An influential body that represents British business said in a report published on Sunday there was a “distinct possibility” of the country facing recession in the next six or nine months.
In its quarterly economic forecast, the British Chambers of Commerce (BCC) said that while a major downturn was unlikely, a cut in interest rates was necessary to counter the threat of serious problems.
Its comments came the week after Bank of England Governor Mervyn King said Britain faced an increased risk of recession, with economic growth set to slow further and inflation expected to spike.
“Our quarterly economic forecast highlights a significant worsening in UK economic prospects,” said David Kern, the BCC’s economic adviser. “There is now a distinct possibility of technical recession.”
He added that unemployment would climb by up to 300,000 in the next two to three years. It would “likely” reach nearly 2 million, Kern said, adding that he would not rule out a rise above that.
Retail sales growth in central London slowed to its lowest since April after falling house prices and a squeeze on incomes hit sales of more expensive household goods.
Like-for-like sales growth last month slowed to 6.2 percent, from 12.9 percent a year earlier, the British Retail Consortium said yesterday in an e-mailed statement.
Central London outperformed the rest of the UK, buoyed by tourists from the Middle East and summer sales, the industry group said in the statement.
ANNOUNCEMENT: People who do not comply with the ban after a spoken warning would be reported to the police, the airport company said on Friday Taoyuan International Airport Corp on Friday announced that riding on vehicles, including scooter-suitcases (also known as “scootcases”), bicycles, scooters and skateboards, is prohibited in the airport’s terminals. Those using such vehicles should manually pull them or place them on luggage trolleys, the company said in a Facebook post. The ban intends to maintain order and protect travelers’ safety, as the airport often sees large crowds of people, it said, adding that it has stepped up publicity for the regulation, and those who do not comply after a spoken warning would be reported to the police. The company yesterday said that
NEW YEAR’S ADDRESS: ‘No matter what threats and challenges Taiwan faces, democracy is the only path,’ William Lai said, urging progress ‘without looking back’ President William Lai (賴清德) yesterday urged parties across the political divide to democratically resolve conflicts that have plagued domestic politics within Taiwan’s constitutional system. In his first New Year’s Day address since becoming president on May 20 last year, Lai touched on several issues, including economic and security challenges, but a key emphasis was on the partisan wrangling that has characterized his first seven months in office. Taiwan has transformed from authoritarianism into today’s democracy and that democracy is the future, Lai said. “No matter what threats and challenges Taiwan faces, democracy is the only path for Taiwan,” he said. “The only choice
QUIET START: Nearly a week after applications opened, agencies did not announce or promote the program, nor did they explain how it differed from other visitor visas Taiwan has launched a six-month “digital nomad visitor visa” program for foreign nationals from its list of visa-exempt countries who meet financial eligibility criteria and provide proof of work contracts. To apply, foreign nationals must either provide proof that they have obtained a digital nomad visa issued by another country or demonstrate earnings based on age brackets, the Bureau of Consular Affairs said. Applicants aged 20 to 29 must show they earned an annual salary of at least US$20,000 or its equivalent in one of the past two years, while those aged 30 or older must provide proof they earned US$40,000 in
UNITY MESSAGE: Rather than focusing on what Trump said on the campaign trail about Taiwan, Taipei should be willing to engage with the US, Pompeo said Taiwan plays a key role in Washington’s model of deterrence against China, former US secretary of state Mike Pompeo said in a speech in Taipei yesterday. During US president-elect Donald Trump’s first term, “we had developed what we believe was a pretty effective model of deterrence against adversaries who wanted to undermine the set of rules and values that the people of Taiwan and the people of the US hold dear,” Pompeo said at a forum organized by the Formosa Republican Association. “Succeeding in continuing to build this model will not solely rest at the feet of president Trump and his team,
RSS