News | Latest Breaking News Stories & Headlines

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

Economists say the time is approaching for the Bank of England to relax its tough line on borrowing costs

Bank of England set to start on path towards rate cuts

The Bank of England is expected to take a tentative first step towards cutting interest rates from their highest level in nearly 16 years next week after signs that the inflation crisis is abating.

Business • 23 Jan 24

The UK annual rate of inflation rose for the first time in 10 months in December, increasing to 4% from a more-than-two-year low 3.9% in November

Tobacco duty behind surprise rise in UK inflation

Britain's annual rate of consumer price inflation rose for the first time in 10 months in December, increasing to 4% from a more-than-two-year low 3.9% in November, official figures unexpectedly showed today.

Business • 17 Jan 24

The Bank of England has been worried that pay is rising too quickly for inflation to fall to its 2% target

UK wages growth slows to 6.6% in 3 months to November

British wages grew at the slowest pace in almost a year, according to official data published today that added to signs of a gradual cooling of the inflationary pressure in the labour market that has worried the Bank of England.

Business • 16 Jan 24

The UK economy grew by 0.3% in November, new ONS figures show today

UK economy grew in November but still risks recession

Britain's economy grew slightly more strongly than expected in November but remains at high risk of slipping into a recession, a potential blow for Prime Minister Rishi Sunak before an election expected in 2024.

Business • 12 Jan 24

ECB President Christine Lagarde has tried to play down euro zone interest rate cuts

Interest rates - is the 'Big Ease' coming in 2024?

As 2024 comes into view, investors, economists, business leaders and everyday consumers from London to Lyons to Los Angeles share a common hope: Let the interest rate cuts begin!

Business • 28 Dec 23

The UK economy contracted by 0.1% in the third quarter of 2023, new ONS figures show today

UK recession may be under way as economy shrinks in Q3

Britain's economy might be in a recession, according to data that showed it shrank between July and September, shortly after finance minister Jeremy Hunt took the rare step of suggesting the Bank of England might cut interest rates to boost growth.

Business • 22 Dec 23

UK inflation sees surprise fall to 3.9% in November

UK inflation rate falls to lower than expected 3.9%

British inflation fell in November to its lowest rate in over two years, prompting investors to pile further into bets that the Bank of England will cut interest rates in the first half of next year.

Business • 20 Dec 23

No rate changes from the Bank of England today

Bank of England holds UK interest steady again

The Bank of England has today left interest rates unchanged at 5.25% as expected and said rates would remain high for an "extended period".

Business • 14 Dec 23

The Bank of England has hiked interest rate in 14 consecutive meetings until they peaked at a 15-year high of 5.25%

Bank of England expected to hold rates steady again

The Bank of England is expected to hold interest rates for the third time in a row, as fresh data has pointed towards potential cracks in the economy.

Business • 14 Dec 23

The Bank of England is widely expected to keep Bank Rate at 5.25% tomorrow and signal once again that it is not close to cutting rates

UK economy shrinks ahead of BoE rates decision

Britain's economy shrank in October, official data showed today, raising the risk of a recession and testing the Bank of England's resolve to stick to its tough anti-inflation line against cutting interest rates from their 15-year high.

Business • 13 Dec 23

The Bank of England said it estimates the impact of the final leg of Basel on UK banks will be 'low'

UK banks face smaller impact from Basel rules

The Bank of England said today that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, far less than for their European Union and US peers.

Business • 12 Dec 23

UK earnings, excluding bonuses, were 7.3% higher than a year earlier, new ONS figures show

UK pay growth slows but probably still too high for BoE

British wage growth slowed more than expected in the three months to the end of October, official data showed, but pay is probably still increasing too quickly to persuade the Bank of England to cut interest rates any time soon.

Business • 12 Dec 23

The Bank of England is forecast to keep borrowing costs at a 15-year high at its next meeting on December 14, according to a Reuters poll

Bank of England to hold its line against rate cut talk

The Bank of England looks set to stick to its tough line against talk of interest rate cuts in Britain, even as other leading central banks signal that they might be approaching a turning point in their fight against inflation.

Business • 08 Dec 23

The OECD has forecast that UK GDP will grow by 0.7% next year - down slightly from its previous forecast of 0.8% - and by 1.2% in 2025

UK needs tougher fiscal policy amid tax cut talk - OECD

Britain's government should tighten its budgetary belt, the OECD said today, advice that is unlikely to be welcomed by Prime Minister Rishi Sunak who is expected to cut taxes again before a 2024 election.

Business • 29 Nov 23

The ONS said the increase in UK consumer prices was the smallest since October 2021

UK inflation rate falls to lower-than-expected 4.6%

British inflation cooled by more than expected in October as household energy prices dropped from a year ago while stubbornly high services sector price growth also eased.

Business • 15 Nov 23