Hong Kong Q2 GDP expands 3.1% y/y, full-year growth forecast maintained
The latest GDP figure was in line with the official estimate released in late July, marking the 10th consecutive quarter of expansion on the back of robust exports and strengthening domestic demand.
Export performance was further boosted by a rebound in inbound tourism, increased cross-boundary traffic and a buoyant local stock market, all contributing to strong growth in services exports.
Hong Kong's economy has been growing steadily in the past 2.5 years and the government said it was maintaining its full-year growth forecast of between 2% and 3%.
Economic growth in the first quarter of 2025 was 3.0% year-on-year, an improvement from 2.5% recorded during the same period last year, the government said.
On a seasonally adjusted quarterly basis, GDP expanded 0.4% in April-June, the data showed. That compared with a revised 1.8% in January-March and 0.9% in October-December 2024.
"Looking ahead, the Hong Kong economy is expected to maintain growth for the rest of 2025," acting government economist Cecilia Lam said in a statement, opens new tab. She added that measures to boost consumption and attract investment would support growth.
"Yet, the tariff rates announced by the U.S. in early August stay elevated, and its tariff policy on some commodities remains quite uncertain," Lam said, adding that uncertainty around the pace of U.S. interest rate cuts would affect local investment sentiment.
The forecasts for underlying and headline consumer price inflation rates for 2025 were maintained at 1.5% and 1.8% respectively.
Overall investment expenditure rose further, driven by a sharp increase in spending on machinery, equipment, and intellectual property products. Meanwhile, private consumption returned to growth after four consecutive quarters of decline, according to the government.
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The Sun
16 minutes ago
- The Sun
Rachel Reeves tax grab for woke training & mobiles for migrants makes my teeth itch… here's what Govt SHOULD be doing
AS I'm sure you know, you are taxed on the money you earn. And you must pay more taxes every time you buy anything or go anywhere or fill your car up with fuel or buy a pint or get your hair cut or go on an aeroplane. 5 And if by some miracle you manage to die with a few savings in the bank, they even tax your kids on those. It's your money. You earned it. You paid tax on it. And then they tax it again. It makes my teeth itch. However, for many years, you have been able to pass money on to your children, tax free, providing you live for seven years after the gift is made. But now we are hearing they're even going to tax you on that. Yup. You want to help your kids get on the property ladder. Well you can't because that infernal woman, Rachel Reeves, has decided that it'd be better if you gave your money to her instead. I seriously doubt that. Let me give you an example of the problem. Near to where I live, the local council — which gets a quarter of its cash from the Government — decided to spend £51million on a new park and ride facility next to the busy A40. It was completed last year and it's very snazzy with 850 spaces, charging points for electrical cars, and attractive spaces where commuters can shelter from the rain. Lovely. Apart from one small thing: It's not connected to the road network. Seriously, there's no way anyone can access it, so it's sitting there now, a gigantic blot on the landscape and it cannot be used for parking or riding because neither a bus, nor a car can get into it. Raising taxes will kill off growth, Reeves warned as she pledges to rip up business red tape So they have taken 51million of your pounds. And wasted them. And they are doing that sort of thing, every day, across the whole country. And now Rachel Reeves is saying she needs your money more than your children do so that she can waste it on other stupid stuff like diversity training, and pronoun days and treats for illegal immigrants, all of the net zero nonsense. I don't think Reeves is an unpleasant person. But I do think that she and Starmer and Rayner and Lammy are a bit thick. Lammy especially. 5 5 He can't even go fishing without getting into trouble. That's why they can't get it into their heads that taking our hard-earned money and wasting it is seriously annoying. And it's even more annoying when they want yet more money so they can waste that too. It's really not that difficult to get your head round what needs to be done. Don't raise taxes. Just spend less. A TURN OFF TO DRIVING ONE of my oldest friends lost his driving licence recently, having been caught speeding four times in the last three years. He sounds reckless, until I tell you that the speeds involved were 25, 26, 31 and 35. And this ridiculous attitude to people breaking idiotic 20mph limits is just the tip of the anti-car iceberg. It's now virtually impossible to get a driving test, and if by some miracle you do eventually get a licence, you won't want to buy a car because it bongs at you if you drive too quickly or stray out of lane or take your eyes off the road. I drove a Toyota recently which had a bonging paddy fit and flashed up a message saying, 'Sit up straight'. What's next? 