Weekly Digest – 17 July 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
UK economy shows growth in May – but what are the key growth areas?
The UK economy experienced faster-than-expected growth in May, driven by a resurgence in high street shopping and a strong recovery in the construction sector. The Office for National Statistics (ONS) reported a 0.4 per cent increase in gross domestic product (GDP) for the month.
Mortgage competition hots up as rates decision looms
Competition between mortgage lenders has intensified ahead of a key decision on interest rates by the Bank of England. A host of lenders have made reductions to the cost of new fixed-rate mortgages in recent days.
The major challenges of having multiple payment gateways
While the multitude of payment systems allows merchants to extend their target audience, it also creates multiple challenges for businesses. Online payment gateways allow businesses to enter the global market and compete for foreign customers, yet, the multitude of providers puts pressure on the management and developers team, creating a demand for a more unifying business payment solution – the payment orchestration platforms.
There is scope for bold action on UK economic growth
Economic growth has returned to centre stage and – for the moment at least – seems detached from politics. Rarely is there such a clear focus on action for growth, even if it means some risk-taking. Can Britain achieve “the highest sustained growth rate in the G7”, as the new Chancellor hopes?
UK economy growing twice as fast as expected: what this means for your finances
Britain’s economy grew twice as fast as expected in May but the feel-good factor may not extend to millions of mortgage holders and small businesses hoping for an imminent cut in interest rates. Finance experts said it was a “perfect scenario for savers at the moment”, but borrowers face continued uncertainty.
Britain fast-tracks biggest company listings shake-up in decades
Britain is fast-tracking its biggest company listings in a major shake-up of regulations set to take effect by 2024. This move aims to attract more tech firms and bolster London’s status as a global financial hub. The changes include dual-class share structures and easier paths for special purpose acquisition companies (SPACs).
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Chancellor right to focus on long-term stability and growth
Responding to the maiden speech by the Chancellor of the Exchequer, Rt Hon Rachel Reeves, Anna Leach, Chief Economist at the Institute of Directors, said: “The Chancellor is right to focus on the need to deliver stability and growth for the long-term. It is great to hear priority being given to addressing the UK’s sclerotic planning system, and the delivery of renewable energy, and we look forward to further details on the National Wealth Fund.
Shunned UK markets emerge as haven from global storms
Investors are looking at UK markets as a potential haven as political uncertainty rises in the U.S. and elsewhere in Europe, in what could mark a stunning turnaround for a country that appeared to have lost its traditional appeal to global capital.
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