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UK and EU airports continue to enforce the 100ml liquid rule due to delays in implementing advanced CT scanners, which would allow relaxed restrictions. The rule, originally temporary since 2006, persists due to logistical and financial hurdles
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The UK is set to join the CPTPP by 15 December 2024, becoming the first new member of the trade bloc since its inception. This membership will allow 99% of UK exports to be tariff-free in the CPTPP region, boosting the UK economy by £2 billion annually by 2040.
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According to American Express research, Gen Z is driving the increase in business travel, with nearly 60% planning more trips in the next year to boost career prospects. They favour combining business with leisure and prioritise sustainability.
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UK shop prices fell by 0.1% in August 2024, marking the first decline since November 2021. Driven by easing food inflation and discounts in non-food sectors, this drop offers some relief to consumers amid ongoing economic challenges.⬤
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The UK government is prioritizing global trade agreements like CPTPP over re-entering the EU, aiming to strengthen ties with fast-growing markets in Asia-Pacific while maintaining regulatory independence. This strategy, however, risks long-term economic impacts on UK-EU trade relations.
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The UK economy continues to show resilience, with a July 2024 composite PMI of 52.8, outperforming the Eurozone. Despite challenges like high inflation at 7.9% and a 5.25% interest rate, the UK remains a bright spot in Europe’s economic landscape.
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Starting October 2024, Ofgem’s energy price cap will increase by 10%, raising the average annual energy bill to £1,717. This rise is due to higher wholesale energy costs driven by global market instability. Households should consider fixed-rate tariffs to manage costs.
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The educational choices made by British 16-year-olds significantly impact the economy by shaping the future workforce. Balancing academic and vocational paths is crucial for addressing skill shortages in key sectors like technology and green energy, supporting long-term economic growth.
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In July 2024, UK retail sales rebounded by 0.5%, driven by spending during the UEFA Euro 2024 and summer discounts. However, the recovery was uneven, with sectors like clothing and furniture still struggling amidst broader economic challenges.
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The UK economy grew by 0.6% from April to June 2024, led by the services sector, particularly IT, legal services, and scientific research. Despite this growth, challenges remain, with flat growth in June and concerns about slowing momentum in the latter half of the year.
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UK wage growth has fallen to a two-year low, despite an unexpected drop in the unemployment rate to 4.2%. This discrepancy between slowing wage growth and declining unemployment raises concerns about the reliability of labour market data and complicates economic policy decisions.
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AstraZeneca recently became the first UK company to reach a £200 billion market valuation, driven by its groundbreaking cancer treatments and strategic vision under CEO Pascal Soriot. This milestone sets a new benchmark for innovation and growth in the UK economy.