UK Economics Correspondent, London
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May 28, 2015

UK first-quarter growth sapped by surge in imports

LONDON (Reuters) – Britain sucked in imports in the first three months of 2015, and its large services sector performed weaker than first thought, casting doubt over the strength of its previously robust recovery.

The economy grew 0.3 percent in the first quarter, the Office for National Statistics said on Thursday, confirming an initial estimate which the Bank of England and most other economists had thought too gloomy.

May 27, 2015

U.S. urges EU, IMF to be flexible with Greece

LONDON (Reuters) – The United States urged international creditors to show more flexibility in negotiations with Greece’s cash-strapped government to avert a possible Greek default and exit from the euro zone with incalculable consequences.

U.S. Treasury Secretary Jack Lew issued the warning on Wednesday in a stopover in London on his way to a meeting of Group of Seven finance ministers in Dresden, Germany.

May 27, 2015

Ahead of G7, U.S. warns Europe not to miscalculate over Greece

LONDON (Reuters) – The United States urged European negotiators not to miscalculate as they try to negotiate a debt deal with Greece’s cash-strapped government, because the cost of a Greek exit from the euro zone was impossible to predict exactly.

U.S. Treasury Secretary Jack Lew issued the warning on Wednesday in a stopover in London on his way to a meeting of Group of Seven finance ministers in Dresden, Germany.

May 21, 2015

UK retail sales surge as sun brings out shoppers

LONDON, May 21 (Reuters) – British retail sales surged in
April as consumers took advantage of falling prices and
unusually warm weather encouraged shoppers to buy new clothes.

Thursday’s strong official data suggest a slowdown in the
economy seen at the start of the year may prove short-lived.

May 13, 2015

Bank of England cuts growth outlook, backs market’s view on rates

LONDON, May 13 (Reuters) – The Bank of England cut its
forecasts for British economic growth over the next three years
on Wednesday and cautiously backed market expectations that it
will only start to raise interest rates in around a year’s time.

The central bank now expects economic growth this year of
2.4 percent, it said in its quarterly Inflation Report, down
from a 2.9 percent projection in February and closer to most
other economic forecasters’ expectations.

May 11, 2015

Bank of England keeps rates steady before inflation update

LONDON, May 11 (Reuters) – The Bank of England kept interest
rates steady at a record-low 0.5 percent on Monday, judging that
the outlook for prices and wages is still too weak for it to
raise the cost of borrowing despite solid growth prospects.

The Bank issued no statement but Governor Mark Carney will
explain more on Wednesday, when he presents a quarterly update
to the central bank’s forecasts for growth and inflation.

May 8, 2015

Cameron sweeps to unexpected triumph in British election

LONDON, May 8 (Reuters) – Prime Minister David Cameron won
an emphatic election victory in Britain, overturning predictions
that the vote would be the closest in decades to sweep into
office for another five years, with his Labour opponents in
tatters.

The sterling currency soared on a result that reversed
expectations of an indecisive result that could have left
Cameron jockeying for power with his Labour rival, Ed Miliband.
Instead, Cameron was due to meet Queen Elizabeth before noon to
accept a swift mandate to form a government.

May 8, 2015

UK’s Cameron returning to power, Labour routed in Scotland

LONDON (Reuters) – Prime Minister David Cameron’s Conservatives are set to govern Britain for another five years after an unexpectedly strong showing, but may have to grapple with renewed calls for Scottish independence after nationalists surged.

Ed Miliband, leader of the main opposition Labour Party, all but conceded defeat on Friday morning, saying he was “deeply sorry” for a “very disappointing and difficult night”.

May 8, 2015

UK’s Cameron poised to return to power, Labour routed in Scotland

LONDON, May 8 (Reuters) – Prime Minister David Cameron’s
Conservatives are set to govern Britain for another five years
but fall just short of an outright majority, an exit poll
showed, a result likely to trigger an in-out EU membership
referendum.

The poll forecast the Conservatives would win 316 of 650
seats in the lower house of parliament and the main opposition
Labour Party 239.

May 8, 2015

UK’s Cameron on track to return to power as PM: exit poll

LONDON (Reuters) – Prime Minister David Cameron’s Conservatives are on track to govern Britain for another five years even though they are likely to fall just short of an outright majority at Thursday’s election, an exit poll showed.

The poll gave the Conservatives 316 of 650 seats in the lower house of parliament and the main opposition Labour Party 239. If accurate, that would be one of centre-left Labour’s worst ever results.

    • 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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