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The UK's economic output grew by a stronger-than-expected 0.6% in the three months to March

UK exits recession with better-than-expected GDP growth

Britain's economic output grew by a stronger-than-expected 0.6% in the three months to March after entering a mild recession in the second half of last year, data from the Office for National Statistics

Business • 10 May 24

The Bank of England has kept UK interest rates steady again at 5.25% today

Bank of England moves closer to first rate cut since 2020

The Bank of England took another step towards lowering interest rates, as a second official backed a cut and Governor Andrew Bailey said he was "optimistic that things are moving in the right direction".

Business • 09 May 24

The OECD has cut the 2024 growth forecast for the British economy to 0.4% from the 0.7% it predicted in February

UK set for weak growth and highest inflation in G7 - OECD

Britain will suffer some of the lowest rates of economic growth and highest inflation among Group of Seven countries this year and next, forecasts from the Organisation of Economic Co-operation and Development suggested today.

Business • 02 May 24

Lloyds Banking Group, the UK's biggest mortgage lender. reported a first quarter pretax profit of £1.6 billion, down from £2.3 billion a year ago

Lloyds Bank eyes house price rally as Q1 profit drops

Lloyds Banking Group's pretax profit slid by 28% in the first quarter, as rising costs, peaking interest rates and intensifying competition in the mortgage market hit income.

Business • 24 Apr 24

UK inflation slowed by less than expected to 3.2% in annual terms in March, down from a 3.4% increase in February

UK inflation rate slows to 3.2% in March

British consumer price inflation slowed by less than expected to a two-and-a-half-year low of 3.2% in annual terms in March, down from a 3.4% increase in February, the Office for National Statistics said today.

Business • 17 Apr 24

Regular wages in the UK, excluding bonuses, grew by 6% in the three months to February compared with the same time a year ago

UK wage growth eases as Bank of England mulls rate cut

British core wage growth slowed again, posting its weakest rise since the three months to September 2022 but remained strong by historical standards, according to official figures which are likely to be given a cautious welcome by the Bank of England.

Business • 16 Apr 24

The Bank of England's poor performance in economic forecasting led it to call in former US Federal Reserve chief Ben Bernanke to investigate

Bank of England to reform economic forecasting

The Bank of England said today it would implement a "substantial upgrade programme" to improve its economic forecasting, after a probe found it had "deteriorated significantly" in recent years.

Business • 12 Apr 24

UK economic output grew by 0.1% in monthly terms in February and January's reading was revised higher, new figures show today

UK growth in February points to exit from recession

Britain is on course to exit its shallow recession after economic output grew for a second month in a row in February and January's reading was revised higher, official data showed today.

Business • 12 Apr 24

The S&P Global Composite Purchasing Managers' Index edged down to 52.8 in March from February's reading of 53

UK set to exit recession despite slower services growth

The UK economy looks on track to exit recession when official first-quarter growth data is next published, despite a slowdown in services activity last month, a closely watched business survey showed today.

Business • 04 Apr 24

UK GDP shrank by 0.1% in the third quarter and by 0.3% in the fourth quarter, unchanged from preliminary estimates, the Office for National Statistics said today

Data confirms UK economy went into recession last year

Official figures confirmed Britain's economy entered a shallow recession last year, 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.

Business • 28 Mar 24

The Bank of England said today the UK economy was 'moving in right direction' for rate cuts

Bank of England keeps UK interest rates at 5.25%

Britain's economy is "moving in the right direction" for the Bank of England to start cutting interest rates, Governor Andrew Bailey said today as two of his colleagues dropped their votes for a rate hike.

Business • 21 Mar 24

Some private equity funds are using borrowings from banks to boost their returns

Concern as credit funds increase borrowing from banks

Europe's private credit funds are increasingly borrowing from banks to boost their performance, fuelling concerns about the wider risks posed by this interconnectedness.

Business • 14 Mar 24

UK economic output grew by an as expected 0.2% in January, after entering a shallow recession in the second half of 2023

UK economy returns to growth at start of 2024

Britain's economy returned to growth at the start of 2024, offering some relief to Prime Minister Rishi Sunak ahead of an election expected this year, after it entered a shallow recession in the second half of 2023, official data showed.

