Bank Of England Pauses Rate Hike Unexpectedly On Softening Inflation
UK house prices increased for the second successive month in November largely reflecting shortage of properties, results of a survey by the Lloyds Bank subsidiary Halifax and S&P Global showed Thursday. House prices grew 0.5 percent in November from October, when they rose 1.2 percent. The pace of growth also exceeded forecast of 0.3 percent.
RTTNews | 1 day ago
The UK service sector expanded for the first time in four months in November as demand conditions stabilized and staffing returned to growth amid moderate improvement in expectations for the year ahead, final survey results from S&P Global revealed Tuesday. The final Chartered Institute of Procurement & Supply services Purchasing Managers' Index advanced to 50.9 in November from 49.5 in October.
RTTNews | 3 days ago
UK house prices declined at the slowest pace in nine months in November as expectations of interest rate cuts in future eased affordability pressures, the mortgage lender Nationwide Building Society said Friday. House prices registered an annual decline of 2.0 percent after easing 3.3 percent in October. Prices marked the slowest fall since February 2023. They were forecast to drop 2.3 percent.
RTTNews | 7 days ago
UK mortgage approvals increased more than expected to a three-month high in October signaling a slowdown in the housing market downturn after the central bank kept interest rates unchanged in September and November. Net mortgage approvals for house purchases rose to a three-month high of 47,400 in October from 43,700 in September, the Bank of England reported Wednesday.
RTTNews | 9 days ago
The UK private sector activity almost stabilised in November after contracting in the previous three months, the purchasing managers' survey results from S&P Global and the Chartered Institute of Procurement & Supply showed on Thursday. The flash composite output index rose to a four-month high of 50.1 in November from 48.7 in the previous month. Any score above 50 indicates expansion.
RTTNews | 15 days ago
Bank of England Governor Andrew Bailey said that financial markets are putting too much weight on the current data releases and underestimates the persistence of inflation. At the Treasury Select Committee hearing on Tuesday, Bailey said the decline in inflation was good news.
RTTNews | 17 days ago
The UK government borrowing exceeded expectations and also hit the second highest level on record for the month of October, but the borrowing so far this financial year was less than the official projection, giving room for maneuver in the autumn statement. Public sector net borrowing excluding banks increased by GBP 4.4 billion to GBP 14.9 billion in October.
RTTNews | 17 days ago
UK retail sales declined unexpectedly in October as high interest rates hurt spending ahead of the festive season, official data revealed on Friday. Retail sales logged a 0.3 percent monthly drop but slower than the September's revised 1.1 percent decrease, the Office for National Statistics said. However, the fall confounded forecast of 0.3 percent gain.
RTTNews | 21 days ago