up people's mortgages and other mildly important bills, and did nothing to deal with the actual energy bills/cost of living crisis currently engulfing the UK. Oops.

After absolutely everybody, including the commie socialists at the Bank of England, screamed OH MY GOD WHAT ARE YOU MORONS DOING???, and the day after Kwarteng insisted he would absolutely remain in post and he had 100% confidence in the Plan, he... got sacked for creating this, the Plan that Truss had asked him to deliver and which had won her the Tory party members' election. This made him officially the second-shortest serving chancellor in UK history aside from the guy who literally died in office. Womp womp. That will be a pub quiz answer for you. You're welcome.

Having spent all this time hiding from the press, then giving eight-minute press conferences during which you could literally track the pound crashing in real time, and performing more U-turns than a dancing dashboard hood ornament, Liz Truss took a break from her busy schedule of conducting the Economic Disaster Waltz in the key of B Fucked to appoint Jeremy Hunt as the new chancellor. Jeremy Hunt is mostly notable for being a Tory who can put his pants on without assistance and being a genteel failure at all the previous cabinet posts he's held, which is why he is now regarded as a "safe pair of hands" in a party that has dissolved into a lot of shit-flinging coked-up gibbons who can only scream BREXIT BREXIT BREXIT and IMMIGRATION IS BAD!!! (Side note: they recently had to cancel a festival designed to "celebrate the freedoms of Brexit" due to logistics issues associated with, you guessed it, Brexit. That is not directly relevant to the current clusterfuck, but it is too funny not to include.)

To nobody's surprise, Jeremy Hunt then ripped up the entire economic plan and offered a new one, which was not measurably better than the last one but at least reversed some of the most egregious cuts, and which made everyone ask if Liz Truss had been tied up and duct-taped in the boot of a Range Rover and/or if Hunt had secretly staged a coup with the help of Larry the Downing Street Cat and taken over the government. Probably nobody in the Tory party would mind very much if he had, because they were all busy either planning how to oust Truss or publicly denying that they were indeed planning to oust Truss. One of the popular names for her successor? Boris Johnson! No, I am not making this up. Maybe this has all been a horrible dream and we're going to wake up and find that BoZo is back in charge, after massive public scandal for being a serial liar, which he had been from Day 1, finally made him resign. I repeat, what even the hell is going on here. Nobody knows. Meanwhile, Hunt is warning about even more budget austerity and "eye-watering" cuts to public services that can least afford it, because the last decade didn't result in quite enough preventable deaths for the Tories' tastes, and because they have been forced into this by a car crash completely of their own making.

....anyway. This brings us, more or less, to today. Yesterday, Truss refused to commit to protecting something called the pensions triple lock, which guarantees that old-age pensions (the UK form of social security) will rise in line with inflation, costs, or earnings. A) Inflation in the UK is now at a whopping 10.1%, and B) given as old people are literally the only demographic still willing to vote for the Tories, this miiiiiight seem like an even more unnecessarily stupid and self-sabotaging idea. Sure enough, U-Turn Number Eight Million was duly performed this morning, and Truss insisted she had always intended for the triple lock to be protected. But would Universal Credit and other welfare/benefits programs also be adjusted upward for inflation? HELL NAH! THOSE ARE FOR POOR PEOPLE! GROSS!

This, however, was only the beginning of the unpeeling of the latest idiot banana. Keir Starmer, riding high on the back of recent polls that have given Labour a 36-point lead and predicted that the Tories could be left with as few as 22 seats in Parliament if a general election was called tomorrow (leaving the SNP as the official opposition), appeared at Prime Minister's Questions and got to shoot fish in a barrel. Truss did not dissolve into a pile of goo on the floor and/or have a bucket of water thrown on her and melt into Margaret Thatcher, so that was taken as a win. Well, at least for two hours or so. Then Suella Braverman, the ex-Attorney General who had briefly run for the leadership when BoZo resigned, and who exists along with Priti Patel in order to prove that in the modern Tory party, women of color can heroically be just as much as awful xenophobic monsters as crusty old white dudes, resigned as Home Secretary. Did you even know she was Home Secretary? Neither did she. She took over Patel's job in a bid to apparently make Patel look cute and cuddly by comparison, as she is even more determined to do horrible things to migrants as much as possible. The official reason given for her resignation was that she sent an official document from her personal email account, and this had something to do with immigration and/or the Office of Budget Responsibility forecast that the Tories have, in the valiant spirit of freedom, resisted actually publishing for any of their current economic plans. CONSERVATIVES ARE GOOD FOR THE ECONOMY!! yell people on both sides of the Atlantic. Oh-kay.

