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Company bosses hiring in the gig economy could face up to five years in prison if they fail to check if their employees can legally work in the UK, the Home Office has said. The employers could also be banned from operating as company directors, have their business closed down, or be hit with fines of up to £60,000 for every worker who isn't checked as part of the government crackdown. The announcement comes as Home Secretary Yvette Cooper prepares to speak to Sky News breakfast show Sunday Morning with Trevor Phillips today. Her department has said "thousands" of companies which hire gig economy and zero-hour contract workers are not legally required to check whether they have the right to work in the UK. Politics latest: Follow live updates The gig economy refers to an employment arrangement where work is assigned on a short-term or job-by-job basis in sectors such as construction, food delivery, beauty salons and courier services. Food delivery...

Company bosses hiring in the gig economy could face up to five years in prison if they fail to check if their employees can legally work in the UK, the Home Office has said. The employers could also be banned from operating as company directors, have their business closed down, or be hit with fines of up to £60,000 for every worker who isn't checked as part of the government crackdown. The announcement comes as Home Secretary Yvette Cooper prepares to speak to Sky News breakfast show Sunday Morning with Trevor Phillips today. Her department has said "thousands" of companies which hire gig economy and zero-hour contract workers are not legally required to check whether they have the right to work in the UK. Politics latest: Follow live updates The gig economy refers to an employment arrangement where work is assigned on a short-term or job-by-job basis in sectors such as construction, food delivery, beauty salons and courier services. Food delivery...

Since the turn of the year the chancellor Rachel Reeves has had a single priority, repeated loud and clear at every opportunity; growth. It was a battle cry repeated from Beijing to Cape Town via Davos and repeatedly at home but, judging by figures for January, the economy is not yet listening. A contraction in GDP of 0.1% was below economists' consensus of a similar amount of growth in the first month of the year. Following a larger than expected positive bump of 0.4% in December, it confirms the trend established in the second half of 2024 of an economy bumping along at around zero. Money latest: Boost for Brit holidaymakers over £6 'euro-visa' The causes were a significant decline in production and manufacturing of metals, pharmaceuticals and oil and gas that a small increase in services growth, the engine of the British economy, could not offset. Accommodation and pub and restaurant sales were down, with an increase in food sales indicating even...

The UK economy shrank at the start of 2025, according to official figures which had been expected to show further meagre growth. The Office for National Statistics (ONS) said that output declined by 0.1% during the month following the 0.4% growth seen in December. A growth figure of 0.1% had been tipped by a majority of economists. The ONS said a slump in manufacturing output was to blame. Money latest: Biggest cuts in fixed rate mortgage deals in almost six months It marks a fresh blow for the chancellor as the economy faces headwinds on many fronts at a time when her priority is securing economic growth. Looming large for Rachel Reeves is the threat of an adverse business reaction to budget tax hikes she is due to impose from April. Firms are facing the bulk of the £40bn bill through employer national insurance contributions. Other challenges include the escalating trade war initiated by Donald Trump which is tipped by economists to dent growth prospects globa...

The UK economy grew fractionally during the final three months of 2024, according to early official figures, which ease the immediate risk of a recession. The Office for National Statistics (ONS) reported a 0.1% rise in gross domestic product (GDP) during the fourth quarter, with only a recovery for growth in Christmas spending and manufacturing during December coming to the rescue. Economists had been largely expecting a contraction of 0.1% for the three month period following a zero growth reading for the previous three months to September. Money latest: Reaction as economy shows surprise growth The risk of shallow recession is still there, however, because the margins between contraction and growth are so tight in the data that likely future revisions may tip the balance either way. The wider ONS figures showed that across 2024 as a whole, total GDP grew by 0.9%. But a closely-watched measure for living standards in the economy , GDP by head of population, sho...

The UK economy grew fractionally during the final three months of 2024, according to early official figures which ease the immediate risk of a recession. The Office for National Statistics (ONS) reported a 0.1% rise in gross domestic product (GDP) during the fourth quarter, with growth in services and manufacturing during December coming to the rescue. Economists had been largely expecting a contraction of 0.1% for the three month period following a zero growth reading for the previous three months to September. The risk of shallow recession is still looming large because the margins between contraction and growth are so tight that future revisions may tip the balance either way. The wider ONS data showed that a separate measure for living standards, GDP by head of population, had contracted for two consecutive quarters. The figures maintain intense pressure on the government as it has made achieving economic growth its priority for the parliament. Its term did no...

