UK Economics Correspondent, London
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Sep 30, 2014

UK house prices fall for first time in 17 months

LONDON (Reuters) – House prices in Britain fell for the first time since April 2013 this month, mortgage lender Nationwide said, adding to evidence that a surge in house prices is starting to level off.

Nationwide said the average house price in Britain unexpectedly fell by 0.2 percent in September to 188,374 pounds after rising by 0.8 percent in August.

Sep 30, 2014

UK house prices fall for first time in 17 months -Nationwide

LONDON, Sept 30 (Reuters) – House prices in Britain fell for
the first time since April 2013 this month, mortgage lender
Nationwide said, adding to evidence that a surge in house prices
is starting to level off.

Nationwide said the average house price in Britain
unexpectedly fell by 0.2 percent in September to 188,374 pounds
($306,500) after rising by 0.8 percent in August.

Sep 25, 2014

Bank of England’s Carney says rate rise “getting closer”

LONDON, Sept 25 (Reuters) The Bank of England is getting nearer
to raising interest rates, but the exact date will depend on
economic data, Governor Mark Carney said in a speech on
Thursday.

Carney stuck close to previous remarks on monetary policy in
his address to actuaries, much of which focused on the BoE’s
plans for further regulating insurers.

Sep 23, 2014

UK August public finances show further slippage, income tax weak

LONDON (Reuters) – Britain’s public finances deteriorated again in August after a weak start to the financial year, posing a challenge for Chancellor George Osborne as next year’s national election approaches.

The Office for National Statistics said public sector net borrowing, excluding state-controlled banks, totalled 11.6 billion pounds in August, up 6.1 percent from a year earlier, broadly in line with economists’ expectations in a Reuters poll.

Sep 17, 2014

Most Bank of England officials oppose rate rise as wages stagnate

LONDON (Reuters) – Most Bank of England policymakers remained firmly against raising interest rates when they met this month, and data released on Wednesday showed wages rising at their slowest pace on record, indicating inflationary pressure will remain subdued.

The British economy is set to grow faster than other major advanced economies this year, and unemployment fell more than expected in the three months to July, reaching a five-year low of 6.2 percent compared with 7.7 percent a year before.

Sep 15, 2014

Sterling jitters set to last as Scots vote goes to the wire

LONDON, Sept 15 (Reuters) – Sterling traded marginally lower
on Monday after another round of polls showed Thursday’s vote on
Scottish independence still too close to call, keeping bets for
volatility over the next week at its highest in four years.

Economic data releases this week may turn markets briefly
away from a debate that threatens to rip the United Kingdom
apart and set it on a new political and financial course.

Sep 12, 2014

UK construction output stagnates in July as housebuilding slows

LONDON, Sept 12 (Reuters) – British construction output
stagnated in July as a rapid expansion in house building started
to level off, causing annual growth to sink to an eight-month
low.

However, orders for new work rose at the fastest rate in a
year, leaving economists confident that the coming months would
bring robust growth, particularly as earlier private-sector
surveys have also pointed towards a continued strength.

Sep 11, 2014

Bank of England sees Bitcoin fraud risk, deflation danger

LONDON, Sept 11 (Reuters) – Bitcoin and similar digital
currencies may be at increasing risk of fraud and could damage
Britain’s economy if they find widespread use, the Bank of
England said on Thursday.

The BoE said the finite supply of Bitcoins – which are
traded between users outside the banking system, and used to buy
goods ranging from pizzas to PCs – meant that an economy where
they formed the main currency would be at risk of deflation.

Sep 11, 2014

Bank of England’s Kohn urges banks to focus on risks from end to quantitative easing

LONDON (Reuters) – British banks need to prepare for the risk of financial market turmoil when central banks end unconventional monetary policy such as asset purchases, the Bank of England said on Thursday.

Don Kohn, a former vice-chairman of the U.S. Federal Reserve who now serves on the BoE’s main risk watchdog, told British banks to guard against the risk of defaults, sharp rises in market interest rates and illiquid assets as monetary policy returns to normal after the financial crisis.

Sep 11, 2014

Bank of England’s Kohn urges banks to focus on risks from end to QE

LONDON, Sept 11 (Reuters) – British banks need to prepare
for the risk of financial market turmoil when central banks end
unconventional monetary policy such as asset purchases, the Bank
of England said on Thursday.

Don Kohn, a former vice-chairman of the U.S. Federal Reserve
who now serves on the BoE’s main risk watchdog, told British
banks to guard against the risk of defaults, sharp rises in
market interest rates and illiquid assets as monetary policy
returns to normal after the financial crisis.

    • About David

      "David keeps a close watch on the UK economy, the Bank of England and the British government debt market. Previously he worked in Frankfurt, covering the European Central Bank and euro zone economy, and in Brussels where he reported on everything from EU summits to Belgian supermarkets."
      Languages:
      English, French, German
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