GBP Forex News
UK Government Borrowings Overshoot Estimate
The bigger-than-expected UK public sector net borrowing in June highlights the challenges faced by the new government. Public sector net borrowing decreased GBP 3.2 billion from the last year to GBP 14.5 billion in June, marking the lowest June borrowing since 2019. However, the latest figure was GBP 2.9 billion higher than the GBP 11.6 billion forecast by the OBR.
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7 days ago
UK Retail Sales Fall In June
Despite an improvement in consumer sentiment, UK retail sales logged a notable decline in June amid election uncertainty and poor weather, data showed Friday. Retail sales decreased 1.2 percent month-on-month in June, in contrast to the 2.9 percent increase posted in May, the Office for National Statistics said. Sales were expected to log a moderate 0.4 percent fall.
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7 days ago
UK Labor Market Cools In May
UK wage growth softened in the three months to May period suggesting that the labor market cooled further and revived hopes of interest rate cuts. The unemployment rate came in at 4.4 percent in March to May period, unchanged from the preceding three months, the Office for National Statistics said Thursday. The figure matched economists' forecast.
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8 days ago
UK Inflation Steady At 2.0%
UK inflation remained unchanged at the official target in June but the stability of services inflation reduced chances of a rate cut in August. The consumer price index grew 2.0 percent on a yearly basis, the same pace of growth as seen in May, the Office for National Statistics said Wednesday. Headline inflation was expected to ease to 1.9 percent.
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9 days ago
UK Economy Rebounds In May
The UK economy rebounded at a faster-than-expected pace in May underpinned by broad-based expansion in services, manufacturing and construction industries, official data showed on Thursday. Real gross domestic product grew 0.4 percent in May after showing no growth in April, the Office for National Statistics reported. The actual growth was double the expected 0.2 percent expansion.
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15 days ago
UK Retail Sales Fall In June: BRC
UK retail sales declined in June as the cold weather in the first half of the year weighed on consumer spending, the British Retail Consortium said on Tuesday. Total retail sales fell 0.2 percent in June from the previous year. BRC Chief Executive Helen Dickinson said the sales of weather sensitive categories such as clothing and footwear, and DIY and gardening were hit particularly hard.
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17 days ago
UK House Prices Drop In June: Halifax
UK house prices dropped in June after remaining stable for two straight months, signaling that the property market remained subdued, mortgage lender Halifax reported Friday. House prices fell 0.2 percent month-on-month in June, in contrast to the expected increase of 0.2 percent. A typical UK house costs GBP 288,455. Compared to the last year, house prices climbed 1.6 percent.
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21 days ago
UK Construction Expands For Fourth Straight Month
The UK construction sector remained in the growth territory for the fourth straight month in June but the pace of expansion softened amid a renewed fall in housing activity, survey data from S&P Global showed on Thursday. The headline construction Purchasing Managers' Index posted 52.2 in June, down from 54.7 in May. A reading above 50.0 signals expansion.
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22 days ago
UK Mortgage Approvals Fall In May
The number of mortgages approved by British lenders declined in May on higher mortgage rates, data published by the Bank of England showed on Monday. Mortgage approvals, an indicator of future borrowing, decreased to 60,000 in May from 60,800 in April. Approvals were forecast to fall to 59,900. The effective interest, which is the actual interest paid on newly drawn mortgages rose 5 basis points.
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25 days ago
UK House Price Growth Slows In June: Nationwide
UK house prices increased at a slower pace in June as housing affordability remained stretched, mortgage lender Nationwide said on Monday. House prices gained 0.2 percent on a monthly basis, which was slower than the 0.4 percent rise registered in May. House prices were expected to remain flat in June. Year-on-year, house prices posted a growth of 1.5 percent in June after rising 1.3 percent.
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25 days ago