'Clean your teeth'? So cars are annoying, you can't drive them at more than walking speed and now comes news that the drink-drive limit is being lowered to a point where you can't pop to the shops in your motor if you've had so much as a sherry trifle. Plus, unless you can see the bracelet Neil Armstrong left on the moon, your eyes aren't good enough, so you'll have to use the bus instead. Naturally, we are told this is all to save the NHS from the cost of patching up the victims of car accidents. But that's rubbish. It's the drive for net zero. They are making driving so difficult, no one will want to do it. Welcome to stadium of hate, Sophie 5 I WAS astonished to hear this week that after posting pictures of herself at an Oasis gig, the Game Of Thrones actress Sophie Turner was slammed by a follower who said she must have forgotten she's a mother. Really? So people with children aren't allowed to go out ever? Honestly, I'm beginning to realise that the world was a much nicer place when strangers weren't able to talk to each other. Social media is like a gigantic football stadium . . . where the rival fans can sit where they like. There's going to be trouble. And there is. LEONARDO DICAPRIO tells us that although he's 50, he feels 32. Yeah, but watch out, mate. I was 19 my whole life. Until I got to 65, when all of a sudden, I became 109. NO PET FOOD A ZOO in Denmark has found itself in a spot of bother after asking local people to donate their pet guinea pigs and rabbits. So they can be fed to the big cats . . . We even read this week of a little girl who donated her poorly pony. Which was turned by the zoo keepers into a lion's lunch. I should explain at this point that the animals are not being eaten alive. They are 'gently' killed before being turned into food. But I can see why everyone's getting their knickers in a twist. Because like you, I can't understand why you'd look at your little hamster whizzing round in his wheel and think, 'You know what. I'd like to feed that to a leopard.' You may say this is hypocrisy as I now spend my days farming. But I have a simple rule on the matter. I never eat anything that had a name. DEAD END ON NAME THE boy wonder Kaleb Cooper, who manages my farm, received word this week that his wife was in labour. 'Right,', he said. 'I'll be there when I've finished harvesting this field.' 5 How farmerish is that?!?! Happily, he finished in time to welcome what for him is baby number three, and then our thoughts turned to a name. One of our mates suggested it should be named after the field he was harvesting when the call came through. Nice idea, except for one small detail. The field was called 'Deadman'. Despite the interruption, we did get the harvest finished. And thanks to the drought we've had this year, it was dismal. Seriously, you could fit all the grain we ended up with in a Hoover bag. And this, after the appalling wet weather of last year, which resulted in the country's second- worst harvest on record. A lot of farmers are going to be in a proper financial mess as a result. But at least we have a government which has their back. No, wait . . .
The Sun
16 minutes ago
- The Sun
Worst local authorities for using bailiffs to chase unpaid council tax bills – how to get help if you've fallen behind
THOUSANDS of families are being chased for council tax debts by bailiffs. If you miss one bill you could end up with a debt collection letter demanding your entire year's bill is paid in full. 1 Rules are set to change due to a government intervention - but not until a few years. Here, JAMES FLANDERS reveals the areas where bailiffs are being called into chase debts by local councils - and how to get help if you're affected. Stop the knock! Council tax debt is rocketing, with £6.6billion owed to local authorities in England alone - a figure that's risen by £642million in the last year. Households face annual rises to bills each April - but miss one bill and could end up being chased by debt collectors due to current rules. Use of bailiffs by councils have increased by an average of 13 per cent in the last year, according to Freedom of Information data compiled by Money Advice Trust on The Sun's behalf. And the average bill for anyone looking for help is up 46 per cent to £1,958, according to National Debtline. Toby Murray from Debt Justice said: 'Council tax debt is skyrocketing, and people on the lowest incomes are bearing the brunt. 'Rather than supporting residents who are struggling with debt, councils send in the bailiffs - bringing additional fees, intimidation and fear. 