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Economists polled by Reuters had forecast a 7.1% rise.

UK wage growth hits joint record high

British wages excluding bonuses hit their joint highest growth rate on record, rising by 7.3% in the three months to May from the same period a year earlier, according to official data that are likely to reinforce the Bank of England's inflation worries.

Business • 11 Jul 23

The Office for National Statistics said it now estimated that Britain's economy shrank by 10.9% rather than 11% in 2020

UK economy shrank slightly less than thought in 2020

Britain's economy shrank fractionally less than previously estimated in 2020 when the Covid-19 pandemic prompted the government to require many businesses to stop face-to-face operations, revised data suggested today.

Business • 03 Jul 23

The UK Manufacturing Purchasing Managers' Index fell to 46.5 in June from 47.1 in May - its lowest reading this year

UK factory downturn deepens in June despite lower costs

The pace of decline in Britain's manufacturing sector steepened in June and optimism faded despite weakening price pressures, a survey showed today.

Business • 03 Jul 23

The UK's economic recovery since the Covid-19 pandemic has been much slower than almost every other big advanced economy

UK economy makes weak start to 2023 as inflation weighs

Britain's economy grew 0.1% in the first quarter of this year, unrevised from an initial estimate published last month, figures from the Office for National Statistics (ONS) showed today.

Business • 30 Jun 23

The Office for National Statistics said retail sales volumes rose by 0.3% on the month

UK shoppers boost spending again despite inflation

British retail sales unexpectedly rose in May from April, suggesting most consumers were coping with high inflation's squeeze on their spending power, according to official figures published today.

Business • 23 Jun 23

Economists polled by Reuters had forecast that the annual CPI rate would drop to 8.4% in May

UK inflation rate unchanged at 8.7% in May

British consumer price inflation was unchanged at 8.7% in May compared to April's data, contrary to expectations for a slight fall, figures from the Office for National Statistics show.

Business • 21 Jun 23

Market researcher Kantar said annual grocery inflation was 16.5% in the four weeks to June 11

UK grocery inflation eases for third straight month

British grocery inflation eased slightly for the third month in a row in June, industry data shows, providing a modicum of comfort for consumers worn down by a cost of living crisis into its second year.

Business • 20 Jun 23

Make UK said it expected factory output to fall 0.3% this year compared with a 3.3% contraction expected three months earlier

UK manufacturers lift 2023 outlook

Britain's main manufacturing trade body Make UK revised up its outlook for this year today thanks to strong demand for aircraft and electronics, but said it still expects production to fall over the year as a whole.

Business • 19 Jun 23

The unemployment rate, which had been expected to rise to 4.0%, fell to 3.8% in the three months to April from 3.9% in the three months to March.

UK labour market shows unexpected strength

Britain's labour market looked much stronger than expected during the three months to April, according to data today that will bolster bets that the Bank of England will keep on raising interest rates this year.

Business • 13 Jun 23

The final reading of the S&P Global/CIPS UK manufacturing Purchasing Managers' Index in May was 47.1, down from 47.8 in April

UK factory output contracts again in May - PMI

The UK's manufacturing output fell for a third month in a row in May and new orders declined at the fastest pace in four, but there were signs that the worst of the inflation surge may have passed, an industry survey showed today.

Business • 01 Jun 23

The IMF said British gross domestic product now looks set to grow by 0.4% this year

UK no longer heading for a recession in 2023, says IMF

The International Monetary Fund no longer expects Britain's economy to fall into a recession this year, it said as it upgraded forecasts published last month and warned that the outlook remains subdued.

Business • 23 May 23

The UK unemployment rate rose to 3.9% in the first quarter of 2023

UK jobless rate rises to 3.9% in first quarter of 2023

Britain's unemployment rate unexpectedly rose to 3.9% in the three months to March as more people sought to get back into the jobs market.

Business • 16 May 23

New ONS figures show that the UK's GDP grew by 0.1% in the first quarter of 2023

UK economy makes slow start to 2023

The UK economy grew by 0.1% in the first three months of 2023, a period that was once expected to be part of a long recession, but an unexpectedly sharp 0.3% drop in March underscored how fragile its recovery remains.

Business • 12 May 23

The Bank of England has raised
UK Unterest rates to 4.5% from 4.25%.

Bank of England raises UK interest rates to 4.5%

The Bank of England today raised its key interest rate by a quarter of a percentage point to 4.5%, taking UK borrowing costs to their highest since 2008 with its 12th consecutive rate rise, as it seeks to curb the fastest inflation of any major economy.

Business • 11 May 23

The UK's Office for National Statistics reported borrowing of £139.2 billion for the fiscal year to the end of March

UK reports lower than expected government borrowing

The UK government borrowed less than predicted in the financial year that ended in March, according to data today which showed finance minister Jeremy Hunt may be able to adopt a less austere stance ahead of the next general election.

Business • 25 Apr 23

The S&P Global/CIPS UK Composite Purchasing Mangers' Index rose to 53.9 in April from 52.2 in March

UK economy shows signs of recovery despite inflation

British businesses reported their busiest month in a year and consumers turned more confident, according to surveys published today that added to signs of a recovery in the economy that has so far defied forecasts of a recession.

Business • 21 Apr 23

The UK's economic output showed no change in month-on-month terms in February

UK economy shows no growth in February - ONS

Britain's economy stagnated in February as strikes by public workers hit output but a bounce in January was stronger than first thought, meaning a recession is a bit less likely to be brewing in early 2023.

Business • 13 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

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

Fallout from the collapse continued to roil banking shares in Europe today.

Britain to bolster financial system after SVB collapse

The collapse of Silicon Valley Bank has shown the need to build a larger and more diverse financial system by bolstering the stock market and unlocking cash in pension schemes, Britain's finance minister Jeremy Hunt said today.

Business • 15 Mar 23

UK Budget: Hunt pledges reform to spur slow economy

British finance minister Jeremy Hunt announced a plan that he hopes will speed up Britain's stagnating economy, including childcare and tax reforms to get more people into work and corporate tax breaks to boost low levels of business investment.

Business • 15 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

Hunt to keep tight UK budget with eye on 2024 election

British finance minister Jeremy Hunt looks set to keep his grip on the public finances in next week's budget, refraining from big tax cuts or spending increases until the next election comes closer into view.

Business • 08 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 British lender reported a pretax profit for 2022 of 7 billion pounds

Barclays profit slides 14% following trading blunder

Barclays reported a 14% fall in annual profits, as costs from an administrative blunder that saw it oversell securities in the United States compounded a collapse in deal fees earned by its investment bank.

Business • 15 Feb 23

Uk Economy