Business • 13 Mar 24

Marks & Spencer said the UK pay hikes would cost it £89m

Marks & Spencer to raise UK store workers' pay by 10%

UK clothing and food retailer Marks & Spencer said today it would give around 40,000 store workers a 10.1% pay increase from April 1, a move that reflects the rise in the UK government-mandated minimum wage.

Business • 27 Feb 24

BoE's Bailey 'comfortable' that markets expect rate cuts

Bank of England Governor Andrew Bailey said today he was comfortable with investors betting on interest rate cuts this year but pointed to signs that Britain's economy was picking up after falling into recession in late 2023.

Business • 20 Feb 24

The UK economy shrank by a worse-than-expected 0.3% in the three months to December, new figures show today

UK economy fell into recession in second half of 2023

Britain's economy fell into a recession in the second half of 2023, a tough backdrop for Prime Minister Rishi Sunak who has promised to boost growth ahead of an election expected later this year.

Business • 15 Feb 24

UK consumer price inflation stood at an annual rate of 4% in January, new figures show today

UK inflation unchanged at 4% in January

British consumer price inflation unexpectedly held steady at an annual rate of 4% in January, defying forecasts for it to rise, official data showed in a boost for the Bank of England.

Business • 14 Feb 24

Low UK bank valuations a 'puzzle' - Bank of England chief

Low stock market valuations for Britain's major banks are hard to explain, given that they are safer investments than they were before the 2007-08 global financial crisis, Bank of England Governor Andrew Bailey has said.

Business • 13 Feb 24

UK wages, excluding bonuses, grew by 6.2% in the last three months of 2023 compared with the same time a year ago

UK wage growth slows again but BoE set to remain on alert

British pay grew at the weakest pace in more than a year at the end of 2023 but the labour market slowdown was probably not significant enough to spur the Bank of England into quicker action towards cutting interest rates.

Business • 13 Feb 24

UK house prices rose 2.5% in the year to January, new figures from Halifax show

UK house prices gain momentum in early 2024 - Halifax

British house prices rose 2.5% in the year to January, the strongest annual growth rate for a year, according to data from mortgage lender Halifax today which added to tentative signs of momentum in the housing market.

Business • 07 Feb 24

The Bank of England kept interest rates unchanged today - as expected

Bank of England says interest rates 'under review'

The Bank of England kept interest rates unchanged today, after officials split three ways on the right course for policy and Governor Andrew Bailey wanted more evidence inflation would return permanently to target.

Business • 01 Feb 24

Nationwide said house prices in January increased by 0.7% from the month before after being flat in December

UK house prices beat expectations in January - Nationwide

British house prices rose more than economists had expected in January, adding to signs that the squeeze from high interest rates is beginning to ease, figures from mortgage lender Nationwide Building Society showed today.

Business • 31 Jan 24

The IMF cut its growth forecast for Britain for 2025 after increased estimates of the size of the economy in previous years left it with less catch-up potential than previously thought

IMF cuts UK's growth forecast for next year

The International Monetary Fund (IMF) cut its growth forecast for Britain for 2025 today after increased estimates of the size of the economy in previous years left it with less catch-up potential than previously thought.

Business • 30 Jan 24

The Bank of England said HSBC had failed to accurately identify deposits that were eligible for the UK's Financial Services Compensation Scheme

HSBC fined £57m for deposit protection failures

HSBC has been fined £57.4m for "serious failings" in protecting some depositors over several years, in the first penalty of its kind under British rules designed to protect customers if banks fail.

Business • 30 Jan 24

The Bank of England and the UK finance ministry said any rollout of a digital pound would be preceded by new legislation to protect users' privacy

UK still undecided on digital pound

A plan for a digital British pound remains on hold after the Bank of England and the finance ministry said they would launch further consultations and any rollout would be preceded by new legislation to protect users' privacy.

Business • 25 Jan 24