6 d. ago UK lenders report surprise rise in mortgages in May, consumer lending cools

The number of mortgages approved by British lenders for house purchases unexpectedly jumped in May, according to Bank of England data that suggested the housing market recovered quickly from the end of a tax break for homebuyers in April. Mortgage approvals rose to 63,032 in May from 60,656 the month before, and confounding the median […]

Politics

9 d. ago UK interest rates could fall to 2.25 per cent by late 2025, says BoE official

Bank of England policymaker Alan Taylor said on Wednesday that a soft landing for Britain’s economy is now at risk and that economic data had recently argued for five interest rate cuts in 2025 rather than four. “Previously, I had seen a UK soft landing in the cards, with some remaining upside risks to inflation […]

Politics

1 week ago UK economic uncertainty ‘definitely’ hurting growth, says Bailey

Bank of England Governor Andrew Bailey on Tuesday highlighted Britain’s softening labour market and said rising uncertainty in the global economy had “definitely” hurt economic growth and investment intentions. In an interview with CNBC, Bailey said a key question for the BoE was how much the weakening of the labour market and the economy would […]

Economics

2 w. ago Britain’s stats office to overhaul economic data after criticism

Britain’s statistics office will split its leadership and invest more money as part of a push to fix problems with its economic data that have hampered the Bank of England and exasperated private economists. After a string of shortcomings with core figures from the Office for National Statistics, a review published this week called for […]

Economics

2 w. ago BoE policymaker urges patience as UK inflation risks longer plateau

Britain’s recent increase in inflation could prove to be a longer-lasting plateau rather than a short-term hump, and the Bank of England should be careful about reducing interest rates, BoE monetary policymaker Megan Greene said on Tuesday. “I worry about the near-term profile for inflation this year, which in my view now resembles more of […]

Events

3 w. ago Bank of England keeps rates steady, sees further loosening as jobs market weakens

The Bank of England held interest rates at 4.25 per cent as expected on Thursday but said it was focused on risks from a weaker labour market and higher energy prices as conflict in the Middle East escalates. Noting the elevated global uncertainty and persistent inflation, the Monetary Policy Committee voted 6-3 to keep rates […]

Economics

3 w. ago UK inflation slows but oil price jump creates new problem for Bank of England

British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East. Consumer prices rose in annual terms by 3.4 per cent in May, the Office for National Statistics said […]

Economics