Weekly Digest – 22 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Autumn Statement: Hunt does not rule out income tax cuts

Chancellor Jeremy Hunt has not ruled out cutting income tax in Wednesday’s Autumn Statement, as he insisted economic growth was his priority.

Winter recession fears as retail sales hit lowest level since lockdown due to cost of living and wet weather

UK retailers saw their sales levels plunge unexpectedly in October due to the ongoing cost of living crisis and wet weather – stoking fears of a winter recession.

Environmental risks lag behind economic and societal threats

According to new data from the World Economic Forum, economic and societal threats – such as an economic downturn, inflation, and an erosion of social cohesion – rank among the biggest risks in G20 countries over the next two years, based on a survey of business leaders globally.

UK Small Business Statistics

Data about UK SMEs – number, employee headcount and turnover details, along with consumer attitudes.

Pound struggles as UK economy stagnates

The Pound (GBP) slipped against its stronger peers on Friday, despite UK GDP printing above expectations at 0%, versus -0.1%, in the third quarter. Although the British economy avoided a downturn in the three months to September, the poor growth outlook put pressure on the Pound nonetheless.

Households set to learn of fresh energy price rise

Households are set to learn that their energy bills will rise again from January as hopes for relief from the cost-of-living crisis are put on hold.

Chancellor Hunt commits 4.5 billion pounds to manufacturing investment

Britain announced a 4.5 billion-pound ($5.59 billion) investment programme for key manufacturing industries on Friday, with the automotive sector taking up a large chunk of the funds to support the move to zero emission vehicles.

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