Trump to end 'EB-5' immigrant investor visa program
WASHINGTON, Feb 25 (Reuters) - U.S. President Donald Trump will end the United States' immigrant investor visa program known as the "EB-5 Program," Commerce Secretary Howard Lutnick said on Tuesday.
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Telegraph
15 minutes ago
- Telegraph
Live Economy shrinks in blow for Reeves
Britain's economy shrank at the start of the second quarter, official figures show, in a blow for the Chancellor after her spending review. UK gross domestic product (GDP) contracted by 0.3pc during the month, according to the Office for National Statistics (ONS). This was worse than analysts' fears that the economy would shrink by 0.1pc and follows a 0.7pc expansion during the first three months of the year. The data covers the month when Donald Trump launched his so-called 'liberation day' tariff onslaught which threatened to upend global trade. ONS director of economic statistics Liz McKeown said: 'After increasing for each of the four preceding months, April saw the largest monthly fall on record in goods exports to the United States with decreases seen across most types of goods, following the recent introduction of tariffs.' The figures come a day after economists warned that Britain faces tax rises in the autumn after Rachel Reeves unveiled her spending review. The Chancellor has made growing the economy one of her key missions as she battles to shore up the public finances. An expanding economy would mean that she is better able to pay off the nation's debt and would improve living standards. Ms Reeves said: 'Our number one mission is delivering growth to put more money in people's pockets through our Plan for Change, and while these numbers are clearly disappointing, I'm determined to deliver on that mission.'
Reuters
23 minutes ago
- Reuters
UK economy shrinks by 0.3% in April, ONS says
LONDON, June 12 (Reuters) - Britain's economic output contracted by a worse-than-expected 0.3% in April, when shockwaves from U.S. President Donald Trump's announcement of wide-ranging tariffs hit the global economy, official data showed on Thursday. A Reuters poll of economists had forecast that Britain's gross domestic product would fall by 0.1% in April compared with March's level. Britain's economy expanded by 0.7% in the first quarter of 2025, outstripping growth in other countries in the Group of Seven advanced economies and prompting the Bank of England to revise up its full-year growth forecast to 1% last month. However, the BoE revised down its growth forecast for 2026 to 1.25% and said it expected the tariffs to knock 0.3% off British output in three years' time. BoE policymakers who are expected to hold interest rates next week are faced with competing forces of stubborn inflation and a relatively sluggish economy. A closely-watched business survey earlier this month suggested much of the economy returned to tepid growth. Business surveys of British firms have generally been downbeat and shown firms slowed their hiring and investment plans due to big increases in labour costs announced by finance minister Rachel Reeves last October. Data published this week showed a fall in consumer spending in May.
The Guardian
28 minutes ago
- The Guardian
UK economy shrinks by 0.3% as firms hit by higher taxes and Trump trade war
The UK economy contracted in April by 0.3% as businesses cut jobs and cancelled investment plans in response to higher taxes and the uncertainty created by Donald Trump's tariff war. Figures from the Office for National Statistics showed the economy went into reverse after growing by 0.2% in March and 0.5% in February. The figure overshot City economists' expectations of a 0.1% contraction, underscoring concerns that an increase in employer national insurance contributions and the impact of escalating US import tariffs on the global economic outlook would harm the UK's growth prospects. The latest jobs data from HMRC showed the number of workers on company payrolls fell by 109,000 in May – the largest monthly fall since the same period in 2020 during the first Covid lockdown. More than 250,000 jobs have been lost in Britain since Rachel Reeves's autumn budget. Coming only a day after the chancellor laid out plans to grow the economy in a three-year spending review, the data will disappoint ministers keen to show they have improved the UK's outlook. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion More details soon …
