News | Latest Breaking News Stories & Headlines

The UK inflation rate fell to 10.1% in March from February's 10.4%, new figures show today, a smaller fall than had been expected

UK inflation rate falls to 10.1% in March - ONS

UK consumer price inflation fell to 10.1% in March from February's 10.4%, figures from the Office for National Statistics showed today.

Business • 19 Apr 23

The ONS said the UK unemployment rate rose to 3.8% - its highest since the second quarter of 2022

Strong UK pay growth boosts chance of rate rise

The UK unemployment rate rose unexpectedly in the three months to February but pay growth stayed higher than forecast, highlighting the dilemma for the Bank of England as it judges whether to raise interest rates further.

Business • 18 Apr 23

John Glen, chief secretary to the UK Treasury, said he did not have any immediate concerns about the execution of Switzerland's Credit Suisse rescue by UBS

Bank of England approves UBS's Credit Suisse deal in UK

The Bank of England has approved UBS Group takeover of Credit Suisse Group in the UK, people familiar with the process told Reuters, a key market for the Swiss lenders racing to close the rescue deal.

Business • 05 Apr 23

UK economic output increased by 0.1% in the three months from October to December from the previous three months

UK economy grows in Q4, avoids recession - ONS

Britain's economy grew in the fourth quarter of last year, official data showed today, confirming that the country narrowly avoided falling into recession last year.

Business • 31 Mar 23

Andrew Bailey, the Bank of England Governor

Bank of England's Bailey says no stress in UK banks

Bank of England Governor Andrew Bailey said today that stress was not being caused in the British banking system by recent problems that have triggered turmoil elsewhere, but the central bank remained vigilant.

Business • 28 Mar 23

Retail sales in UK discount department stores performed strongly with food shops also doing well as people cut back on going out

UK retail sales see surprise 1.2% rise in February

British retail sales unexpectedly rebounded by 1.2% in February from the month before, returning sales volumes to their pre-pandemic level, figures from the Office for National Statistics showed today.

Business • 24 Mar 23

The Bank of England has today raised UK interest rates to 4.25% from 4%

Bank of England raises UK interest rates again

The Bank of England raised interest rates by a further quarter of a percentage point today and said it expects the surge in British inflation to cool faster than before, despite a surprise jump in price growth announced yesterday.

Business • 23 Mar 23

UK consumer price inflation unexpectedly rose to 10.4% in February from January's 10.1%

UK inflation rate rises to 10.4% in February - ONS

British consumer price inflation unexpectedly rose to 10.4% in February from January's 10.1%, figures from the Office for National Statistics showed today.

Business • 22 Mar 23

HSBC has bought the UK subsidiary of Silicon Valley Bank for £1

HSBC says it has acquired Silicon Valley Bank UK

HSBC bought the UK arm of stricken Silicon Valley Bank for a symbolic one pound today, rescuing a key lender for technology start-ups in Britain and helping curb the fallout from the biggest bank collapse since the financial crash.

Business • 13 Mar 23

The UK economy outperformed expectations in January, new ONS figures show today

Return to school unexpectedly boosts UK economy

British economic output rose by a better-than-expected 0.3% month-on-month in January, according to data today that could bolster investors' bets that the Bank of England will raise interest rates again this month.

Business • 10 Mar 23

Further Bank of England rate increase 'not inevitable'

Bank of England Governor Andrew Bailey said today that it was possible the central bank had already come to the end of its rate-rising cycle, although it was too soon to be sure about the future path of policy.

Business • 01 Mar 23

UK sales volumes rose by 0.5% from December for only the second month on month increase since August 2021

UK shoppers up their spending in January

British consumers unexpectedly increased their shopping in January, but the overall picture remains one of weak demand from inflation-hit consumers who are relying more on discount retailers, official data showed today.

Business • 17 Feb 23

The pound was flat against the euro at 88.80 pence today

Sterling steadies after post-inflation slump

Sterling steadied against the dollar and euro today after a deep slump a day earlier as Britain's softer-than-feared inflation eased tightening pressures from the Bank of England.

