Weekly Digest – 12 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Future PM must focus on EU trading relationship to fix Brexit damage, says business group

The next UK government should focus on a better trading relationship with the EU after Brexit costs made exports more difficult, the Federation of Small Businesses (FBS) has said, citing “stronger trade relations with the UK’s major trade partners, including the EU” as one of its priorities.

UK growth outlook brighter as consumer spending set to rebound

Britain’s economy will see faster-than-expected growth this year and next as the outlook brightens after a tough 2023, according to the CBI. The group has upped its forecasts for UK growth to 1% in 2024 and 1.9% in 2025 thanks to an expected pick-up in consumer spending as inflation falls back and wages remain robust.

House prices remain stable in May as election approaches

Annual house price inflation is running at 1.5%, according to the latest data from mortgage lender Halifax, revealing that prices have been largely stable over the past 12 months.

How poor regulation is holding back the UK economy

Regulation is not an issue that will feature prominently on the doorsteps in this election campaign. That’s hardly a surprise. Few voters, after all, will be swung around with a detailed plan on how Parliament could more effectively hold watchdogs to account. However, regulation is still a pressing concern for both businesses and consumers. Getting it right could help unleash growth and deliver better outcomes for consumers.

Why the UK’s labour market needs to be fixed to unlock economic growth

Its easy to see why an economy’s labour market is important for boosting economic growth, and indeed a growing labour market has been one of the major drivers of growth over the past few decades. The main problem facing the UK’s labour market is increasing levels of long-term sickness. While there is a shortage of labour on the whole, certain sectors – construction, tech and social care in particular – have suffered acutely from a dearth of skilled workers.

UK economy to grow by more than expected

The British Chambers of Commerce upgraded its outlook for the UK economy on Thursday, but warned long-term growth was likely to be subdued.

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