UK economy shrinks 0.3% in three months through October
2 years ago

UK economy shrinks 0.3% in three months through October

Associated Press  

LONDON — Britain’s economy shrank in the three months through October, confirming the toll that rampant inflation and rising interest rates are having on business and industry. Gross domestic product, the broadest measure of economic activity, fell by 0.3% in the period when compared with the three months through July, the Office for National Statistics said Monday. Despite the rebound in October, there is still a good chance the British economy will shrink for a second consecutive quarter in the last three months of this year, according to Martin Beck, chief economic adviser to the EY Item Club. “The near-term outlook remains gloomy, as consumers continue to struggle under the weight of high inflation and with much of the impact of this year’s interest rate rises still to be realized,” Beck said in a statement.

Three Months  economy  inflation  industries  shrinks  03  uk  interest  rising  consecutive  rate  months  economic  high

History of this topic

British economy flatlines in 3rd quarter in another blow to new Labour government
1 day, 20 hours ago

British economy flatlines in 3rd quarter in another blow to new Labour government

Associated Press  

LONDON — The British economy flatlined in the third quarter of the year, according to downwardly revised official figures Monday, in another blow to the new Labour government that has made growth its number one mission. In its latest revision of the July to September period, the Office for National Statistics said the British economy showed no growth against the …

Bank of England HOLDS interest rates despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation
Trending News
5 days, 18 hours ago

Bank of England HOLDS interest rates despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation

Daily Mail  

The Bank of England kept interest rates on hold today despite mounting alarm at the stalling economy. Interest rates, which influence how much banks charge for loans and mortgages, are used as a tool by the central bank to keep inflation at its 2 per cent target level. Most economists had thought the latest data, and the prospect of price …

UK inflation increase solidifies expectations interest rates will be kept on hold
6 days, 22 hours ago

UK inflation increase solidifies expectations interest rates will be kept on hold

Associated Press  

LONDON — Inflation in the U.K. rose to its highest level in eight months during November, official figures showed Wednesday, a development that has cemented market expectations that the Bank of England will opt against cutting borrowing costs this week. It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and …

UK interest rates to fall more slowly than expected after Budget – OECD
2 weeks, 6 days ago

UK interest rates to fall more slowly than expected after Budget – OECD

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK interest rates will fall …

UK firms report first contraction in output since 2023, PMI shows
1 month ago

UK firms report first contraction in output since 2023, PMI shows

Hindustan Times  

By William Schomberg UK firms report first contraction in output since 2023, PMI shows LONDON, - British business output shrank for the first time in more than a year and tax increases in the new government's first budget hit hiring and investment plans, a survey showed, a fresh setback for Prime Minister Keir Starmer's push for economic growth. The preliminary …

Energy costs push UK inflation to 2.3 percent
1 month ago

Energy costs push UK inflation to 2.3 percent

China Daily  

Inflation in the United Kingdom increased to 2.3 percent in October, putting pressure on the Bank of England to wait until next year before making additional interest rate cuts. Figures released by the Office for National Statistics, or ONS, on Wednesday showed that surging household energy costs pushed the consumer price index higher, breaking the pattern of declining inflation rates …

Why did the UK economy slow in the third quarter, and what does it mean?
1 month, 1 week ago

Why did the UK economy slow in the third quarter, and what does it mean?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chancellor Rachel Reeves has said she is “not satisfied” …

Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms
Top News
1 month, 2 weeks ago

Bank of England cuts interest rate to 4.75% as UK inflation drops, but economic uncertainty looms

Firstpost  

From the start of the year to September, UK inflation stood at 1.7 per cent, its lowest level since April 2021 and below the central bank’s target rate of 2 per cent The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate …

Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?
Top News
1 month, 2 weeks ago

Boost for Brits as Bank of England trims interest rates from 5% to 4.75%... but will hopes of 'aggressive' cuts be dashed by Labour's big-spending Budget?