'The government must act now to ban bailiffs from council tax debt collection." Here we reveal the areas worst affected by bailiff use according to the FOI data. The data shows dramatic increases in bailiff referrals between 2023 and 2024. Wealden District Council saw a staggering 664 per cent rise, East Lindsey District Council jumped by 556 per cent, Three River by 455 per cent and Lewisham soared by 435 per cent. Meanwhile, Birmingham leads in the sheer volume of cases, with 46,688 households referred to bailiffs last year. Other councils with high referral numbers include Barnet (32,772), Manchester (27,076), Croydon (25,380), and Liverpool (25,269). Grace Brownfield from the Money Advice Trust said: 'If the government is serious about tackling this problem, they will also need to invest more funding in local Council Tax Support schemes. "We need to stop people falling behind with council tax in the first place." How to get help Families struggling with council tax can get a break with the 'breathing space' scheme, which pauses payments and other debts for 60 days. To access the scheme, you'll need a referral from a debt adviser. You can do this for free by visiting During the 60-day period, you'll be protected from bailiffs and legal action while receiving expert advice to find long-term solutions. You should also reach out to your council to check if you're eligible for money off your council tax bill. Single-person households can get 25 per cent off, while pensioners, low-income families, and those on the guarantee element of Pension Credit could qualify for a full reduction. Richard Lane of StepChange, said: 'Always check if you qualify for council tax discounts, work out what you can afford, and contact your council to arrange a repayment plan. 'If you're still struggling, reach out to free and impartial debt advice charities.' For help with council tax or other debts, free support is available from Citizens Advice (0800 144 8848), StepChange (0800 138 1111), and National Debtline (0808 808 4000). Change is coming - but not until few years In June the government announced plans to shake-up council tax collection rules, by extending payment deadlines and cracking down on aggressive enforcement action if payments are missed. One option being considered is to spread payments over 12 months instead of ten, reducing the average monthly bill for a band D property by £38 a month. The consultation ends in September and it will use this to decide on the next steps, but it hasn't confirmed when new rules could come into force. Beat the bailiff If a bailiff or enforcement agent knocks at your door, lock your doors first, as they can enter through unlocked ones. Ask for proof of identity and the reason for their visit. Legitimate bailiffs must carry court or agency-issued ID, including a photo, name, and details of who they represent. Always verify their ID before letting them in. The most common type of bailiff is a Certificated Enforcement Agent, who collects unpaid rent, council tax, parking fines, or child support. If they lack proof of authorisation, tell them to leave and call 999 if they refuse. If the debt is yours, ask for a full breakdown of what's owed and to whom. You're not responsible for someone else's debt, even if it belongs to your adult child or partner. If it's your debt, tell the bailiff to leave and say you'll speak to a debt charity, and to your creditor to make arrangements to pay. They'll normally leave if you tell them to, and you should then make arrangements to repay your debt. For vulnerable individuals - such as those who are disabled, seriously ill, pregnant, or parents of young children - extra protections apply, including more time to pay and not being visited alone. SYLVIE Denne, 56, from Croydon, has endured four nervous breakdowns and crippling financial stress after discovering her council tax arrears had soared to £13,000. The ordeal began in 2019 when bailiffs demanded £2,500 in unpaid council tax. Her daughter, Rachael, took out a loan to cover the debt, thinking the issue was resolved. But in 2021, Sylvie received a letter stating she owed £13,000 in arrears dating back to 2008 due to incorrect payments. On Universal Credit, Sylvie offered to pay £200 monthly on top of her regular £150 bill, but Croydon Council insisted on £360. By 2022, a court summons revealed she still owed £7,000 after missing payments for a year. The financial strain has taken a toll on Sylvie's mental and physical health. 'I'm unwell, living hand to mouth, and terrified every time a letter arrives,' she said. Rachael, deeply concerned about her mum's wellbeing, criticised the council's handling of the situation. 'Their communication is shocking. Mum sacrifices essentials just to avoid the stress of bailiffs knocking on the door,' she said.
