British TV presenter June Sarpong celebrates during a Labour Party victory rally at the Tate Modern in London early on July 5, 2024. Britain’s new Labour government has pledged immediate action to grow the economy after clinching a landslide election victory to oust the Conservatives, but its task could be hampered by strained state finances following huge Covid expenditures.
Labour “will benefit from the economic recovery”, noted Ashley Webb, UK economist at Capital Economics research group.However, eight years after Britain voted for Brexit, businesses still lament economic fallout caused by the country’s departure from the European Union, with little prospect of change in the near future.
“The reason for Starmer’s popularity because he offered a changeless change,” said James Wood, senior teaching associate in political economy at the University of Cambridge. The City of London Corporation, which is the local authority for the capital’s financial district, called on Starmer to place the powerful sector “at the forefront of Labour’s plans to drive growth”.Included in Labour’s spending plans is the creation of publicly-owned Great British Energy, with the aim of slashing bills as millions of Britons still struggle with a high cost of living.
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