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Rishi Sunak says GDP may fall 30 per cent due to COVID-19

Britain's gross domestic product (GDP) could fall by up to 30 per cent between April and June, finance minister Rishi Sunak told his colleagues as members of the cabinet call for easing lockdown restrictions amid the COVID-19 outbreak, reports said.

Sunak discussed the possibility of a 25 per cent to 30 per cent fall in GDP in the second quarter.


Reports revealed that ten ministers were pressing for the lockdown to be eased in May.

The report, however, did not identify those ministers.

"It's important that we don't end up doing more damage with the lockdown. We're looking at another three weeks of lockdown and then we can start to ease it," a minister said.

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Boohoo shareholders block Mike Ashley’s bid to join board
Mahmud Kamani

Boohoo shareholders block Mike Ashley’s bid to join board

SHAREHOLDERS of online fast-fashion retailer Boohoo have firmly rejected billionaire Mike Ashley’s attempt to secure a seat on its board. The decision, made at a shareholder meeting on Friday (20), follows a series of heated exchanges between Boohoo and Ashley’s Frasers Group.

A decisive 64 per cent of votes were cast against allowing Ashley and his associate, Mike Lennon, to join Boohoo’s board. Excluding Frasers Group’s 28 per cent stake in Boohoo, nearly all remaining investors voted against the proposal, reported the Financial Times.

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Christmas shoppers are seen in Covent Garden on December 6, 2024 in London. (Photo: Getty Images)

Retail sales rise by 0.2 per cent in November after pre-budget decline

UK RETAIL sales increased by 0.2 per cent in November, according to official data, reflecting a modest recovery after October’s decline as concerns about the government’s budget eased. However, the growth was weaker than the 0.5 per cent increase forecast by economists polled by Reuters.

The Office for National Statistics (ONS) reported that the November rise marked the first increase since August. Over the three months to November, sales volumes grew by just 0.3 per cent, the weakest performance since the three months to June. Sales volumes had dropped by 0.7 per cent in October amid caution ahead of Chancellor Rachel Reeves’ tax and spending plan.

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‘UK-India trade sees growth as
payments rise by 121 per cent’

India is increasingly seen as a hub for global business development, according to HSBC

‘UK-India trade sees growth as payments rise by 121 per cent’

BUSINESS activity between the UK and India flourished in 2024, with payments received by clients in Britain from India rising by 121 per cent, according to the latest data from HSBC UK.

The multinational bank highlighted the figures based on its two-way support for businesses within the India-UK corridor this week and said its data on payments and client referrals showed yearon-year growth.

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A general view of the Bank of England on December 19, 2024 in London. (Photo credit: Getty Images)

Bank of England maintains interest rate amid inflation rise

THE BANK OF ENGLAND (BoE) on Thursday kept its key interest rate unchanged at 4.75 per cent, opting not to follow the US Federal Reserve's recent rate cut, as inflation in the UK sees an uptick.

"We've held interest rates today following the two cuts since the summer," BoE Governor Andrew Bailey said in a statement.

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Starmer woos Indian business leaders in Downing Street summit​

Keir Starmer hosts an Indian Investor Roundtable alongside Jonathan Reynolds in 10 Downing Street.

Simon Dawson / No 10 Downing Street

Starmer woos Indian business leaders in Downing Street summit​


PRIME MINISTER Keir Starmer hosted a delegation of 13 Indian companies at 10 Downing Street in London on what the British government described as a “curated visit” to enhance the bilateral partnership and boost investment flows.

The visit on Wednesday (18) follows Starmer’s meeting with Indian prime minister Narendra Modi on the sidelines of the G20 Summit last month, when the leaders committed to take forward an “ambitious” UK-India Comprehensive Strategic Partnership with collaboration opportunities on economic growth, security and defence, technology, climate, health, and education.

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