Phillip Inman

London

Economics Editor and Writer at The Guardian

Economics editor - The Observer. Also economics writer for The Guardian. Author of Guardian e-book The Financial Crisis - How Did We Get Here

Articles

UK interest rates fall to 4.25% as Bank of England announces a quarter-point cut

6 days ago | sg.finance.yahoo.com | Phillip Inman |Heather Stewart

Phillip Inman and Heather Stewart Thu, 8 May 2025 at 6:45 am GMT-5 3 min read The widely expected cut by the MPC, its fourth cut since last August, should lead to cheaper mortgages for homeowners.Photograph: Maureen McLean/REX/Shutterstock Bank of England policymakers have cut interest rates by a quarter point to 4.25% to cushion the UK economy against the impact of Donald Trump’s trade war.
Domestic economic woes will wreck Reeves’ budget plans, says thinktank

6 days ago | theguardian.com | Phillip Inman

Slow growth and persistent inflation will wreck Rachel Reeves’ budget plans and increase the likelihood of further tax rises in the autumn, according to forecasts by a leading economic thinktank. The National Institute of Economic and Social Research (NIESR) said the UK was on course to suffer a long period of stagnation, cutting tax receipts and forcing the chancellor to balance the books only months after a tough budget in March that reduced welfare benefits.
UK construction activity contracts for fourth straight month as costs rise

1 week ago | theguardian.com | Phillip Inman |Julia Kollewe

UK building companies have suffered a poor start to the year, with activity contracting for a fourth month in a row in April as new work dried up while cost pressures remained high, according to an industry survey. Construction companies continued to struggle after two years of depressed activity that industry executives had expected would end with Labour’s election victory last July.
How would Donald Trump’s tariffs on foreign films affect the UK industry?

1 week ago | theguardian.com | Phillip Inman

The UK film industry is under threat from Donald Trump’s latest musing on how to revive Hollywood. To the dismay of everyone connected with British film production, the US president said he would impose a 100% tariff on all movies “produced in Foreign Lands”. Here we ask what it means for the industry and the UK economy if he makes good on the threat. How big is the UK film industry? By some measures, spending on film production in the UK is small in relation to an economy worth £2.5tn.
UK services sector shrinks for first time in 17 months amid Trump tariff fears

1 week ago | theguardian.com | Phillip Inman

A 17-month period of expansion in the UK’s services sector came to an abrupt end in April as uncertainty created by Donald Trump’s tariff war hit new orders and exports. A poll of purchasing managers in services businesses showed that the US president’s tariff campaign had sent a chill through the sector, which accounts for about three-quarters of the UK economy, hitting business confidence about the prospects for the years ahead.
UK ministers to meet bank bosses over lending to small businesses

1 week ago | theguardian.com | Phillip Inman

Ministers will meet bank bosses on Tuesday to discuss how big lenders can support the government’s growth strategy as concerns mount inside Whitehall that small businesses are struggling to access the funds needed to make vital investments. Senior executives from HSBC, NatWest and Lloyds are expected to explain how they will meet the government’s mission to increase lending after criticism from business groups about the lack of credit available after the pandemic.
‘It’s pretty bad’: Bank of England top official on the lack of female economics students

1 week ago | theguardian.com | Phillip Inman

Economics has an image problem, says Clare Lombardelli, a deputy governor at the Bank of England. With few children from poorer backgrounds studying the subject and only a small proportion of women pursuing it to undergraduate level, the profession is heavily weighted towards men from well-to-do backgrounds. “It’s pretty bad in all sorts of ways,” she says.
Financial markets have become a bulwark against populist excesses | Phillip Inman

1 week ago | finance.einnews.com | Phillip Inman

You say you want a revolution, sang the Beatles back in 1968. And that seems to be the interpretation of electoral results across the industrialised world. From the seismic shifts in recent US and German elections to the rise of Reform and the Green party in the UK, electorates are signalling that they reject the status quo.
UK preparing to ban consumers from buying crypto with borrowed funds

1 week ago | theguardian.com | Phillip Inman

The UK financial regulator is preparing to ban retail investors from using borrowed funds such as credit card balances to invest in cryptocurrency as it seeks to overhaul supervision of the fast-growing digital assets market. The soaring values of virtual currencies such as bitcoin after Donald Trump’s election have put pressure on the Financial Conduct Authority (FCA) to take a tougher line while it also lays the groundwork for the industry to flourish in the UK.
UK factories suffer export slump at fastest pace for five years as tariffs dent demand

1 week ago | theguardian.com | Phillip Inman

Britain’s factories suffered a slump in export orders last month as Donald Trump’s globally unsettling tariff regime sent overseas demand for UK goods tumbling at the fastest pace in five years. Manufacturers reported rising economic and trade uncertainties in April as some tariffs took effect and other threatened border taxes loomed, forcing them to lay off workers for a sixth consecutive month.