By Darya Korsunskaya, Guy Faulconbridge and Gleb Stolyarov MOSCOW () -President Vladimir Putin has grown increasingly concerned about distortions in Russia's wartime economy, just as Donald Trump pushes for an end to the Ukraine conflict, five sources with knowledge of the situation told . Russia's economy, driven by exports of oil, gas and minerals, grew robustly over the past two years despite multiple rounds of Western sanctions imposed after its invasion of Ukraine in 2022.  But domestic activity has become strained in recent months by labour shortages and high interest rates introduced to tackle inflation, which has accelerated under record military spending. That has contributed to the view within a section of the Russian elite that a negotiated settlement to the war is desirable, according to two of the sources familiar with thinking in the Kremlin. Trump, who returned to office on Monday, has vowed to swiftly resolve the Ukraine conflict, Europe's biggest si...

By Kevin Buckland and Harry Robertson TOKYO/LONDON () -The dollar traded in narrow ranges against major peers on Thursday, as the currency continued to struggle for direction in the absence of concrete announcements on tariffs from U.S. President Donald Trump. A spate of central bank policy decisions could move currencies over the next week, with the Bank of Japan widely expected to raise interest rates at the end of a two-day meeting on Friday. Rate decisions from the U.S. Federal Reserve and European Central Bank are scheduled for Wednesday and Thursday of next week, respectively. The - which measures the currency versus six top rivals, including the euro and yen - was last up 0.09% at 108.37 in early European trading. It tumbled 1.2% on Monday in its steepest one-day slide since November 2023, as Trump's first day in office brought a barrage of executive orders but none on tariffs. The dollar had climbed to a more than two-year high of 110.17 on Jan. 13 on the back of ...

Capital Economics forecasts the Bank of Canada would likely opt for a 25 basis point reduction in its policy rate in the upcoming meeting, despite recent economic data that could warrant a pause in rate cuts. The decision is influenced by the persistent threat of tariffs, which poses a risk to the economic outlook. In December, the Bank of Canada made a close decision to reduce the policy rate by 50 basis points, a move that was debated against a smaller 25 basis point cut. The decision was aimed at reaching the upper end of the Bank's neutral range estimate for the policy rate, which is between 2.25% and 3.25%. This was done to ensure the rate was not considered restrictive. Following the rate cut in December, the Bank's communication took on a less dovish tone, indicating a shift to a more cautious approach. The statement that the Bank expected to reduce the policy rate further was replaced with a message of evaluating the need for further rate reductions on a case-by-cas...

MOSCOW () - The Russian economy has shown resilience during the three years of war in Ukraine and Western sanctions. However, as the war approaches its fourth year, the economy faces major challenges with key economic policymakers at odds on how to address them. Economists describe the outlook for 2025 as an "ideal storm" with multiple negative factors simultaneously at play. "After several years of very strong dynamics, the economy may disappoint in 2025," said Dmitry Polevoy from Astra asset managers. The economic woes add to Russian President Vladimir Putin's case for talks with U.S. President Donald Trump on ending the war in Ukraine. Trump said on Jan. 21 that Putin was "destroying Russia" and pointed out to high inflation. "Russia is interested in reaching a diplomatic resolution to the conflict in Ukraine based on economic considerations," said former deputy governor of the central bank Oleg Vyugin. Below are the five key chall...

By Darya Korsunskaya, Guy Faulconbridge and Gleb Stolyarov MOSCOW () - President Vladimir Putin has grown increasingly concerned about distortions in Russia's wartime economy, just as Donald Trump pushes for an end to the Ukraine conflict, five sources with knowledge of the situation told . Russia's economy, driven by exports of oil, gas and minerals, grew robustly over the past two years despite multiple rounds of Western sanctions imposed after its invasion of Ukraine in 2022.  But domestic activity has become strained in recent months by labour shortages and high interest rates introduced to tackle inflation, which has accelerated under record military spending. That has contributed to the view within a section of the Russian elite that a negotiated settlement to the war is desirable, according to two of the sources familiar with thinking in the Kremlin. Trump, who returned to office on Monday, has vowed to swiftly resolve the Ukraine conflict, Europe's biggest s...

SINGAPORE () - Singapore's key consumer price gauge rose 1.8% in December from a year earlier, higher than economist forecasts and the lowest in more than three years, official data showed on Thursday. The core inflation rate, which excludes private road transport and accommodation costs, was above the 1.7% forecast by a poll of economists and the 1.9% seen in November. Headline inflation was 1.6% in annual terms in December, higher than economists' forecast of 1.5%. Inflation has declined from a peak of 5.5% in early 2023 and December's rise is the smallest since November 2021, when it rose by 1.6%.  Lower inflation and higher growth have created room for the Monetary Authority of Singapore to ease monetary policy at its scheduled review on Friday, though analysts are split on whether the central bank would wait to assess the impact of U.S. President Donald Trump's policies. Singapore's economy did better than expected in 2024 with 4% growth in advance est...

