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Borrowing increases and growth forecast slashed
The Office for National Statistics announced that in the UK the public sector net borrowing, excluding public sector banks, was £ 151.9 billion( or 5.3 % of GDP) in the 2024 to 2025 financial year, £ 20.7 billion( or 0.5 percentage points) more than in the previous year and the third highest total on record.
The S & P Global survey in April also revealed that the UK’ s private sector went into decline, as new export orders dropped. The reading from the survey was 48.2 in April, down from 51.5 in March.
The output was below the 50 mark for the first time since October 2023.
The International Monetary Fund( IMF) downgraded the growth for many of the advanced economies due to uncertainty surrounding trade tariffs.
In the US, growth is now expected to be 1.8 % this year, down from the IMF’ s estimate of 2.7 % for the US in January.
The forecast for the UK has also been cut to 1.1 % this year.
Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF, said:“ Our baseline assessment for global financial stability is that risks have been increasing, and there are really two main factors here: one is that the overall level of policy uncertainty has increased; and the second factor is that the forecast of economic activity going forward is slightly lower, as Pierre Olivier presented at the World Economic Outlook press conference just now. So, it’ s a combination of a lower baseline and larger downside risks.”
UnionPay International and Dojo Partner to expand card acceptance across the UK
UnionPay International( UPI), dedicated to providing a seamless global payment network, has announced a strategic partnership with Dojo, a UK leading SME payment provider. This collaboration will significantly increase UnionPay card acceptance across the UK, providing cardholders with a seamless payment experience while enabling small- and medium-sized enterprises( SMEs) to tap into a vast international customer base.
Dojo develops innovative, technology-driven solutions that simplify transactions, empowering businesses, including major enterprises such as Pizza Pilgrims, Côte and Boxpark, in the experience economy. Through this partnership, UnionPay cardholders can now make payments at 150,000 UK merchants, primarily in the hospitality sector. At the same time, Dojo’ s merchant network will gain access to global UnionPay cardholders.
Imperial Treasure, Dishoom, Hakkasan, Shoryu Ramen, The Ritz London, Mandarin Oriental Hyde Park, Four Seasons Hotel and Landmark Hotel.
Currently, over 50 % of UK merchants accept UnionPay cards, covering a wide range of shopping, dining, entertainment and travel experiences. Key shopping destinations such as Bicester Village, Harrods, Watches of Switzerland, Liberty London, Fortnum & Mason and Heathrow Airport’ s World Duty Free all support UnionPay payments. UnionPay cardholders can also enjoy seamless transactions at renowned restaurants and hotels, including
The UK’ s payment landscape is rapidly evolving. According to PwC UK, debit card payments now dominate, accounting for 50 % of transactions, and the shift away from cash is expected to continue, reaching 7 % of total transaction volume by 2032. As checkout experiences become more customer-centric, businesses are increasingly adopting more simplified and efficient payment solutions to enhance customer convenience and streamline operations. x
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