Kwasi Kwarteng unveiling an anti-inflation budget plan at the House of Commons in London on Friday. Agence France-Presse
Britain unveiled a 30 billion-pound ($39 billion) stimulus plan to help the economy as it faces the risk of a coronavirus recession, hours after the Bank of England (BoE) slashed interest rates in a double-barrelled response to the crisis.
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.
Britain’s economy unexpectedly shrank in the second quarter of the year on Brexit turmoil, official data showed on Friday, placing the country on the verge of recession and sending the pound tumbling to a 2.5-year low.
Britain’s economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks’ time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.
“Future100,” a collaborative initiative between the Ministry of Economy and the Government Development and the Future Office, has forged 25 strategic partnerships.
Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, led the UAE delegation to the UAE-Indonesia Business Forum, which was held recently in the capital, Jakarta.
Programme aims to prepare the next generation of competent Emirati talent to lead Dubai’s vital sectors by enriching them with knowledge of the latest economic trends and expertise.