LONDON (Reuters) – Chancellor George Osborne celebrated a sharp turnaround in Britain’s economy as vindication of his austerity push on Thursday, but said he would not relax his grip on public spending in the years ahead.
Obsorne used a big jump in forecasts for growth in 2013 and 2014 to taunt the opposition Labour party ahead of a general election in 17 months’ time.
LONDON (Reuters) – British finance minister George Osborne is set to announce a turning point in his battle to fix the country’s public finances on Thursday, but falling living standards mean he cannot declare victory.
A sudden pickup in economic growth means Osborne’s goal of fixing Britain’s finances is no longer out of reach and he is set to announce the first big fall in projected public borrowing since the coalition took power in 2010 when he delivers a half-yearly update on the budget.
LONDON, Dec 4 (Reuters) – British insurers plan to invest 25
billion pounds ($41 billion) in transport and energy projects
over the next five years, the finance ministry said on
Wednesday, a day before it presents a half-yearly economic
Boosting private-sector infrastructure investment is a
priority for Britain’s government, as an unexpected rebound in
growth so far this year has been driven mostly by consumer
spending, which is unsustainable in the long run.
LONDON, Nov 28 (Reuters) – The Bank of England moved to head
off the risk of a bubble in house prices on Thursday, making a
surprise announcement that it would put the brakes on a scheme
launched last year to boost mortgage lending.
Shares in British construction firms tumbled after the
central bank said it would refocus the Funding for Lending
Scheme (FLS) on helping small firms that find it hard to borrow.
LONDON (Reuters) – The Bank of England moved to head off the risk of a bubble in house prices on Thursday, making a surprise announcement that it would heavily scale back a scheme launched last year to boost mortgage lending.
Britain’s economy and its housing market have staged an unexpectedly strong turnaround since the BoE launched the Funding for Lending Scheme (FLS) with the finance ministry in July 2012 to help increase lending to home-buyers and businesses.
LONDON (Reuters) – The Bank of England said on Thursday that it would heavily scale back a scheme launched last year to boost mortgage lending, as house price inflation looks set to accelerate further.
Britain’s economy has staged an unexpected turnaround since the BoE launched the Funding for Lending Scheme with Britain’s finance ministry in July 2012 to help increase lending to home-buyers and businesses.
LONDON (Reuters) – For the first time since taking office in 2010, finance minister George Osborne will be able to present a more upbeat message about Britain’s finances in a budget update next week.
An unexpectedly strong rebound in economic growth since his budget in March will also give Osborne some scope to address rising living costs, the key challenge to his Conservative-led government’s re-election in May 2015.
LONDON, Nov 27 (Reuters) – Britain’s economic growth
broadened a bit in the third quarter of 2013 as companies
increased investment but strong consumer spending remained the
main driver of growth, leaving the recovery still vulnerable.
The economy expanded at its fastest pace in more than three
years as gross domestic product between July and September grew
by a quarterly 0.8 percent, details of earlier official data
LONDON, Nov 26 (Reuters) – Bank of England Governor Mark
Carney hit back on Tuesday at critics of forward guidance, his
centrepiece policy, saying economic recovery would be at risk if
the BoE had not spelt out how long it would keep interest rates
at record lows.
In a sometimes-tetchy session with lawmakers – which
contrasted with the warm reception at his first appearance
earlier this year – Carney also took aim at Britain’s official
statistics and expressed deep concern at reports Royal Bank of
Scotland had mistreated small businesses.
LONDON (Reuters) – Sterling rose to a one-month high against the dollar and hit a five-year peak against a broadly weak yen on Friday, drawing support from favourable interest rate differentials and strong UK economic outlook.
The pound remained supported after a survey on Thursday revealed that British industrial orders were at the strongest level since March 1995.