Rhyl Journal
34 minutes ago
- Rhyl Journal
Bioethanol plant deems lack of Government support an ‘act of economic self-harm'
Vivergo Fuels, near Hull, warned earlier this year that it was in imminent danger of closure as crisis talks continued with the Government. This followed the end of the 19% tariff on American bioethanol imports as part of the recent UK-US trade deal. On Friday, the Government said: 'This Government will always take decisions in the national interest. 'That's why we negotiated a landmark deal with the US which protected hundreds of thousands of jobs in sectors like auto and aerospace. 'We have worked closely with the companies since June to understand the financial challenges they have faced over the past decade, and have taken the difficult decision not to offer direct funding as it would not provide value for the taxpayer or solve the long-term problems the industry faces. 'We recognise this is a difficult time for the workers and their families and we will work with trade unions, local partners and the companies to support them through this process. 'We also continue to work up proposals that ensure the resilience of our CO2 supply in the long-term in consultation with the sector.' Ben Hackett, managing director of Vivergo Fuels, said: 'The Government's failure to back Vivergo has forced us to cease operations and move to closure immediately. 'This is a flagrant act of economic self-harm that will have far-reaching consequences. 'This is a massive blow to Hull and the Humber. 'We have fought from day one to support our workers and we are truly sorry that this is not the outcome any of us wanted. 'This decision by ministers will have a huge impact on our region and the thousands of livelihoods in the supply chain that rely on Vivergo, from farmers to hauliers and engineers.' Mr Hackett said the industry has faced 'unfair regulations' for years that favoured overseas producers, and the recent US-UK trade deal pushed the sector 'to the point of collapse'. He said: 'We did everything we possibly could to avoid closure, but in the end it was the Government that decided the British bioethanol sector was something that could be traded away with little regard for the impact it would have on ordinary hard-working people. 'We did not go down without a fight and I hope that the noise we generated over the past three months will make the Government think twice before it decides to sign away whole industries as part of future trade negotiations.' A spokesman for Associated British Foods, which owns Vivergo, said: 'It is deeply regrettable that the Government has chosen not to support a key national asset. 'We have been left with no choice but to announce the closure of Vivergo and we have informed our people. 'We have been fighting for months to keep this plant open. 'We initiated and led talks with Government in good faith. We presented a clear plan to restore Vivergo to profitability within two years under policy levers already aligned with the Government's own green industrial strategy.' The spokesman said the Government had 'thrown away billions in potential growth in the Humber and a sovereign capability in clean fuels that had the chance to lead the world'. The bioethanol industry, which also includes the Ensus plant on Teesside, has argued the trade deal, coupled with regulatory constraints, has made it impossible to compete with heavily subsidised American products. Vivergo said the Hull plant, which employs about 160 people, can produce up to 420 million litres of bioethanol from wheat sourced from thousands of UK farms. It has described bioethanol production as 'a key national strategic asset' which helps reduce emissions from petrol and is expected to be a key component in sustainable aircraft fuel in the future. The firm recently signed a £1.25 billion memorandum of understanding with Meld Energy to anchor a 'world-class' sustainable aviation fuel facility at the site. But Meld Energy said earlier this month uncertainly over the bioethanol industry was putting this plan in jeopardy. The Vivergo plant is also the UK's largest single production site for animal feed, and the company says it indirectly supports about 4,000 jobs in the Humber and Lincolnshire region. Vivergo has said it buys more than a million tonnes of British wheat each year from more than 4,000 farms, and has purchased from 12,000 individual farms over the past decade. But it took its last wheat shipment earlier this month. The farmers' union described the imminent closure of the Vivergo plant as a 'huge blow'. NFU combinable crops board chairman Jamie Burrows said: 'Not only is it terrible news for those hundreds of workers who will lose their jobs but also for the thousands of people whose livelihoods depend on this supply chain – that includes local farmers who have lost a vital market for their product.' The Ensus plant in Teesside differs from the Vivergo operation because it also produces CO2 as part of the process. Ensus, which is owned by CropEnergies, part of the German firm Sudzucker, is the UK's only large scale manufacturer of CO2, which is used in a wide range of sectors, including in drinks and the nuclear industry. Grant Pearson, chairman of Ensus UK, said on Friday: 'I met with Sarah Jones, the minister for business, today, to receive the Government's response to our request for financial support and the policy changes required to ensure that the Ensus facilities can continue to operate. 'The minister confirmed that they value both our contribution to the UK economy, the jobs we provide and support in the north east of England and in particular our production of biogenic CO2 which is a product of critical national importance. 'They are therefore looking at options to secure an ongoing supply of CO2 from the Ensus facility. 'This is positive news, however it is likely to take time to agree upon and finalise and therefore urgent discussions will be taking place to provide a level of assurance to the Sudzucker and CropEnergies' boards that there is a very high level of confidence that an acceptable long-term arrangement can be reached.'
