November 2024 UK Alert: Key Economic Updates

As the year ends, the UK economy finds itself at a crossroads, with growth slowing, confidence wavering, and global uncertainty adding to domestic pressures. The economy’s resilience is being tested by challenges across sectors, while policymakers and businesses adapt to an evolving landscape. This report delves into the key highlights of the UK and US economies, as well as the […]

UK Budget 2024 Highlights

Reeves’s Opening Remarks: Setting the Stage for National Renewal Rachel Reeves has announced her vision for a decade of “national renewal,” following the mandate for change that the UK electorate granted the Labour government. With the goal of putting “more pounds in people’s pockets” and raising living standards, Reeves emphasizes the need for an “invest, invest, invest” approach to drive […]

UK Finance Summary | Monthly Economic Review October 2024

With the new UK government’s first Budget set for 30th October, UK Finance has explored the public finances they inherited and potential policy directions. The latest figures reveal borrowing is higher than expected, driven by increased spending on public services and benefits. This year’s borrowing is the third highest since 1983, and significant overspending in some departments points to difficult […]

Consumer Duty: Ongoing Progress and Future Steps

Overview Since 31 July 2023, Consumer Duty has been effective for open products and services. The FCA granted an additional year for the application of the Duty to closed products and services, culminating on 31 July 2024. Industry Progress Firms across the industry have diligently reviewed their closed products, committing to ongoing evaluations. By the recent 31st July deadline, firms […]

UK Economic Insight, May 2024

UK Economy Demonstrates Resilience in Q1 2024 The economic landscape of the United Kingdom exhibited notable strength during the initial quarter of 2024, surpassing expectations with a 0.6% increase in GDP. This achievement exceeded earlier projections and outpaced growth rates observed in both the United States and key eurozone nations. While sectors like manufacturing and services experienced significant expansion, challenges […]

Navigating AI Transformations in Finance: UK Insights for 2024

The financial landscape in 2024 is undergoing significant transformations driven by economic shifts, technological advances, and geopolitical influences. The digital transformation is reshaping operations in traditional and neo banks, with AI trends, open banking, and cryptocurrencies playing pivotal roles.   Looking back at the lessons from 2023, it’s evident that innovation is critical for financial organizations. Embedded finance, tokenization, and […]

Navigating Turbulence: FPC’s Stewardship in a Complex Financial Landscape

Amidst global economic uncertainties, geopolitical tensions, and evolving market dynamics, the Financial Policy Committee (FPC) stands as a vigilant guardian of the UK’s financial stability. We delve into the FPC’s strategic responses to challenges, assessing global risk environments, financial market developments, and vulnerabilities in both household and corporate sectors. Exploring the resilience of the banking sector and the FPC’s key […]

Chancellor Jeremy Hunt Unveils Pivotal Financial Roadmap for the Year Ahead

In a recent House of Commons address, Chancellor Jeremy Hunt laid out the government’s financial blueprint for the upcoming year, impacting individual finances and allocating funds for crucial public services. Here’s a concise summary of the key points:   Taxation and Income Adjustments: Main National Insurance rate drops from 12% to 10% from January 6, affecting 27 million individuals. Class […]

UK Autumn Budget

Rishi Sunak announced his third Budget as Chancellor of Exchequer to Parliament on Wednesday, 27th October 2021. It is a fiscal approach designed to prepare the UK for an “age of optimism” in the post-Covid-19 economy.   The Office for Budget Responsibility confirmed that economic growth in 2021 had been revised up from 4% to 6.5%, with the economy set to […]