By Leika Kihara () -The Bank of Japan concludes its first policy meeting of the year on Friday with the outcome to be announced days after the inauguration of U.S. President Donald Trump. Here is a guide on what to expect and why the BOJ's rate review matters: WHEN DOES THE BOJ MEETING TAKE PLACE? The BOJ board that sets monetary policy is holding a two-day meeting that concludes on Friday. It will announce its decisions at the end of its deliberations. The BOJ ended years of negative interest rates in March and raised its short-term policy target to 0.25% in July. It has signalled a readiness to hike again if wages and prices move as projected. IS THE BOJ GOING TO RAISE INTEREST RATES? There is growing conviction within the BOJ that conditions for another increase are coming into place. The economy continues to expand moderately and inflation has held above its 2% target for nearly three years. Companies continue to pass on rising raw material and labour costs to buyers...

By Casey Hall SHANGHAI () - More than half of the American businesses in China, the highest level in five years, say they are concerned about a further deterioration in the bilateral relationship between the world's two largest economies, a survey published on Thursday shows. The annual survey by the American Chamber of Commerce (AmCham) in China showed 51% of respondents were concerned about a future deterioration in the U.S.-China relationship. It was released just days after U.S. President Donald Trump took office for a second term with the threat of increasing trade tariffs on Chinese imports. "A stable and constructive relationship, grounded in economic and trade ties, is critical not only for the prosperity of our two nations but also for global economic stability," said AmCham China Chair Alvin Liu. Geopolitical tensions, policy uncertainties, and trade disputes were major concerns of U.S. businesses in China, AmCham China said. The survey of 368 AmCham Ch...

By Makiko Yamazaki TOKYO () -Japanese exports rose for a third successive month in December as a weak yen boosted the value of shipments, data showed on Thursday, though a decline in volume underscored doubt about an outlook clouded by the unpredictability of U.S. trade policy. With U.S. President Donald Trump flagging plans for tariffs on imports from major trading partners China, Canada and Mexico, Japanese companies are increasingly worried that protectionist policies could dampen and disrupt global shipments. Some companies with a U.S. presence are preparing to boost operations in that country, signalling a hit to Japan exports. Meanwhile, exports to China are at the mercy of ever-tightening U.S. restrictions on doing business with Asia's largest economy. "As Trump's tariffs and potential retaliatory measures could upend international trade, we just need to wait and see what will happen," said Norinchukin Research Institute chief economist Takeshi Minami. ...

Investing.com-- Economic growth in the Asia-Pacific region is likely to face headwinds in 2025 due to potential U.S. tariff increases, a strong dollar, and weaker export demand, UBS analysts said in a research note. UBS economists forecast a regional slowdown of 0.5 to 1 percentage point in real gross domestic product (GDP) growth, with much of the impact expected in the second half of the year as trade barriers tighten and U.S.-China tensions escalate, analysts said. Cyclical exporters such as South Korea and Taiwan are likely to experience a more pronounced slowdown, while domestically oriented economies like India and the Philippines should show greater resilience, according to UBS. Mainland China, a focal point of U.S. tariff strategies, is expected to employ extensive fiscal and monetary measures to counterbalance the adverse effects of trade barriers and property sector drag. UBS projects China’s 2025 growth to stabilize at mid-4%, supported by fiscal packages ranging from R...

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Fusion Media  would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ...

By Jarrett Renshaw, David Morgan and David Lawder WASHINGTON () - U.S. President Donald Trump is pushing a plan to explicitly use revenue from higher tariffs on imported goods to help pay for extending trillions of dollars in tax cuts, an unprecedented shift likely to face opposition from many of his fellow Republicans in Congress. The U.S. collects less than $100 billion annually in trade penalties imposed on imported goods as a tool to protect and grow domestic industries. That money is rarely a topic in Washington's routine budget battles because it makes up so little of the federal government's revenue.  Trump has threatened across-the-board import tariffs, but has yet to impose any. The president and his allies say he wants to use them much like the personal and corporate taxes that account for the vast majority of U.S. revenues, notching up tariffs to help pay for government programs and cover promised tax cuts.  "Instead of taxing our citizens to enrich other...