Latest news with #RachelReeve
RNZ News
3 days ago
- Politics
- RNZ News
UK: AUKUS, Spending review, Israel criticism, Gibraltar deal
UK correspondent Harriet Line joins Kathryn to discuss US rumblings over AUKUS, Chancellor Rachel Reeve's spending plans - with major cash injections for the NHS and defence. Britain has, along with New Zealand, been criticised by the US for sanctioning two Israeli ministers over alleged 'egregious abuses' of human rights in Gaza. And the UK has reached a long-awaited deal with the EU over Gibraltar's border with Spain. Harriet Line is Deputy Political Editor of the Daily Mail.
Yahoo
4 days ago
- Business
- Yahoo
Rolls-Royce to build U.K.'s first small modular reactors
June 10 (UPI) -- Rolls-Royce was selected on Tuesday to partner with Great British Energy to build the country's first small modular reactors. The British government made the announcement as part of its strategy to revive Britain's industrial background. The government is committing over $3 billion for the modular reactor program and the project is expected to create up to 3,000 jobs and give 3 million homes power. It also announced plans to build a large Sizewell C power station in eastern England with an investment of $19 billion. "Great British Energy with Nuclear has run a rigorous competition and will now work with the preferred bidder Rolls-Royce SMR to build the country's first ever small modular reactors - creating thousands of jobs and growing our regional economies while strengthening our energy security", said Energy Secretary Ed Millband. "The U.K. is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey", said Chancellor of the Exchequer Rachel Reeve. Rolls-Royce SMR is going through the final stages of the U.K.'s nuclear industry's independent regulators assessment.
Miami Herald
5 days ago
- Business
- Miami Herald
Rolls-Royce to build U.K.'s first small modular rectors
June 10 (UPI) -- Rolls-Royce was selected on Tuesday to partner with Great British Energy to build the country's first small modular reactors. The British government made the announcement as part of its strategy to revive Britain's industrial background. The government is committing over $3 billion for the modular reactor program and the project is expected to create up to 3,000 jobs and give 3 million homes power. It also announced plans to build a large Sizewell C power station in eastern England with an investment of $19 billion. "Great British Energy with Nuclear has run a rigorous competition and will now work with the preferred bidder Rolls-Royce SMR to build the country's first ever small modular reactors - creating thousands of jobs and growing our regional economies while strengthening our energy security", said Energy Secretary Ed Millband. "The U.K. is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey", said Chancellor of the Exchequer Rachel Reeve. Rolls-Royce SMR is going through the final stages of the U.K.'s nuclear industry's independent regulators assessment. Copyright 2025 UPI News Corporation. All Rights Reserved.
The Independent
27-05-2025
- Business
- The Independent
IMF warns Trump's tariffs are set to drag down UK economy next year
The International Monetary Fund (IMF) has warned that trade tensions stemming from planned US tariffs are set to dampen the UK 's economic growth next year. Despite this, the global financial body has revised its growth forecast for the UK upwards for this year, following a period of robust economic activity. The IMF has stated that the UK is experiencing an "economic recovery," with GDP expected to rise by 1.2 per cent this year, a step up from the 1.1 per cent growth it predicted in April. On Tuesday, the organisation maintained its projection that the UK economy will expand by 1.4 per cent in 2026. However, IMF economists said this will come despite global trade tensions wiping 0.3 percentage points off growth for the year. Trade tensions will weigh on growth through 'persistent uncertainty, slower activity in UK trading partners, and the direct impact of remaining US tariffs on the UK', the IMF said. It also highlighted that there is a greater risk that growth could be weaker than expected, due to the potential that global trade uncertainty will impact supply chains and weaken private investment. Meanwhile, the IMF indicated that policy reforms by the UK Government to overhaul planning rules and loosen regulatory hurdles could support future growth. 'The authorities' structural reforms, including to planning, and the increase in infrastructure investment could increase potential growth if properly implemented,' its statement on the UK economy said. Chancellor Rachel Reeves has made growing the economy a key priority for the Government in order to help fund future spending plans. On Tuesday, the Chancellor said: 'The UK was the fastest growing economy in the G7 for the first three months of this year and today the IMF has upgraded our growth forecast. 'We're getting results for working people through our plan for change – with three new trade deals protecting jobs, boosting investment and cutting prices, a pay rise for three million workers through the national living wage, and wages beating inflation by £1,000 over the past year.' Earlier this month, the Bank of England predicted that the UK economy would grow by 1 per cent in 2025 and 1.25 per cent next year, as it reduced interest rates to 4.25 per cent – their lowest level since May 2023. The IMF said the central bank should 'continue to ease monetary policy gradually', indicating it expects further reductions in interest rates.
Scottish Sun
13-05-2025
- Business
- Scottish Sun
Wage rate slows as unemployment rises – what it means for YOUR wallet
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AVERAGE earnings have slowed in a hit for workers, new data shows. Average weekly earnings, excluding bonuses, was 5.6% in January to March, official figures from the Office for National Statistics (ONS) show. Sign up for Scottish Sun newsletter Sign up 1 New figures reveal how much earnings and unemployment have fallen Annual growth in total earnings including bonuses was 5.5%. When adjusted for inflation, annual wage growth in real terms was 2.6% for both regular pay and total pay in January to March 2025. Meanwhile, the unemployment rate has risen in the past quarter. The rate of unemployment for people aged 16 years and over was estimated at 4.5% in January to March 2025. This is above estimates of a year ago, and up in the latest quarter, when the unemployment rate was 4.4%. But the rate of economic inactivity for people aged 16 to 64 years was estimated at 21.4% in the last quarter. This is below estimates of a year ago and down in the last three months. Liz McKeown, director of economic statistics at the ONS, said: "Wage growth slowed slightly in the latest period but remains relatively strong, with public and private sectors now showing little difference. "The broader picture continues to be of the labour market cooling, with the number of employees on payroll falling in the first quarter of the year. "The number of job vacancies has also fallen again, with the rate of decline increasing in the last few months." Understanding GDP and Its Impact on the Economy What it means for your money Generally speaking, lower wages are a negative for the economy, especially if they are lower than the rate of inflation. It means households have less purchasing power and less money will go back into the economy. Experts have blamed changes announced by Chancellor Rachel Reeve's in the Budget last October for the fall in wage growth. In the Budget the Chancellor announced that the rate of employer National Insurance contributions would rise from 13.8% to 15% on April 6. Alice Haine, personal finance analyst at Bestinvest, said: 'UK pay growth eased back in the three months to March as businesses braced for Chancellor Rachel Reeve's National Insurance rate hike for employers and the minimum wage increase at the start of April." Why does inflation matter? INFLATION is a measure of the cost of living. It looks at how much the price of goods, such as food or televisions, and services, such as haircuts or train tickets, has changed over time. Usually people measure inflation by comparing the cost of things today with how much they cost a year ago. The average increase in prices is known as the inflation rate. The government sets an inflation target of 2%. If inflation is too high or it moves around a lot, the Bank of England says it is hard for businesses to set the right prices and for people to plan their spending. High inflation rates also means people are having to spend more, while savings are likely to be eroded as the cost of goods is more than the interest we're earning. Low inflation, on the other hand, means lower prices and a greater likelihood of interest rates on savings beating the inflation rate. But if inflation is too low some people may put off spending because they expect prices to fall. And if everybody reduced their spending then companies could fail and people might lose their jobs. See our UK inflation guide and our Is low inflation good? guide for more information. At the same time, the National Minimum Wage rose, piling further pressure onto businesses already struggling with rising costs. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
