U.K. inflation holds at 3% as cheaper fuel offsets food prices
Businessam Staff
November 14, 2017
U.K. inflation held at a 5 1/2-year high in October, as cheaper auto fuel offset the rising cost of food. Consumer prices rose 3 percent from a year earlier, the Office for National Statistics said Tuesday, though, economists had expected inflation to accelerate to 3.1 percent. According to Bloomberg’s report, it means Bank of England […]
UK shoppers cut spending by most in more than four years, survey shows
Businessam StaffNovember 13, 2017
British shoppers reined in their spending by the most in more than four years in October, according to a survey by payments company Visa which added to other signs that the squeeze on incomes is hitting the high street. Consumer spending – adjusted for inflation and seasonal effects – fell by 2.0 percent in October […]
U.K. economy displays mixed fortunes at end of Q3
Businessam StaffNovember 10, 2017
The U.K. economy ended the third quarter on a mixed note, figures Friday showed. Industrial production rose a larger-than-forecast 0.7 percent in September, with output increasing across most manufacturing sectors, the Office for National Statistics said. But construction fell the most in 18 months and a narrowing of the trade deficit was not enough to […]
Brexit effects may be catching up with U.K. homebuilders
Businessam StaffNovember 9, 2017
This year’s rally in U.K. housebuilder shares is showing signs of fatigue. In the months following the U.K.’s vote to leave the European Union, strong home completions and rising profit at firms from Redrow Plc to Taylor Wimpey Plc helped the sector’s shares soar past their pre-referendum level, leading some investors to speculate that concerns of […]
British banks to rake in £270m profit boost from Bank of England rate hike
Businessam StaffNovember 2, 2017
The Bank of England’s widely anticipated interest rate rise will increase the profitability of the UK’s biggest banks by £274m in the next year, according to analysis to be published this morning. Profits at the 24 biggest banks and building societies, which account for the vast majority of the British industry, will rise by 3.1 […]
Britain on the hook for extra £30bn ‘if things go sour’, EU’s bank warns
Businessam StaffOctober 27, 2017
The UK may be forced to wait 30 years to get its money back from the EU’s bank after Brexit and could be on the hook for £30billion if “things go sour”, a senior European official has claimed. Alexander Stubb, vice president of the European Investment Bank, said he believed Britain would get back £3billion […]
Foreign banks paid £17.3bn in UK tax last year
Businessam StaffOctober 26, 2017
Banks’ contribution to the UK’s public finances climbed 3.5pc to £35.4bn last year, underlining the importance of the sector and the risk of a “no-deal” Brexit to the British economy. Foreign banks contributed £17.3bn, almost half of the total figure, including a majority of payroll taxes in the sector, according to research by PwC. “This […]
Positive economy clears way for possible UK rate hike
Businessam StaffOctober 25, 2017
Britain’s sluggish economy perked up slightly during the past three months, an unexpected boost that clears the way for the Bank of England to raise interest rates next week for the first time in a decade. While falling short of the strong growth rates enjoyed by eurozone countries earlier this year, British economic growth picked […]
Bank of England has way too many white men, U.K. lawmakers say
Businessam StaffOctober 20, 2017
The Bank of England has way too many white men at the top, a U.K. parliamentary committee has warned. The House of Commons Treasury Committee, through which the Bank of England maintains its accountability to Parliament, on Thursday wrote to Chancellor Philip Hammond to express concerns about “diversity at the most senior levels” at the […]
Bank of England warns rate hike within months if inflation keeps rising as pound hits one-year high
Businessam StaffSeptember 14, 2017
The United Kingdom’s central bank, the Bank of England, Thursday said its officials are preparing to raise interest rates within months to restrain accelerating inflation, a fresh sign that a decade-long era of ultra-loose central-bank policy may be coming to a close. The British pound sterling, reacted immediately, hitting a one-year high against the dollar […]