Connect with us

NEWS

Recession Hits UK Economy

Published

on

Official data emanating from the Office for National Statistics (ONS) has it that the UK economy has entered recession.

The data shows that UK economy recorded two successive quarters of negative economic growth in the second half of 2023.

The ONS in a statement on Thursday detailed that the Gross Domestic Product (GDP) shrank by 0.3 percent in the fourth quarter of 2023, having contracted by 0.1 percent in the third quarter.

The negative growth recorded in the last half of 2023 means that the UK economy had met the technical definition of a recession.

This is being traced to elevated inflation and a cost-of-living crisis, according to the data in the statement.

Analysts posit that this development becoming public before the 2024 general elections, has dealt a blow to Prime Minister Rishi Sunak’s ambition.

The ONS explained in the statement that the UK economy shrank for two consecutive quarters means that recession had set in.

According to the ONS, all main sectors shrank in the fourth quarter – with manufacturing, construction and wholesale being the biggest drags on growth.

It added that the economy was broadly flat overall in 2023.

Sunak, whose governing Conservatives are trailing Keir Starmer’s main opposition Labour Party (LP) ahead of the election due this year, had pledged to grow the economy as one of his top five priorities.

News of the recession comes as voters go to the polls in two by-elections on Thursday, with the Conservatives fearful of losing one-time strongholds in Wellingborough, central England, and Kingswood in the southwest.

Finance Minister, Jeremy Hunt pointed out that stubborn inflation and high interest rates were behind the output fall – but insisted the economy was “turning a corner”.

Hunt said, “While interest rates are high – so the Bank of England can bring inflation down – low growth is not a surprise.

“But there are signs the British economy is turning a corner; forecasters agree that growth will strengthen over the next few years, wages are rising faster than prices, mortgage rates are down and unemployment remains low.

“Although times are still tough for many families, we must stick to the plan – cutting taxes on work and business to build a stronger economy.”

NEWS

‘They’ll Be Free Soon’ – DIG Gives Fresh Update on Abducted Oyo Pupils, Teachers

Published

on

The Oyo State Government under Governor Seyi Makinde has approved the reconstruction of Ijio-Idiko-Ile Road which is one of the roads in the Oke Ogun geo-political zone in the state. Makinde also disclosed that he had given the go-ahead for the renovation of Iseyin Township Hall. Makinde, made these known during a town hall meeting held at Iseyin Town Hall in Iseyin Local Government Area, on Thursday. In his speech, Makinde informed the audience that construction is still going on at the Ladoke Akintola University, Ogbomoso campus's College of Agricultural Science and Renewable Natural Resources, Iseyin Campus. He declared that Oba Abdul Ganiy Adekunle Salau, the most recent Aseyin of Iseyin, would be honored by having the campus lecture hall bear his name.

The South-West Coordinating Deputy Inspector-General of Police (DIG), Adegoke Fayoade, has reassured Nigerians that the abducted pupils and teachers in Oyo State will soon regain their freedom as security agencies intensify rescue operations.

Speaking during an official working visit to the Lagos State Police Command Headquarters in Ikeja on Monday, Fayoade expressed confidence that ongoing efforts by law enforcement agencies and government authorities would yield positive results in the shortest possible time.

According to him, all available resources are being deployed to secure the safe release of the victims, while security operatives remain focused on rescue efforts rather than engaging in discussions about ransom demands.

ALSO READ: Oyo APC Rejects LG Election, Says Makinde Wants to Rule by Proxy After Exit

All agencies, including government authorities, are working tirelessly. I can assure Nigerians that within the shortest possible time, the children and their teachers will be free,” the DIG stated.

Fayoade dismissed reports suggesting that the abductors had altered their demands, insisting that the police were unaware of any negotiations involving ransom payments or the release of suspected accomplices.

We do not discuss ransom. Our priority is ensuring the safe rescue of those in captivity,” he said.

The senior police officer explained that his visit to Lagos was part of a broader strategy to strengthen supervision across police commands in the South-West and engage officers on effective approaches to tackling emerging security threats.

He disclosed that discussions with officers centered on manpower development, welfare improvement, and operational efficiency.

Fayoade noted that the ongoing recruitment of 40,000 police personnel would help address manpower shortages across the country, while improved welfare packages would boost officers’ morale and effectiveness.

The DIG also highlighted the Nigeria Police Force’s commitment to adopting modern technology in crime fighting.

He revealed that efforts were underway to complete a central data centre that would enable security agencies to share intelligence and improve crime detection nationwide.

