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The retail sector has been hit hard by the squeeze on the spending power of many households while poor weather in recent months has also hurt sales.

UK retail sales fall for third month in a row

British retailers reported a third straight month of falling sales in August and they expect another decline in September, prompting them to lower their hiring and investment plans, the Confederation of British Industry said today.

Business • 27 Aug 24

British public sector net borrowing was 3.101 billion pounds in July

UK borrows more than expected in July

Britain's government again borrowed more than expected last month, according to official data released today that highlighted the tight financial backdrop for new finance minister Rachel Reeves as she readies her first annual budget.

Business • 21 Aug 24

Retail sales volumes in July were 1.4% higher than a year ago

Soccer spending and discounts help UK retail sales rise

British retail sales edged up in July, boosted in part by extra sales due to the men's Euros soccer championship, official figures showed today, after an unusually cool and wet June depressed spending and weighed on broader economic growth.

Business • 16 Aug 24

At the start of the month the Bank of England raised its annual growth forecast for 2024 to 1.25% from 0.5%

UK economy grows 0.6% in second quarter

Britain's economy grew 0.6% in the second quarter of 2024, in line with economists' expectations and building on a rapid 0.7% recovery in the first quarter of the year after a shallow recession in the second half of 2023, official figures showed.

Business • 15 Aug 24

The annual rate of consumer price inflation increased to 2.2% after two months at the Bank of England's 2% target

UK inflation rises less than expected in July

British consumer price inflation increased for the first time this year in July, official figures showed today, but the rise was smaller than expected as services prices - closely watched by the Bank of England - rose much less sharply.

Business • 14 Aug 24

On taking office, Reeves ordered officials to conduct a fresh assessment of public funding needs

New UK government sets out spending cuts

Britain's new finance minister, Rachel Reeves, has announced spending cuts worth £13.5 billion over the next two years to help plug what she said was a £22 billion overspend caused by the previous government.

Business • 29 Jul 24

British wages, excluding bonuses, is a key gauge of inflation pressure for the Bank of England as it considers when to cut interest rates

UK pay growth slows but remains high for Bank of England

Growth in wages for workers in Britain slowed in the three months to the end of May but remained at levels that would normally be too high for the Bank of England to keep inflation at its 2% target.

Business • 18 Jul 24

UK house prices were 1.5% higher than in June last year, new figures show today

UK house prices edge up in June, lender Nationwide says

British house prices showed a small gain in June from May but the impact of higher borrowing costs is still weighing on the property market, mortgage lender Nationwide said today.

Business • 01 Jul 24

Today's data from the Office for National Statistics confirm Britain's economy exited a shallow recession at the start of 2024, but the overall growth picture looks weak

UK economy grew by stronger-than-expected 0.7% in Q1

Britain's economy pulled out of recession at a faster pace than previously thought in the first three months of this year, revised official data showed today, but the broader economic backdrop remains fragile ahead of next week's election.

Business • 28 Jun 24

Sterling was once the world's reserve currency

How the UK election could make or break sterling's run

Britain's pound has bounced ahead of an expected landslide election win for the opposition Labour Party but the currency's future depends on the next government convincing skittish investors that its plans to fix a stagnant economy are credible.

Business • 26 Jun 24

UK shoppers have been squeezed by high inflation which only returned to the Bank of England's 2% target last month after exceeding it for nearly three years

UK retail sales rebound in May but shoppers cautious

British retail sales jumped sharply last month after heavy rain kept shoppers away in April, official figures showed today, in a minor boost for Prime Minister Rishi Sunak ahead of the July 4 election.

Business • 21 Jun 24

Gross domestic product was flat in April after a 0.4% month-on-month rise in March, the Office for National Statistics said.

UK economy slows to a halt in April, bad timing for Sunak

Britain's economy showed no growth in April after a strong start to 2024, caused in large part by rainy weather, but the opposition Labour Party jumped on the figures to attack Prime Minister Rishi Sunak's pre-election claims of a turnaround.

Business • 12 Jun 24

The unemployment rate for the three months to April rose to 4.4% from 4.3% between January and March

UK jobs market softens, despite strong wage growth

Britain's labour market showed more signs of cooling in April as the unemployment rate rose, despite another month of strong wage growth, official data showed today.

Business • 11 Jun 24

In the 12 months to May, prices rose by 1.5%, Halifax said

UK house prices edge down in May, Halifax says

British house prices edged down by 0.1% in May from April, representing a stabilisation of the market after a slowdown last year which was followed by a recovery on hopes of falling borrowing costs, data from mortgage lender Halifax showed.

Business • 07 Jun 24

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 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

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

Halifax said the drop was not entirely unexpected

UK house prices fall for first time in six months

British house prices fell 1% in March, their first drop since September 2023, figures from mortgage lender Halifax showed today, contrasting with the more upbeat picture from other housing data earlier in the week.

Business • 05 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

UK public sector net borrowing, excluding state-owned banks, was £8.401 billion last month, new figures show today

UK posts bigger than expected budget deficit in February

Britain posted a larger budget deficit than expected in February, boosted by cost of living payments and the effect of past inflation on the public finances, official data showed today.

Business • 21 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

UK retail sales jumped by 3.4% in January - the biggest increase in three years

January UK retail sales up by a more-than-expected 3.4%

British retail sales rose by a stronger-than-expected 3.4% in January, according to official figures that showed signs of strength among consumers a day after data confirmed the country's economy entered a recession last year.

Business • 16 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

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

Uk Economy