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The UK manufacturing output fell by 1.1% in January 2025, following a modest increase of 0.6% in December 2024, according to the latest economic indicators. The sector, which plays a crucial role in the UK’s production industries, continues to face challenges, including declining new orders, weaker client confidence, and rising inflation. Manufacturing’s Role in the UK Economy Manufacturing is a vital part of the UK’s production sector, alongside mining, electricity, water & waste management, and oil & gas extraction. In the final quarter of 2024, manufacturing contributed 8.6% to the UK’s total economic output (gross value added) and 8.0% to…
The UK economic growth rate declined in January 2025, with GDP shrinking by 0.1%, according to the latest data from the Office for National Statistics (ONS). This unexpected contraction follows a 0.4% growth in December 2024, raising concerns about the economy’s stability. What is GDP and Why Does it Matter? Gross Domestic Product (GDP) measures the total value of goods and services produced in a country. It reflects the economic activity of businesses, the government, and individuals. The ONS releases monthly GDP updates, but quarterly figures are more significant for understanding long-term trends. A rising GDP generally means higher consumer…
The UK government has announced the abolition of the UK Payment Systems Regulator (PSR) in a move aimed at reducing regulatory complexity and business burdens. The PSR, which was established in 2015 to ensure fair and effective payment systems, will now be merged into the Financial Conduct Authority (FCA). Why is the PSR Being Abolished? The decision to integrate the UK Payment Systems Regulator into the FCA follows growing concerns from businesses about the complexity of financial regulation. Currently, payment system firms must interact with multiple regulators, which increases operational costs and administrative strain. In a statement released on 11…
Marlow banking hub, a new hub for Marlow residents, following a community request that highlighted the need for better banking services. LINK, the UK’s Cash Access and ATM network, has confirmed that the town in Buckinghamshire has been selected for this initiative, which will offer much-needed financial support to residents and businesses. The decision follows a formal request from Councillor Carol Heap, who recognised the challenges caused by multiple bank closures in recent years. With more people still relying on cash transactions and in-person banking, the hub is expected to provide a significant boost to the community. What is a…
Financial expert Martin Lewis has issued a stark warning to mobile banking users as phone thefts surge across the UK and shared mobile banking security tips. In a recent ITV broadcast, Lewis highlighted the alarming trend of thieves not just stealing devices but also draining victims’ bank accounts within minutes. London alone has seen a 40% rise in phone thefts, with criminals targeting high-value handsets worth up to £1,400. However, the real danger lies in how easily thieves can access banking details once they have a stolen phone. Lewis stressed: “They’re not just after your phone, they want your financial…