UK economy returns to growth

Published

1 year ago

March 13, 2024

admin

Growth returned in the UK economy in January, according to official figures.

The measure of everything produced in the UK – a metric called gross domestic product (GDP) – rose 0.2%, the Office for National Statistics (ONS) said.

It’s the first official economic growth announcement since a recession was declared last month as there were two successive three-month periods of negative economic growth.

When looked at over a three month period, GDP fell 0.1% up to January, compared to the three months to October, showing the economy is still struggling.

But the overall growth in January could mean the recession is the shortest ever in UK history, if the trend continued into February and March.

The main reason the economy grew was down to the customer-facing services industry, the ONS said, which expanded 0.2% in January and makes up a large chunk of the economy. Services are the largest part of the UK economy, comprising four fifths of output.

It was also a good month for construction with output having increased 1.1% over the month. Housebuilders had a good month after being subdued for much of the last year, the ONS said.

Acting against the growth was falling TV and film production and the “often erratic pharmaceutical industry”, it added as production yields also dropped.

When broadened out over a three month period, however, building output fell 0.9% and no growth was recorded in the services sector.

The data, however, is just an estimate and is subject to revision.

Figures are routinely revised as more information becomes available. It’s possible the recession could be revised out of existence when the ONS announces February GDP sums and reassesses economic performance.

Strong retail sales had been reported for the first month of the year, of significance as they measure the largest expenditure across the UK economy.

Responding to the data, Chancellor Jeremy Hunt said:

“While the last few years have been tough, today’s numbers show we are making progress in growing the economy – part of which makes it possible to bring down national insurance contributions by £900 this coming year.

“But if we want the rate of growth to pick up more we need to make work pay which means ending the unfairness of taxing work twice.”

TUC general secretary Paul Nowak said:

“The Conservatives have turned Britain into a stagnation nation. Our economy is barely growing, real wages are still worth less than in 2008 and the only thing shooting up is household debt.”

“We need a proper economic plan to turn the country around – not just short-term Tory gimmicks. That means a real industrial strategy. And it means making sure that our fiscal framework supports government investment in our crumbling infrastructure and public services.”

Politics

Labour suspends MP Dan Norris after arrest

Published

9 hours ago

April 5, 2025

admin

Labour MP Dan Norris arrested on suspicion of rape and child sex offences

The Labour Party has suspended its MP Dan Norris after “being informed of his arrest”.

A Labour Party spokesperson said: “Dan Norris MP was immediately suspended by the Labour Party upon being informed of his arrest.

“We cannot comment further while the police investigation is ongoing.”

Mr Norris defeated Jacob Rees-Mogg to win the new seat of North East Somerset and Hanham in last year’s general election.

He has also lost the party whip in the House of Commons.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

Politics

Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Published

16 hours ago

April 5, 2025

admin

Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency.

The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies.

While Nakamoto’s identity remains anonymous, the Bitcoin (BTC) creator is believed to have turned 50 on April 5 based on details shared in the past.

According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975.

Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership.

The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January.

Nakamoto’s 50th birthday comes nearly a month after US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.

Nakamoto’s legacy: a “cornerstone of economic sovereignty”

“At 50, Nakamoto’s legacy is no longer just code; it’s a cornerstone of economic sovereignty,” according to Anndy Lian, author and intergovernmental blockchain expert.

“Bitcoin’s reserve status signals trust in its scarcity and resilience,” Lian told Cointelegraph, adding:

“What’s fascinating is the timing. Fifty feels symbolic — half a century of life, mirrored by Bitcoin’s journey from a white paper to a trillion-dollar asset. Nakamoto’s vision of trustless, peer-to-peer money has outgrown its cypherpunk roots, entering the halls of power.”

However, lingering questions about Nakamoto remain unanswered, including whether they still hold the keys to their wallet, which is “a fortune now tied to US policy,” Lian said.

Is Satoshi Nakamoto wealthier than Bill Gates?

In February, Arkham Intelligence published findings that attribute 1.096 million BTC — then valued at more than $108 billion — to Nakamoto. That would place him above Microsoft co-founder Bill Gates on the global wealth rankings, according to data shared by Coinbase director Conor Grogan.

If accurate, this would make Nakamoto the world’s 16th richest person.

Despite the growing interest in Nakamoto’s identity and holdings, his early decision to remain anonymous and inactive has helped preserve Bitcoin’s decentralized ethos — a principle that continues to define the cryptocurrency to this day.

Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’

Politics

Wall Street’s one-day loss tops the entire crypto market cap

Published

21 hours ago

April 5, 2025

admin

Wall Street’s one-day loss tops the entire crypto market cap

The United States stock market lost more in value over the April 4 trading day than the entire cryptocurrency market is worth, as fears over US President Donald Trump’s tariffs continue to ramp up.

On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.

Nasdaq 100 is now “in a bear market”

Among the Magnificent-7 stocks, Tesla (TSLA) led the losses on the day with a 10.42% drop, followed by Nvidia (NVDA) down 7.36% and Apple (AAPL) falling 7.29%, according to TradingView data.

The significant decline across the board signals that the Nasdaq 100 is now “in a bear market” after falling 6% across the trading day, trading resource account The Kobeissi Letter said in an April 4 X post. This is the largest daily decline since March 16, 2020.

“US stocks have now erased a massive -$11 TRILLION since February 19 with recession odds ABOVE 60%,” it added. The Kobessi Letter said Trump’s April 2 tariff announcement was “historic” and if the tariffs continue, a recession will be “impossible to avoid.”

Nasdaq, United States, Stocks — *Source:* *Anthony Scaramucci*

On April 2, Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.

Trump said the reciprocal tariffs will be roughly half the rate US trading partners impose on American goods.

Meanwhile, the crypto industry has pointed out that while the stock market continues to decline, Bitcoin (BTC) remains stronger than most expected.

Crypto trader Plan Markus pointed out in an April 4 X post that while the entire stock market “is tanking,” Bitcoin is holding.

Even some crypto skeptics have pointed out the contrast between Bitcoin’s performance and the US stock market during the recent period of macro uncertainty.

Stock market commentator Dividend Hero told his 203,200 X followers that he has “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”

Meanwhile, technical trader Urkel said Bitcoin “doesn’t appear to care one bit about tariff wars and markets tanking.” Bitcoin is trading at $83,749 at the time of publication, down 0.16% over the past seven days, according to CoinMarketCap data.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set