š° UK Finance & Economic Roundup: April 10ā17, 2025
- arshs0543206
- Apr 17
- 1 min read
š Economic Outlook: Growth Slows, Inflation Eases
The Office for Budget Responsibility (OBR) has revised the UK's 2025 GDP growth forecast down to 1%, citing global uncertainties and higher debt interest payments.Ā Inflation has slightly declined to 2.8%, offering some relief to consumers.Ā āAP News
šļø Spring Statement 2025: Key Highlights
Chancellor Rachel Reeves delivered the Spring Statement, announcing:ā
Welfare Reforms: Ā£4.8 billion in cuts, including a 50% reduction in the Universal Credit Health Element.Ā ā
Defense Spending: An additional Ā£2.2 billion allocated to bolster national security.Ā āYahoo Finance+4Yahoo News+4The Guardian+4
Public Sector Efficiency: Plans to reduce civil service positions to redirect savings to frontline services.Ā ā
šļø British Steel Crisis: Government Intervention
The government enacted the Steel Industry (Special Measures) Act 2025 to prevent the closure of British Steel's Scunthorpe plant, safeguarding approximately 2,700 jobs.Ā āWikipedia+1The Guardian+1
šļø Retail Sector: Sainsbury's Profit Warning
Sainsbury's anticipates flat or declining profits due to intensified supermarket competition.Ā The company reported a 7.2% increase in retail underlying operating profit to Ā£1.03 billion for the past year and expects around Ā£1 billion for the upcoming year.Ā āLatest news & breaking headlines
š Trade Relations: UK-US Deal Scrutiny
Labour committee chairs are urging Parliament to vote on any forthcoming UK-US trade deal, emphasizing the need for transparency and oversight.Ā āThe Guardian
šļø Property Market: Tariff Impacts
President Trump's tariffs have introduced uncertainty into the UK property market, particularly affecting the luxury London sector.Ā However, more affordable regional markets remain resilient.Ā āLatest news & breaking headlines
Stay tuned to Accountant's PerspectiveĀ for more updates on UK finance and ACCA resources.
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