He added that the force was preparing to introduce artificial intelligence into criminal investigations and intelligence gathering to enhance policing and improve response times.

Technology remains a major priority. Very soon, our officers will begin specialized training on the use of artificial intelligence in investigations and intelligence operations,” he said.

Fayoade further urged members of the public to cooperate with law enforcement agencies, stressing that effective policing requires mutual trust and respect between officers and citizens.

The assurance comes amid growing concern from parents and residents over the fate of the abducted pupils and teachers, with many hoping for a swift and safe resolution to the incident.

Continue Reading

NEWS

UK PM Keir Starmer Resigns

Published

on

British Prime Minister Keir Starmer announced his resignation on Monday after less than two years in office, in a term characterised by policy U-turns and deep public unpopularity.

“Every decision I have taken has been about putting the country I love first. That is why I will resign as leader of the Labour Party,” Starmer said as he choked up in an emotional speech outside 10 Downing Street.

Starmer said the process of picking a new leader for the centre-left party would be launched in July, and he would remain as prime minister until his successor is chosen, to be in place before parliament returns from the summer recess in September.

Starmer’s main rival, veteran politician Andy Burnham, is due to be sworn in as a member of parliament on Monday after winning a crucial special election on Thursday, allowing him to return to parliament and clearing his path to run for party leader.

“I will remain in post as prime minister until the contest is complete, and I will do everything I can to ensure an orderly handover of power,” Starmer added.

Until the weekend, Starmer had insisted he was going to fight on and remain as prime minister as he fought off challenges and calls to step down.

He has clung to that position for months after multiple scandals and high-profile resignations that piled the pressure on him and his Labour Party.

But Britain is now set to get its seventh prime minister in a decade.

Starmer’s widely anticipated announcement comes a day before the 10-year anniversary of the Brexit referendum, which triggered the UK’s exit from the European Union and an unprecedented churn of prime ministers.

Starmer has been credited with reshaping Labour into an election-winning party, which clinched a decisive victory in 2024, ending 14 years of Conservative rule.

But his term was derailed by missteps ranging from benefit cuts to criticism over defence spending plans.

ALSO READ: Osun Eyes $7.7 Trillion Halal Economic Strategy

He was nearly ousted in March over his ill-fated decision to appoint Peter Mandelson, a known associate of the late US sex offender Jeffrey Epstein, as the UK’s ambassador to Washington.

He has also struggled to fight off the rapid rise of the far-right, anti-immigration Reform UK party — which defeated Labour in local elections in May, further weakening Starmer’s position.

“I will also give my successor my full and unequivocal support, knowing that they will inherit a Britain that is far stronger and fairer than the one I inherited two years ago,” Starmer said in his resignation speech.

Courtesy – AFP

Continue Reading

NEWS

Gunmen Kill Ex-Ogun State Broadcaster, Security Guard in Early Morning Attack

Published

on

Man Arrested For Burglary In Ogun Churches

Gunmen have killed a former staff member of Ogun State Television, Mrs. Kitan Oyesiku, popularly known as “Aunty Kitan,” alongside her security guard in a violent early morning attack in Agodo community along the Abeokuta–Siun–Sagamu Expressway in Ogun State.

The incident, which occurred in the early hours of Sunday, threw residents of the area into panic and mourning as news of the killings spread across the community.

The victims were reportedly attacked inside their residence by unknown armed men who stormed the compound and carried out the operation before fleeing the scene.

SEE MORE: Midnight Horror in Kaduna: Gunmen Kill Nine, Injure 11 in Fresh Community Attack

The security guard on duty was also killed during the invasion.

The attack took place within the Abeokuta axis of Abeokuta, raising fresh concerns over insecurity in parts of the state.

The bodies of the deceased have since been deposited at the morgue of the State Hospital, Ijaiye, Abeokuta.

As of press time, the motive behind the attack remains unclear, while security agencies are expected to launch a full-scale investigation into the incident.

An anonymous source who spoke on the development said the incident was discovered after concerned church members went to check on the deceased when she failed to appear at church service.

The source said: “They had come around to check on Mrs Oyesiku when they did not see her in the church. On getting to her residence, they found out that the security officer had been killed, and they later also saw that the assailants had also killed Mrs Oyesiku. That was how they raised the alarm in the community.”

When contacted, the spokesperson of the Ogun State Police Command confirmed the incident and said an official statement would be issued after preliminary investigations.

Mrs. Oyesiku, a former broadcaster with the state-owned television station, was well known in media circles before her retirement.

Her death has sparked grief among colleagues, friends, and residents across Ogun State, as calls mount for improved security in the area.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x