Weekly Digest – 10 January 2024

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

Interest rate cuts will soften mortgage blow by £11bn – but Brits still face £19bn rise

Bank of England interest rate cuts are set to soften the blow of increased mortgage payments in 2024, top economists have said.

House prices started to rise again in 2023, says Halifax

House prices have stopped falling and are rising again, according to a closely watched report from the mortgage lender Halifax.

Financial wellbeing set to be employees’ biggest challenge in 2024

The biggest threat to business productivity, sustainability and financial stability in 2024 will be the financial wellbeing of workers, the CEO of employment solutions specialists HIVE360 has warned.

Inflation to fall fast in 2024 helping UK economy to ‘turn a page’, PwC predicts

Inflation will fall much faster than the Bank of England currently expects, new forecasts from PwC suggest, helping the UK economy to “turn a page” in 2024.

IoD Business sentiment ends the year in a relatively depressed place

Dr. Roger Barker, Director of Policy at the Institute of Directors, said, “Director sentiment ended the year in a relatively depressed place. According to our members, it has been more or less stuck in the doldrums since last Summer. Although aspects of the business environment have improved in the last couple of months, particularly with regard to inflation, this is not yet exerting a meaningful impact on business decision-making.

UK service sector expands at fastest pace in six months

Activity in the UK service sector rose at the fastest pace in six months in December, according to a survey released on Thursday.

Experts warn the UK economy will remain ‘grey gloom’ in 2024

The UK economy will enter ‘grey gloom’ until polling day, according to the FT’s annual survey.  A majority of the respondents to the FT’s annual poll of leading UK-based economists said despite falling inflation voters would feel little improvement in their living standards before the general election expected this year.

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