Skip to content
Search

Latest Stories

Spring Statement 2022 : Sunak cuts fuel duty as UK slashes growth forecast

Spring Statement 2022 : Sunak cuts fuel duty as UK slashes growth forecast

BRITAIN'S economy will grow more slowly this year than previously predicted and inflation will be much higher, chancellor of exchequer Rishi Sunak said as he gave a budget update which included measures to ease a cost-of-living squeeze.

Sunak, announcing forecasts drawn up by the Office for Budget Responsibility (OBR), said on Wednesday (23) that the economy was likely to grow by 3.8 per cent in 2022, a sharp slowdown from a forecast of six per cent made in October.

Inflation, as measured by the consumer price index, is now seen at 7.4 per cent in 2022, compared with October's forecast of 4 per cent.

Sunak is under pressure to offer more help to Britons who are facing their worst cost-of-living squeeze in at least 30 years and he announced a cut to fuel duty of 5 pence per litre starting later on Wednesday and lasting until March next year.

Earlier, data showed Britain's consumer price inflation hit a 30-year high of 6.2 per cent last month, driven by soaring costs for energy and food, which poorer households especially may find hard to cut back on.

The International Monetary Fund estimates British gross domestic product will grow by 4.7 per cent in 2022, the fastest among Group of Seven nations. The British economy suffered a Covid-19 slump of more than 9 per cent in 2020 and grew by more than seven per cent in 2021.

The OBR forecast that gross domestic product would grow by 1.8 per cent, 2.1 per cent and 1.8 per cent in 2023, 2024 and 2025, Sunak said.

In October, the OBR had forecast growth of 2.1 per cent, 1.3 per cent and 1.6 per cent over the next three years.

(Reuters)

More For You

enforcement directorate

The Enforcement Directorate searches were conducted at locations linked to the Gupta brothers, Piyoosh Goyal of World Window Group, and entities such as Sahara Computers and ITJ Retails Pvt Ltd.

Getty Images

India agency acts on South Africa request in Gupta brothers probe

INDIA's financial crime fighting agency, the Enforcement Directorate (ED) on Tuesday carried out searches at locations connected to the Gupta brothers of South Africa and their associates in a money laundering case.

The action followed a Mutual Legal Assistance Request (MLAR) received by India from South Africa in connection with the "state capture scam," reported PTI quoting sources.

Keep ReadingShow less
Trump and Modi

Donald Trump speaks with the press as he meets with Narendra Modi in the Oval Office of the White House on February 13, 2025. (Photo: Getty Images)

Getty Images

Trump’s doubling of tariffs on Indian imports takes effect

Highlights

  • US tariffs on Indian imports rise to as much as 50 per cent
  • Nearly 55 per cent of India’s $87bn exports to US could be affected
  • Exporters warn of job losses and call for loan moratoriums
  • India says support measures will be offered to affected exporters

US PRESIDENT Donald Trump’s doubling of tariffs on Indian imports took effect on Wednesday, raising duties on some shipments to as much as 50 per cent. The move escalates trade tensions between India and the United States.

Keep ReadingShow less
Surat-diamond-Reuters

Craftsmen work on diamonds at a diamond processing unit in Surat, India, August 15, 2025. (Photo credit: Getty Images)

Getty Images

Tariff surge threatens one-third of India’s diamond exports

THE SURAT Diamond Bourse, billed as the world's largest office complex and bigger than the Pentagon, remains largely empty with only a few traders working.

Business has slowed, and the outlook is uncertain.

Keep ReadingShow less
Earn $7k/day through mining contracts by Bitcoin (BTC) plummets, BTC holders

Earn $7k/day through mining contracts by Bitcoin (BTC) plummets, BTC holders

Bitcoin whale dumped 24,000 BTC, triggering a flash crash that sent the price plummeting by $110,000. This depressed market sentiment, led to the liquidation of numerous leveraged long positions, and intensified short-term selling pressure.

At the same time, GoldenMining launched a new Bitcoin mining contract to mitigate the risk of Bitcoin's price decline and help Bitcoin holders earn daily returns.

Keep ReadingShow less
From office workers to freelancers, users around the world use GoldenMining to earn $2,500 a day

From office workers to freelancers, users around the world use GoldenMining to earn $2,500 a day

Have you ever thought about making money from cryptocurrency without any technical knowledge, equipment, or time commitment? It's not about speculation or scalping, but rather a more stable and simple method: cloud mining.

The GoldenMining platform is designed specifically for everyday users like you. You don't need professional background, mining equipment, or even a server. With just a mobile phone or computer and a small investment, you can automatically participate in mining mainstream cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), and Litecoin (LTC), with daily profits automatically deposited into your account.

Keep ReadingShow less