Daily Mail  

The Bank of England cut interest rates today - amid fears the big-spending Budget will keep borrowing costs higher in future. Tim Moore, economics director at S&P Global Market Intelligence, said: 'October data signalled another slowdown in output growth across the service sector as heightened business uncertainty and concerns about the general UK economic outlook had an adverse impact on …

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years
1 month, 2 weeks ago

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years

Daily Mail  

The Bank of England is poised to cut interest rates today - but could signal that the big-spending Budget will keep borrowing costs higher in future. Threadneedle Street's decision could be swayed by grim figures this week showing growth in the UK services sector slowing to its lowest rate in nearly a year. Tim Moore, economics director at S&P Global …

Bank of England cuts UK interest rates again despite modest budget-related inflation spike
1 month, 2 weeks ago

Bank of England cuts UK interest rates again despite modest budget-related inflation spike

Associated Press  

LONDON — The Bank of England cut its main interest rate by a quarter of a percentage point to 4.75% on Thursday after inflation across the U.K. fell significantly, relieving some pressure on borrowers who have faced elevated mortgage and loan costs. Though inflation has fallen below the bank’s target of 2%, Governor Andrew Bailey cautioned that interest rates would …

Bank of England poised to cut UK interest rates for second time this year
Top News
1 month, 2 weeks ago

Bank of England poised to cut UK interest rates for second time this year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK borrowing costs are set …

UK's central bank cuts interest rate
1 month, 2 weeks ago

UK's central bank cuts interest rate

China Daily  

By Earle Gale in London | chinadaily.com.cn | Updated: 2024-11-07 22:35 Pedstrians pass the Bank of England, Britain's central Bank, in London, on November 7, 2024. The United Kingdom's central bank, the Bank of England, or BoE, cut its base interest rate on Thursday, to 4.75 percent from 5 percent, in a move seen as a declaration that rampant inflation …

Interest rate cut ‘nailed on’ after UK inflation falls to three-year low
2 months, 1 week ago

Interest rate cut ‘nailed on’ after UK inflation falls to three-year low

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A fall in UK inflation …

Why did the UK economy grow in August and what does it mean?
2 months, 1 week ago

Why did the UK economy grow in August and what does it mean?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Gross domestic product – or GDP – is the …

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low
3 months ago

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

UK economy flatlines in July for second month running
3 months, 1 week ago

UK economy flatlines in July for second month running

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK economy flatlined in …

UK economy the fastest growing in the G7 in 2024, economists say
4 months, 1 week ago

UK economy the fastest growing in the G7 in 2024, economists say

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “That is why we have made economic growth our national …

UK economy grows 0.6% between April and June as it recovers from recession
4 months, 1 week ago

UK economy grows 0.6% between April and June as it recovers from recession

Associated Press  

LONDON — Britain’s economy continued its recovery from recession at the end of last year, with its GDP increasing by 0.6% between April and June, official figures showed Thursday. “The U.K. economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year,” said Liz McKeown, director of economic statistics at the …

UK growth slows slightly in second quarter
4 months, 1 week ago

UK growth slows slightly in second quarter

Hindustan Times  

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday. UK growth slows slightly in second quarter The country's economy is growing after it exited a mild recession at the end of last year, helped by inflation falling back from four-decade highs. "The new …

Slowdown in wage growth ‘clears the path for more interest rate cuts’ by BoE this year
4 months, 1 week ago

Slowdown in wage growth ‘clears the path for more interest rate cuts’ by BoE this year

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This lends some support to our forecast that the Bank …

UK inflation stays at 2% target in June, leaving rate cut on a 'knife edge'
5 months, 1 week ago

UK inflation stays at 2% target in June, leaving rate cut on a 'knife edge'

Hindustan Times  

Inflation in the U.K. held steady at the Bank of England's target rate of 2% in the year to June, official figures showed Wednesday, in a development that could be enough for policymakers to cut borrowing costs next month. Grocery price inflation fell to its lowest level since September 2021 in a further sign of easing cost pressures, ahead of …

UK finally sees growth in economy during May
5 months, 1 week ago

UK finally sees growth in economy during May

China Daily  

Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. The United Kingdom economy bounced back in May, showing signs of growth after a stagnant April and marking a continuation of the country's recovery from last year's recession. The Office for National Statistics, or ONS, reported a 0.4 percent increase in …

UK inflation rate back down to 2%
6 months ago

UK inflation rate back down to 2%

China Daily  

FILE PHOTO: A tourist shelters from the rain under an Union Jack umbrella near the Bank of England in the City of London financial district in London, Britain, February 13, 2024. The United Kingdom's ruling Conservative Party got some rare good news on Wednesday, when the country's inflation rate eased back down to the Bank of England's 2 percent target …

With election looming, UK’s governing Conservatives seize on inflation fall to 2% target
6 months ago

With election looming, UK’s governing Conservatives seize on inflation fall to 2% target

