Before a crucial week of interest rate decisions for central banks, and on the eve of the emergency takeover of banking giant Credit Suisse, the Bank of England and five other major central banks announced a coordinated effort to boost the flow of US dollars through the global financial system. Their aim was to keep credit flowing to businesses and households during recent banking sector turmoil.
Mr Yousaf was backed by all 64 SNP MSPs and the seven Greens, with the two parties having a power-sharing agreement in the 129-seat parliament. All 31 Conservative MSPs voted for Douglas Ross.
UK economic forecasts have improved markedly since the September 2022 mini-budget. The economic recession may now be more shallow and public borrowing lower than previously expected.
First Minister Humza Yousaf has unveiled his Cabinet team with five members aged under 40 and, for the first time ever, a majority of women. In a Cabinet of ten that sees the Economy established as a portfolio in its own right: Shona Robison, the new Deputy First Minister, will take on the Finance portfolio, including responsibility for the Scottish Budget.
Scotland's onshore GDP increased by 0.9% in January, according to statistics announced by the Chief Statistician. This follows a 0.8% contraction in December 2022 - revised down from a 0.6% contraction.
The Highland Council has awarded a significant contract to Norbloc construction Ltd, Halkirk to carry out a full refurbishment of the public convenience at Whitechapel Road, Wick. The £395K works involve bringing the former public convenience back into use by undertaking ground stabilisation works.
See poster for details..
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party. In his victory speech, he said he was "determined to deliver" independence for Scotland.
The Highland Council's works to modify the temporary bridge are now complete and following discussions with CalMac, ferry services will resume on Tuesday 28 March 2023. Economy and Infrastructure Committee Chair, Cllr Ken Gowans said: "Remedial works were undertaken over the weekend to resolve the issue of vehicles over 10m being able to travel out via Uig Port.
Environment Agency issues three new environmental permits to NNB Generation Company (Sizewell C) Limited for a new nuclear power station at Sizewell in Suffolk. The Environment Agency has issued three new environmental permits today to NNB Generation Company (Sizewell C) Limited for a new nuclear power station at Sizewell in Suffolk.
The amount the UK space sector brings to the economy has grown by £1 billion, helping launch new business and create jobs across the country, according to new figures. New figures show UK space sector income grew by almost £1 billion into 2021.
With four banks down in the US and Europe and at least several more wobbling, we're currently in the throes of the worst banking strife since 2007-08. Aggressive interest rate hikes have meant that banks are sitting on hefty losses on their portfolios of government bonds - some US$2 trillion (£1.6 trillion) or 15% losses on US banks alone.
New Housebuilding There were 22,905 all-sector new build homes completed in Scotland in the year to end September 2022, according to quarterly statistics on housebuilding and affordable housing supply published today by Scotland's Chief Statistician. This is an increase of 10% (2,023 homes) on the 20,882 completions in the previous year, and the highest annual figure to end September since 2008.
The UK has announced up to £10 million in funding to support a new UK-Polish partnership which will provide shelter and power for Ukrainians displaced by Russian attacks. New partnership backed by up to £10 million in UK funding announced to provide shelter and power for Ukrainians displaced by Russian attacks.
Four life sciences companies from across the UK will benefit from the first tranche of Life Sciences Innovative Manufacturing Fund (LSIMF) grants. £277 million will help fund and advance life sciences manufacturing projects in both medical diagnostics and human medicines.
Analysis of the latest OECD monthly trade figures by ParcelHero shows the UK has experienced the lowest growth in the value of its exports of any G7 nation since January 2019. Analysis of the latest monthly international trade statistics from the Organisation for Economic Co-operation and Development (OECD) for January 2023 reveals the value of the UK's exports was the lowest of all the G7 nations.
Shoppers across the United Kingdom have had to limit the number of fresh fruit and vegetables in their trolleys over the past two weeks, as some of the biggest supermarket chains in the country have rationed their sales of salad vegetables. The latest consumer price index (CPI) rose by 10.4% in the twelve months, while the most significant upward contributions to inflation were brought by housing and household services (26.6%), along with food and non-alcoholic beverages (18%).
The Bank of England raised its main interest rate for the eleventh time in a row to 4.25% at its March meeting. At its previous meeting in February the Bank was optimistic about the prospects for inflation in the coming year, saying: "We expect inflation to fall quickly this year." But in-between times, inflation hit 10.4%, with price increases for food and other essentials rising well above that rate.
Soaring food prices pushed annual inflation in British shops to its highest in at least 18 years in March, industry data showed on Tuesday 28 March 2023. The British Retail Consortium said overall shop price inflation rose to 8.9% from 8.4% in February, the largest increase since the British Retail Consortium's (BRC) records started in 2005.
This heading appeared in yesterdays Guardian newspaper. Talks with union over pay and working practices are on brink of collapse and special administration has been explored, Royal Mail is on course to make operating losses of £350m-£400m this year, its parent company has said.