Anyway, Braverman used her resignation letter to blast Truss for pretending that everything was fine and dandy, which means the BUT HER EEEEEEMAILS was absolutely just an excuse and even she wanted off this sinking ship as fast as possible. Grant Shapps is now the Home Secretary. It's not important. The point is, if more ministers start resigning, the government will probably implode just as it did when they deserted BoZo en masse. What the hell happens then? Fuck if anyone knows. Since they will, as noted, get absolutely cosmically annihilated if they call a General Election, the Tories will resist doing that with all their might (the next one isn't due until 2024, which is about 1004329 years away at the current rate that time is passing here). Truss was already elected by a tiny minority of the country (about 160,000 Tory party members). STICK RISHI SUNAK IN THERE AND CHANGE THE RULES AGAIN?? HECK, SOUNDS LIKE A PLAN! KEEP THOSE MUSICAL CHAIRS COMING, CHAPS!

(Also: we will recall the Daily Star's Lettuce Cam, where a picture of Liz Truss has been placed next to a head of lettuce to see if she is kicked out of office before it rots away. It now has a special companion, Tofu. This is because Braverman, just yesterday, gave a speech attacking the latest round of climate protesters as being spurred on by Labour, the Lib Dems, and the "Guardian-reading, tofu-eating wokerati," which she doubtless thought was a very clever line at the time. Because British Twitter is British Twitter, the Tofu: 1, Braverman: 0 jokes have been rife.)

And since we are still not done: tonight, Labour forced a vote on a fracking ban which was being treated as a de facto confidence vote in the government. Aka if the Tories voted for it, they would be considered to be defying the government. Because Britain is a cartoon country run by clowns, the method of Parliamentary voting literally involves walking through Door A for Aye and Door B for Nay. The "whips," or the people whose job it is to assure that party members vote according to the government's position, have thus been known to physically stuff recalcitrant MPs through these doors, because Hail Britannia, or something. So we soon had reports that the anti-fracking vote was, dare I say it, a total clusterfrack, and the Tory whips were literally throwing crying Tory MPs through the Nay door so they would Vote To Support The Government. This sounds like a beginning to a Monty Python sketch, but it is just another ordinary evening in British politics in 2022! (Did Truss herself vote? Or BoZo, Patel, or any of the other Tory big beasts? Nope. Evidently she was "too distracted" with all the other crises going on, which probably means she just didn't want to show her face or she might get killed. Hard to blame her.)

So: the fracking ban was defeated, Labour MPs were like "oh my god the sheer clownery," even Tory MPs were spitting mad, we soon had more rumors that both the Tory chief whip and the deputy chief whip had resigned (currently in the Official Denial stage, so yeah, that will be confirmed before tomorrow morning), and I haven't even mentioned the part where one of Liz Truss's press aides admitted that they used to lie about various relatives of hers having just died so Truss didn't have to do interviews (actual quote: "just aunts and cousins, not any major relatives!"). We all wondered if that wasn't actually a lie but the minor members of the Truss family had voluntarily decided to die rather than have anyone know that they were related to her. Either that or she just sent MI6 after them. It's entirely possible.

[afeelgoodblog]

The Best News of Last Week

1. ‘It was an accident’: the scientists who have turned humid air into renewable power

Greetings, readers! Welcome to our weekly dose of positivity and good vibes. In this edition, I've gathered a collection of uplifting stories that will surely bring a smile to your face. From scientific breakthroughs to environmental initiatives and heartwarming achievements, I've got it all covered.

In May, a team at the University of Massachusetts Amherst published a paper declaring they had successfully generated a small but continuous electric current from humidity in the air. They’ve come a long way since then. The result is a thin grey disc measuring 4cm across.

One of these devices can generate a relatively modest 1.5 volts and 10 milliamps. However, 20,000 of them stacked, could generate 10 kilowatt hours of energy a day – roughly the consumption of an average UK household. Even more impressive: they plan to have a prototype ready for demonstration in 2024.

2. Empty Office Buildings Are Being Turned Into Vertical Farms

Empty office buildings are being repurposed into vertical farms, such as Area 2 Farms in Arlington, Virginia. With the decline in office usage due to the Covid-19 pandemic, municipalities are seeking ways to fill vacant spaces.