Associated Press  

LONDON — Inflation in the U.K. returned to the Bank of England’s target rate of 2% for the first time in nearly three years, official figures showed Wednesday, a development that was seized on by the governing Conservative Party as evidence that its economic plan is “working” ahead of the July 4 election. But Conservative Prime Minister Rishi Sunak hailed …

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices
7 months ago

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices

The Independent  

✕ Close Hunt attacks Labour and says he refutes 'myths' the economy is worse under Tories For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like …

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4
7 months ago

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4

Associated Press  

LONDON — Inflation in the U.K. fell sharply to its lowest level in nearly three years in April on the back of big declines in domestic bills, official figures showed Wednesday. “While it’s clearly good news headline inflation is back to normal levels, it is disappointing that price pressures haven’t fallen further and that measures of services inflation are proving …

UK economy exits recession after 0.6% growth in latest quarter
7 months, 2 weeks ago

UK economy exits recession after 0.6% growth in latest quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. ONS director of economic statistics Liz McKeown said: “After …

U.K. exits recession with better-than-expected 0.6% GDP growth
7 months, 2 weeks ago

U.K. exits recession with better-than-expected 0.6% GDP growth

The Hindu  

The data will be welcome news for Prime Minister Rishi Sunak who said the economy had “turned a corner” Britain's economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an …

British economy rebounds strongly in first quarter of the year, ending ‘technical recession’
7 months, 2 weeks ago

British economy rebounds strongly in first quarter of the year, ending ‘technical recession’

Associated Press  

LONDON — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday. The Bank of England, like the U.S. Fed and other central banks around the world, raised interest rates aggressively in late 2021 from near zero to counter price rises …

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation
7 months, 2 weeks ago

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

Associated Press  

LONDON — The Bank of England maintained its key U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target. I’m optimistic that things are moving in the right direction.” Bailey indicated that the financial markets …

UK inflation falls to lowest level since late 2021 as food prices ease further
8 months, 1 week ago

UK inflation falls to lowest level since late 2021 as food prices ease further

Associated Press  

LONDON — Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices, official figures showed Wednesday, a development which could further pave the way for a welcome cut in interest rates soon. Inflation is set to fall further in April, possibly to below 2%, as a …

UK economy went into shallow recession in 2023: Official data
8 months, 3 weeks ago

UK economy went into shallow recession in 2023: Official data

Live Mint  

Britain's economy entered a shallow recession last year, official figures confirmed on Thursday, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year. "The weak starting point for GDP this year means calendar-year growth in 2024 is likely to be limited to less than 1%," …

Inflation is falling fast – but will the Bank of England move to cut interest rates?
9 months ago

Inflation is falling fast – but will the Bank of England move to cut interest rates?

The Independent  

Some welcome news for consumers: inflation has once again fallen by more than expected. The headline number for February, per the Office for National Statistics, came in at 3.4 per cent – below both the consensus of the City and the Bank of England’s own forecast of 3.5. The CPI “all services” rate also declined to 6.1 per cent in …

UK Economy Rebounds in January After Slipping Into Recession
9 months, 1 week ago

UK Economy Rebounds in January After Slipping Into Recession

Hindustan Times  

The UK economy rebounded in January, registering modest growth after falling into a technical recession in the second half of last year. “Momentum is likely to remain weak in the near-term, but the outlook for this year is improving.” Growth in January was boosted by strong retail sales as a 2 percentage point cut in national insurance, a payroll tax, …

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election
10 months, 1 week ago

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election

Associated Press  

LONDON — The British economy fell into recession at the end of 2023 for the first time since the onset of the coronavirus pandemic, as output shrank more than anticipated in the final three months of the year, official figures showed Thursday. The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has …

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent
10 months, 1 week ago

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent

India TV News  

Britain's economy slipped into a recession during the latter half of 2023, contracting by a more significant-than-anticipated 0.3 per cent in the three months leading up to December. The 0.3 per cent contraction in Britain's economy from October to December came after a 0.1 per cent decline between July and September. The Office for National Statistics reported a 0.1 per …

UK economy slips into recession, official data shows
10 months, 1 week ago

UK economy slips into recession, official data shows

Al Jazeera  

Britain’s gross domestic product shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter. The Office for National Statistics said in a statement on Thursday that Britain’s gross domestic product shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter. “The chancellor …

Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet
10 months, 3 weeks ago

Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet

Associated Press  

LONDON — Just like the U.S. Federal Reserve, the Bank of England is edging toward cutting interest rates — though not quite yet. “We need to see more evidence that inflation is set to fall all the way to the 2% target, and stay there, before we can lower interest rates,” he said. Bailey also said the bank was keeping …

UK economy at risk of recession after surprise third quarter decline
1 year ago

UK economy at risk of recession after surprise third quarter decline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The broader picture, though, remains one of an economy …

Bank of England official hints at interest rate shift as UK faces recession
1 year ago

Bank of England official hints at interest rate shift as UK faces recession

The Telegraph  

While the Imperial College Business School professor, who has voted four times to raise interest rates to 5.5pc from 5.25pc since August, insisted that he would not shift his stance “based on one month data”, a darkening economic backdrop will pile more pressure on the Bank to cut rates to kickstart growth. Another quarter of economic decline would mark the …

UK inflation falls by more than anticipated to 2-year low of 3.9% in November
1 year ago

UK inflation falls by more than anticipated to 2-year low of 3.9% in November

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation in the U.K. as …

Bank of England holds interest rates at a 15-year high despite worries about the economy
1 year ago

Bank of England holds interest rates at a 15-year high despite worries about the economy

Associated Press  

LONDON — The Bank of England kept borrowing rates unchanged Thursday despite mounting worries over the state of the British economy, and it showed little sign that it is contemplating cutting them anytime soon — unlike the U.S. Federal Reserve. The central bank left its main interest rate at a 15-year high of 5.25%, where it has stood since August …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year ago

US economic growth for last quarter is revised up to a 5.2% annual rate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shrugging off higher interest rates, …

UK inflation falls to 17-month low of 6.8% but unlikely to derail another interest rate rise
1 year, 4 months ago

UK inflation falls to 17-month low of 6.8% but unlikely to derail another interest rate rise

Associated Press  

LONDON — The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices, official figures showed Wednesday, a welcome development for hard-pressed households struggling during the cost of living crisis. The Office for National Statistics said the annual rate of inflation, as measured by the consumer price index, …

British economy unexpectedly grows by 0.2% in second quarter largely because of June weather boost
1 year, 4 months ago

British economy unexpectedly grows by 0.2% in second quarter largely because of June weather boost

Associated Press  

LONDON — The British economy unexpectedly grew in the second quarter of the year, largely as a result of a strong rebound in June when many businesses particularly in the leisure sector benefited from the warm and settled weather, official figures showed Friday. Despite the increase, the British economy is the only Group of Seven leading industrial economy yet to …

Britain faces years of stagnation because of high interest rates, economists warn
1 year, 5 months ago

Britain faces years of stagnation because of high interest rates, economists warn

The Telegraph  

Britain is facing a prolonged economic slump caused by higher interest rates, economists have warned, with the battle against inflation set to weigh on growth for years to come. In its latest quarterly update, the group said the economy is set to grow by 0.8pc next year, less than half its previous prediction of 1.9pc. Martin Beck, chief economic adviser …

UK homeowners get some respite as inflation falls by more than anticipated to a 15-month low
1 year, 5 months ago

UK homeowners get some respite as inflation falls by more than anticipated to a 15-month low

Associated Press  

LONDON — Inflation in the U.K. has fallen by more than anticipated to a 15-month low, official figures showed Wednesday, a development that offered struggling households hope that interest rates won’t rise as much as feared over the coming months. Although Dave Ramsden, deputy governor at the Bank of England, said inflation is still “much too high,” analysts said the …

UK inflation steady at 8.7% against predictions for modest fall
1 year, 6 months ago

UK inflation steady at 8.7% against predictions for modest fall

Hindustan Times  

Consumer price inflation across the UK was unchanged at 8.7 per cent in the year to May against expectations for a modest decline, official figures showed on Wednesday, a development that is set to see the Bank of England raise the cost of borrowing again. Financial markets think news of the unchanged rate will mean the Bank of England will …

UK economy to avoid recession but inflation still a worry, IMF says
1 year, 7 months ago

UK economy to avoid recession but inflation still a worry, IMF says

Associated Press  

LONDON — The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund. IMF Managing Director Kristalina Georgieva said at a press briefing in London that the latest assessment reflects “favorably” on the U.K. in comparison to other countries in the Group of Seven leading industrial nations. Despite the more …

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