Calorie labels encourage people to eat less by only a single crisp, study says
Bank of England delays rules designed to avoid banking crash by a year
The Bank of England will further delay capital rules meant to prevent another 2008-style crash, as it weighs the impact of Donald Trump’s return to the White House and the chancellor Rachel Reeves’s call for regulators to help drive UK growth.The Bank’s regulatory arm said it was delaying the date by which banks had to implement Basel 3.1 rules by a year, to January 2027.The Bank’s regulator, the Prudential Regulation Authority (PRA), said it made the decision after consulting with the Treasury, and that it had taken “competitive and growth considerations” into account.It marks the third delay by the central bank, which is buying time to see how far the Trump administration will go in watering down regulations
IMF upgrades UK growth forecast and takes swipe at Trump plans
The International Monetary Fund has upgraded its forecast for UK growth this year in an update to its biannual assessment of the global economy, while taking a swipe at plans by Donald Trump’s incoming US administration for the potentially destabilising effect of large-scale tax cuts, import tariffs and weaker regulations.In a fillip to the Labour government, the Washington-based organisation said it expected the UK economy to grow by 1.6% in 2025, up from an earlier forecast of 1.5%.The IMF judged that Labour’s increase in investment spending, improved household finances and a series of interest rate cuts by the Bank of England would give the UK economy a lift this year
Octopus overtakes British Gas as Britain’s largest household energy supplier
Octopus Energy has become Britain’s largest household energy supplier for the first time, toppling British Gas almost four decades after it was privatised under Margaret Thatcher.The energy company grew its share of the market to 23.7% of households in Great Britain by the end of last year, according to latest figures, less than a decade after it was founded by its chief executive, Greg Jackson.Octopus confirmed that it gained almost 1m new gas and electricity accounts from its rivals last year alone. It now has 12
‘He’s one of the best’: the economist shaping Rachel Reeves’s growth plans
The economist John Van Reenen lacks the public status of Gordon Brown’s “two Eds” – Balls and Miliband – who ranged across Whitehall in New Labour’s first term, enforcing the Treasury’s will. But ask today’s Labour apparatchiks about Rachel Reeves’s approach to growth, which she will set out in a speech later this month, and they often point to the chair of her council of economic advisers.Currently on leave from the London School of Economics (LSE), where he ran the Centre for Economic Performance, Van Reenen has spent his professional lifetime probing the weak spots of the UK economy.Now he is based in an office next to Reeves’s at the Treasury, with his three fellow advisers. One Labour source says they struggle to remember a consequential meeting at which Van Reenen has not been present
China’s economy hits 5% growth target but rate among slowest in decades
China’s economy grew by 5% in 2024, in line with government targets but at the slowest rate since 1990 outside the Covid pandemic, according to official data.Growth accelerated through the year, with an expansion of 5.4% in the final quarter, up from 4.6% in the third quarter, according to Beijing’s National Bureau of Statistics.The bureau reported “steady progress amid stability” but pointed to a “complicated and severe environment with increasing external pressures and internal difficulties”
Food stores in Great Britain have worst Christmas since 2013
Retailers in Great Britain experienced a surprise fall in sales volumes last month, as supermarkets and other food stores had their worst Christmas since 2013, according to official figures.The Office for National Statistics (ONS) said sales volumes fell 0.3% month on month in December, as the crucial retailing “golden quarter” of trading for the sector proved to be weak this year. Economists had expected sales to grow 0.4%
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