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5 Things You Need To Know, Today, on Wednesday 8th February 2023
5. About 100,000 civil servants are set to strike on the day the chancellor unveils the Spring Budget, the Public and Commercial Services union has said.
Mark Serwotka, general secretary of the PCS, said members would walk out on 15 March as part of an ongoing row with the government over pay and conditions.
4. BP. has revealed it is to miss a key climate goal while announcing record annual profits.
The London-based firm said its main earnings measure, underlying replacement cost profit, came in at $27.7bn (£23bn) for 2022.
3. Trade between the US and China hit a record high last year even as their diplomatic relations reach new lows.
Imports and exports between the two countries totalled $690.6bn (£572.6bn) in 2022, official figures show.
2. Britain's labour market showed more signs of cooling in January with starting pay for people hired for permanent roles growing at its slowest pace in almost two years, according to a survey of recruitment firms.
With the Bank of England worried about inflationary heat in the jobs market as it considers when to stop raising interest rates, the Recruitment and Employment Confederation said cautious employers were relying increasingly on temporary hires.
1. The UK is likely to avoid a recession this year, an economic think tank has predicted.
The National Institute of Economic and Social Research (NIESR) said the economy will grow marginally despite high prices hitting household budgets.