THE BANK OF ENGLAND

Britain's economy expanded slightly over the second quarter thanks to strong output in June and despite inflation remaining high, official data showed on Aug. 11.

Gross domestic product grew 0.2 percent in the April-June period after output expanded 0.1 percent in the first quarter, the Office for National Statistics said in a statement.

Fears that the British economy is heading for recession mounted sharply after the Bank of England raised borrowing costs by more than anticipated.

The Bank of England on June 22 decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5 percent.

Britain's economy grew 0.1 percent over the first quarter despite weakening in March, official data revealed Friday, as output continues to be hit by high inflation and strikes.

After narrowly avoiding recession last year, the economy advanced 0.5 percent in January before flattening in February and sliding 0.3 percent in March, the Office for National Statistics said in a statement.

The price of food in the U.K. rose at the fastest pace in 45 years last month in, keeping inflation above 10 percent for a seventh straight month amid a cost-of-living crisis that has fueled a wave of strikes by government workers.

India's Central Bank held interest rates yesterday for the first time in nearly a year because of "unprecedented uncertainty" in global markets but said it was committed to taming persistent inflation.

The Reserve Bank of India (RBI) left the benchmark repurchase rate at 6.50 percent after hikes at all six of its prior meetings since May 2022.

British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed yesterday.

The Consumer Prices Index (CPI) rose by 10.4 percent in the 12 months to February 2023, up from 10.1 percent in January, the Office for National Statistics said.

It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world.

British Prime Minister Rishi Sunak is holding the first meeting of his new Cabinet before facing the opposition in Parliament on Wednesday for the first time as leader.

Britain's political fiasco is unprecedented.

Since 2016, the erstwhile strong and respected Great Britain had to change four prime ministers, and now it is looking for a fifth.

The case of Liz Truss, however, was beyond imagination. She remained in office for just 44 days, a shorter time span than the campaign in which she was elected Tory leader.

Britain's new prime minister Liz Truss convenes her senior ministers for an inaugural cabinet meeting on Wednesday on her first full day in office, before she faces a barrage of questions in parliament.