Business • 16 Feb 23

The UK economy showed zero growth in the final three months of 2022, figures from the Office for National Statistics showed today

What is a recession?

What exactly is a recession, how important or not is it that the UK avoided one and could the ONS change its mind later?

Business • 10 Feb 23

The Bank of England forecast last week that Britain would enter a shallow but lengthy recession, starting in the first quarter of this year and lasting five quarters

UK narrowly avoided recession in 2022

Britain's economy showed zero growth in the final three months of 2022 - enough for it to avoid entering a recession for now - but it faces tough prospects in 2023 as households continue to wrestle with double-digit inflation.

Business • 10 Feb 23

The Bank of England has dropped its pledge to keep increasing rates 'forcefully' if needed and said inflation had probably peaked

Bank of England raises interest rates to 4%

The Bank of England raised interest rates for the 10th time in a row today but dropped its pledge to keep increasing them "forcefully" if needed and said inflation had probably peaked.

Business • 02 Feb 23

Britain exited the EU on January 31, 2020, though stayed in the bloc's single market and customs union for 11 more months

Three years on, Britain still waits for Brexit dividend

Three years after its departure from the European Union, Britain is yet to benefit from the Brexit dividend that was promised for its economy as it lags its peers on multiple fronts, including trade and investment.

Business • 31 Jan 23

The euro climbed 0.2% to $1.0891 after data showing Spain's consumer prices rose 5.8% in January

Euro rises as dollar slips to eight month low

The euro rose today after unexpectedly high Spanish inflation data raised expectations for a higher euro area print on Wednesday, while the dollar languished near an eight-month low ahead of a slew of central bank meetings this week.

Business • 30 Jan 23

The UK's S&P Global/CIPS flash composite Purchasing Managers' Index dropped to 47.8 in January from 49 in December

Drop in business activity flags UK recession risk - PMI

British private-sector economic activity fell at its fastest rate in two years in January, a survey showed today, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown.

Business • 24 Jan 23

Market research firm GfK said its measure of confidence in January hit the third lowest reading since records started in 1974

UK consumer mood slides back to near 50 year low

British consumer sentiment fell for the first time in three months in January, returning near to historic lows as concerns about the economy and the soaring cost of living tightened the squeeze on household finances, research showed today.

Business • 20 Jan 23

UK consumer price inflation fell to 10.5% in December from November's 10.7%, new figures show today

UK consumer price inflation falls to 10.5% in December

British consumer price inflation fell to 10.5% in December from November's 10.7%, figures from the Office for National Statistics showed today.

Business • 18 Jan 23

The UK jobless rate is close to its lowest level in almost 50 years

UK pay growth speeds up again as unemployment steady

The pace of pay growth in Britain - which is being closely watched by the Bank of England as it gauges how much higher to raise interest rates - picked up more pace in the three months to November, official data showed today.

Business • 17 Jan 23

The new sterling notes will come into circulation from the middle of 2024

Bank of England unveils first notes with King Charles

The Bank of England unveiled its first bank notes featuring King Charles today, which will enter into circulation from the middle of 2024 to gradually replace those featuring his mother Queen Elizabeth.

Business • 20 Dec 22

The UK S&P Global Composite Purchasing Managers' Index (PMI) rose unexpectedly to 49 from 48.2 in November

UK downturn moderates in December, factories struggle

The downturn across British businesses has eased slightly this month, apart from for manufacturers, and companies have reported the weakest cost pressures since mid-2021, a survey showed today.

Business • 16 Dec 22

UK retail sales volumes slid unexpectedly by 0.4% in November

UK retail sales fall unexpectedly by 0.4% in November

British retail sales slid unexpectedly in November, despite the men's soccer World Cup and the Black Friday sales promotions, showing the stress felt by many households as the cost-of-living crisis eats into their finances.