Vertical farming systems like Silo and AgriPlay's modular growth systems offer efficient and adaptable solutions for converting office buildings into agricultural spaces. These initiatives not only address food insecurity but also provide economic opportunities, green jobs, and fresh produce to local communities, transforming urban centers in the process.

3. Biden-Harris Administration to Provide 804,000 Borrowers with $39 Billion in Automatic Loan Forgiveness as a Result of Fixes to Income Driven Repayment Plans

The Department of Education in the United States has announced that over 804,000 borrowers will have $39 billion in Federal student loans automatically discharged. This is part of the Biden-Harris Administration's efforts to fix historical failures in the administration of the student loan program and ensure accurate counting of monthly payments towards loan forgiveness.

The Department aims to correct the system and provide borrowers with the forgiveness they deserve, leveling the playing field in higher education. This announcement adds to the Administration's efforts, which have already approved over $116.6 billion in student loan forgiveness for more than 3.4 million borrowers.

4. F.D.A. Approves First U.S. Over-the-Counter Birth Control Pill

The move could significantly expand access to contraception. The pill is expected to be available in early 2024.

The Food and Drug Administration on Thursday approved a birth control pill to be sold without a prescription for the first time in the United States, a milestone that could significantly expand access to contraception. The medication, called Opill, will become the most effective birth control method available over the counter

5. AIDS can be ended by 2030 with investments in prevention and treatment, UN says

It is possible to end AIDS by 2030 if countries demonstrate the political will to invest in prevention and treatment and adopt non-discriminatory laws, the United Nations said on Thursday.

In 2022, an estimated 39 million people around the world were living with HIV, according to UNAIDS, the United Nations AIDS program. HIV can progress to AIDS if left untreated.

6. Conjoined twins released from Texas Children’s Hospital after successfully separated in complex surgery

Conjoined twins are finally going home after the pair was safely separated during a complex surgery at Texas Children’s Hospital in June.

Ella Grace and Eliza Faith Fuller were in the neonatal intensive care unit (NICU) for over four months after their birth on March 1. A large team of healthcare workers took six hours to complete the surgery on June 14. Seven surgeons, four anesthesiologists, four surgical nurses and two surgical technicians assisted with the procedure.

7. From villains to valued: Canadians show overwhelming support for wolves

Despite their record in popular culture, according to a recent survey, seven in 10 Canadians say they have a “very positive” view of the iconic predators. 

Here's a fascinating video about how wolves changed Yellowstone nat'l park:

----

That's it for this week :)

This newsletter will always be free. If you liked this post you can support me with a small kofi donation:

Support this newsletter ❤️

Also don’t forget to reblog.

[head-post]

UK economy slips into recession, another challenge for Sunak

Britain’s economy fell into recession in the second half of 2023, a tough backdrop for Prime Minister Rishi Sunak, who has pledged to boost growth ahead of the expected 2024 election, Reuters reported.

The office for National Statistics (ONS) reported that gross domestic product (GDP) shrank 0.3 per cent in the three months to December, having contracted 0.1 per cent between July and September. The fall in GDP in the fourth quarter was the biggest since the first quarter of 2021, the ONS stated.

The British economy has been stagnant for almost two years, with the Bank of England stating that it expects modest growth in 2024. Alex Veitch, director of policy and insight at the British Chambers of Commerce, stated:

Businesses were already under no illusion about the difficulties they face, and this news will no doubt ring alarm bells for government. The chancellor must use his budget in just under three weeks’ time to set out a clear pathway for firms and the economy to grow.

Read more HERE

[reasonsforhope]

"Enviornmental campaigners have welcomed Labour’s decision to lift the Tories’ ban on new onshore wind developments.

In one of the new government’s first acts, the department for energy and net zero confirmed that future projects will be treated in the same way as other planning applications.

Energy secretary Ed Miliband said: “The onshore wind ban has been in place for more than nine years. We’ve been in government 72 hours, we’ve lifted it.

“That’s the pace we’re going to move at. We’ve got to become a clean energy superpower for energy independence, to cut bills, to create good jobs and tackle the climate crisis. We’re getting on with it.”

“By harnessing the country’s vast renewable power potential, the new government is staking its claim as a global leader in the green energy transition.”

Chancellor Rachel Reeves confirmed the change as she also announced major changes to the planning system to allow the building of more homes as part of the government’s moves to boost economic growth."

-via HuffPost, July 8, 2024