Bank Of England Cuts Rate For Second Time This Year

UK Budget Deficit Exceeds Expectations In October

The UK budget deficit exceeded expectations in October and hit the second highest October level on record largely reflecting the increase in debt interest payments. Public sector net borrowing increased to GBP 17.4 billion from GBP 15.8 billion in the previous year, data from the Office for National Statistics revealed Thursday.

RTTNews | 11h 10min ago

UK Inflation Accelerates More Than Forecast

UK consumer price inflation accelerated more than expected in October, lowering the chances of a rate cut at the upcoming monetary policy meeting in December. The consumer price index rose 2.3 percent on a yearly basis, following September's 1.7 percent increase, which was the lowest since April 2021, the Office for National Statistics reported Wednesday.

RTTNews | 1 day ago

UK Economy Logs Meager Growth In Q3

In a blow to Chancellor Rachel Reeves, the UK economy grew only marginally in the third quarter on weaker growth in services output, data from the Office for National Statistics revealed Friday. Gross domestic product grew 0.1 percent sequentially, following growth of 0.5 percent in the second quarter and was also weaker than the forecast of 0.2 percent.

RTTNews | 6 days ago

UK Jobless Rate Rises; Wage Growth Slows

The UK unemployment rate rose more than expected in the third quarter and wage growth softened, adding pressure on the Bank of England to cut interest rates further. The unemployment rate rose to 4.3 percent in the September quarter from 4.0 percent in three months to August period, the Office for National Statistics reported Tuesday. The rate was seen at 4.1 percent.

RTTNews | 9 days ago

Bank Of England Cuts Rate By 25 Bps; Future Easing To Be Gradual

The Bank of England reduced its benchmark rate for the second time this year citing continued progress in disinflation but suggested that further easing is set to be gradual as the last week's budget has upward impact on inflation. The Monetary Policy Committee decided to lower the rate by 25 basis points to 4.75 percent. The outcome of the two-day meeting matched expectations.

RTTNews | 14 days ago

UK House Prices Rise For Fourth Straight Month

UK house prices increased for the fourth straight month to hit a record high in October but prices are expected to climb at a moderate pace as slower interest rate cuts by the Bank of England and government policies might damp demand, mortgage lender Halifax said Thursday. House prices grew 0.2 percent from September, as expected. This follows a 0.3 percent gain each in August and September.

RTTNews | 14 days ago

UK Construction Sector Growth Weakens In October

The UK construction sector growth slowed notably in October but overall industry activity remained solid on civil engineering work, survey results from S&P Global showed on Wednesday. The construction Purchasing Managers' Index posted 54.3 in October, down from 57.2 in September. The index signaled expansion for the eighth consecutive month.

RTTNews | 15 days ago

UK Service Sector Logs Weakest Growth In Almost A Year

The UK service sector grew at the slowest pace since November last year as heightened uncertainty and concerns about the domestic economic outlook damped new work, the S&P Global purchasing managers' survey showed on Tuesday. The final services Purchasing Managers' Index registered 52.0 in October, down from 52.4 in September. The reading was above the initial estimate of 51.8.

RTTNews | 16 days ago

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