Recession Fears Grow As Rachel Reeves⁘s Disaster Budget Fuels Backlash | Personal Finance...

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Economists, finance and business leaders warn Britain risks sliding into recession amid rising business taxes and prices.

News that the UK economy saw growth of just 0.1 percent in Gross Domestic Product (GDP) in November suggests the UK is flatlining.

Critics complain that if the UK economy was measured in terms of output per head of population, it would have shown a reversal.

Concerns about rising National Insurance taxes on employers from Rachel Reeves' poorly received Budget, along with higher energy and food prices, are hitting business and consumer confidence.

Economics Fellow at the Institute of Economic Affairs Julian Jessop said the best scenario Britain can hope for is "stagflation light" with little or no growth and inflation running at above the Bank of England target of 2 percent.

"GDP rose a measly 0.1 percent in November or, more precisely, just 0.07 percent, which reversed less than half of the falls in the previous two months.

"The best we can hope for now is that GDP was flat in the fourth quarter as a whole. Even this would require a stronger December, which looks unlikely given the weakness in the business surveys."

He added: "The UK is not yet in recession in terms of overall GDP, but output per head did fall in the third quarter of last year and almost certainly did so again in the fourth.

"The most likely scenario is still a shallow downturn, with inflation only rising a little further and unemployment remaining relatively low. This could best be described as 'stagflation-lite'.

More Than 800 State Employees Earned More In Overtime Than In Base Pay In 2024

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More than 800 state employees in Massachusetts were paid more in overtime in 2024 than in base pay, a 54 percent increase from the year before, according to a Globe review of state payroll data .

As the state payroll climbed by nearly 10 percent to $10.26 billion, several agencies, including the Department of Mental Health, the Department of Developmental Services, and the MBTA, saw a sharp rise in the number of workers whose overtime wages surpassed their regular earnings.

Overtime spending last year reached $617.98 million, up from $553.26 million in 2023, according to the data. The data include some employees who worked briefly for the state, including some who made less than $10,000.

Workforce shortages predate the pandemic but have worsened in the past few years, the spokesperson said, and demand for some services has increased.

State facilities also have mandated staffing levels to ensure patient safety, and it is sometimes necessary to have staff members work overtime to satisfy those requirements, officials said.

Medina Considers Regulations For Potential Pedal Bike - Cleveland.Com

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MEDINA, Ohio – While city officials welcome the concept of a pedal bike coming to Medina, they want to make sure rules are in place to avoid traffic issues, especially around the square.

Last month Troy Gerspacher and Brian Hall went before council's finance committee to discuss their plans to bring a pedal bike to Medina. Hall owns pedal bike businesses in Wadsworth and Barberton and Gerspacher is considering making an investment along with Hall to purchase a 14-seat pedal bike that would be available to rent in Medina.

"I think it is a great idea, but it would be a bad idea to slow down traffic, especially during rush hour," Councilor Paul Rose said during a special legislation meeting Jan. 13.

"Safety is a priority with anything we do here," she said. "We all know there is increased traffic in our community because of all the things we offer here."

Council President John Coyne said the city encourages opportunities such as the pedal bike in the community.

"I spent many years in manufacturing management and I learned that it is best to prevent a problem before it happens," Rose said.

US High School Economics Class: US Stocks Soar More Than 20

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This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration  here .

The S⁘P 500, a key measure of the US stock market, has seen incredible growth in the last two years, thanks to excitement over artificial intelligence and the success of big tech companies like Nvidia and Tesla.

By looking at how the market has performed over time and what factors influence it — like lower interest rates or new rules for businesses — you'll get a clearer picture of how these trends affect everyday people's money decisions.

This lesson will help you connect these big market ideas to personal finance topics like saving, investing, and making smart decisions for your future.

Essential Question: How do historical market trends and economic factors, like technological innovation and government policies, influence personal financial decisions and investment strategies?

Reading Questions: Read the FT article: US stocks soar more than 20% for second year in a row and then answer the questions below. 

How do US stock market gains compare to those in European and Asia-Pacific markets (analyse the second chart in the reading)? Why might these differences be important to investors?

What are some of the risks mentioned in the article, such as economic momentum and interest rate expectations, that could affect the stock market in 2025, and how might these influence an investor's decisions?

Five Trends That Will Redefine Finance And Accounting In 2025

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This insight resonates deeply in today's business environment, where organizations must navigate macroeconomic uncertainties, technological disruptions and transformational opportunities. Amid these buffeting currents, finance and accounting have evolved from a number-crunching function to a strategic and consultative one, playing three critical roles — safeguarding assets, streamlining operations and influencing future growth. As we move into 2025, five key trends will define the F⁘A landscape and its ability to drive strategic value.

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Nightmare Budget Blamed For UK Clothes Price Hike | UK | News | Express.Co.Uk

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The highstreet staple Next has warned sales and profit will slow down in 2025 due to the tax-hungry Budget. The High Street retailer also warned it will raise prices on some clothing to offset "an usually high" £73m increase in staff wages and taxes.

On Tuesday, the shop loved by Brits explained the harrowing impact that the October Budget will have on not just them, but to many retailers across the country. It comes after Chancellor Rachel Reeves announced the increase of the amount employers contribute in national insurance, alongside lowering the earning threshold at which they start paying it.

Next said the price rise was "unwelcome" but would offset around £13million in wage and tax costs.

The business has 458 stores across the UK which could be heavily affected. The FTSE 100 said "employer tax increases, and their potential impact on prices and employment" would start to filter through into the sales growth of the company.

Next's forecast for the current financial year sees both sales and profit growth plummet drastically compared to the previous year. It expects UK full-price sales growth of 1.4% in the next financial year, this is down from 2.5% in the year to December 28.

Profit growth will see an even larger stark difference between figures as the retailer predicts just 3.6% for the year to January 2026. This is down from an estimated 10% in the year to January 2025.

Former Top NYPD Official Jeffrey Maddrey's Home Searched Amid Allegations He Demanded Sex For...

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Gunfire erupted outside the Amazura nightclub in Jamaica, Queens Wednesday, injuring at least 10 people. 

Law enforcement officers on Thursday searched the home of a former top New York City police official who resigned late last month after being accused of demanding sex from a subordinate in exchange for opportunities to earn extra pay.

Authorities executed search warrants at several locations, including the home of Jeffrey Maddrey, the highest-ranking uniformed officer in the NYPD, Police Commissioner Jessica Tisch said.

"At my direction, the Internal Affairs Bureau of the New York City Police Department is working with law enforcement authorities to investigate allegations against former Chief of Department Jeffrey Maddrey," the statement said.

Former NYPD Chief of Department Jeffrey Maddrey attends a press conference on Dec. 27, 2024, in New York. (AP Photo/Yuki Iwamura, File)

Maddrey's accuser was the NYPD's top earner in fiscal year 2024, according to payroll data, pulling in more than $400,000. More than half was overtime pay. In her federal Equal Employment Opportunity Commission complaint, she claimed Maddrey engaged in " quid pro quo sexual harassment " by coercing her to "perform unwanted sexual favors in exchange for overtime opportunities."

Maddrey, through his lawyer, described it as a "consensual, adult relationship" and denied allegations of sexual misconduct.