UK Economics Correspondent, London
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Oct 31, 2013

UK consumer lending grows at fastest pace since 2008 – Bank of England

LONDON, Oct 31 (Reuters) – British consumers borrowed money
at the fastest rate since early 2008 in the three months to
September, a correction to Bank of England data showed on
Thursday, fuelling concerns that the country’s recovery is
reliant on debt.

Earlier this week the central bank reported the greatest
number of mortgage approvals since February 2008 and stronger
business lending, but said the pace of unsecured lending to
consumers had slowed.

Oct 31, 2013

(OFFICIAL)-UPDATE 1-UK mortgage approvals hit 5-year high as borrowing costs fall

LONDON, Oct 29 (Reuters) – British lenders approved the most
mortgages in over five years last month as borrowing costs sank
to their lowest in a decade, central bank data showed on
Tuesday, setting the stage for further house price rises.

Business lending also picked up – though only for larger
firms – but the figures did little to dispel some economists’
concerns that Britain’s economic recovery will remain heavily
reliant on consumer demand for the immediate future.

Oct 29, 2013

UK mortgage approvals hit 5-year high as borrowing costs fall

LONDON, Oct 29 (Reuters) – British lenders approved the most
mortgages in over five years last month as borrowing costs sank
to their lowest in a decade, central bank data showed on
Tuesday, setting the stage for further house price rises.

Business lending also picked up – though only for larger
firms – but the figures did little to dispel some economists’
concerns that Britain’s economic recovery will remain heavily
reliant on consumer demand for the immediate future.

Oct 25, 2013

UK economy accelerates to fastest growth since 2010

LONDON (Reuters) – Britain’s economy picked up more speed between July and September, growing at its fastest pace in more than three years and building on an unexpected turnaround that has buoyed the government.

Gross domestic product rose by 0.8 percent, faster than the 0.7 percent achieved in the April-June period, Britain’s Office for National Statistics said on Friday.

Oct 25, 2013

BoE governor Carney strikes new, softer tone on banks

LONDON (Reuters) – Bank of England Governor Mark Carney announced an easing of rules for banks in need of short-term cash, taking a new approach to how the central bank will work with the City of London five years after the financial crisis.

In his first major speech on British financial regulation, Carney struck a softer tone towards banks than his predecessor Mervyn King but denied that he was “cheerleading” for them.

Oct 25, 2013

Inflation expectations show record jump in October

LONDON (Reuters) – The British public’s expectations for future inflation have surged to their highest level in two years as energy bills and housing costs look set to rise further, a monthly survey showed on Thursday.

The YouGov poll is likely to intensify Britain’s political debate about falling living standards and unsettle the Bank of England. In August the central bank promised to keep interest rates unchanged until unemployment falls to 7 percent – but only if public inflation expectations did not start to rise sharply.

Oct 24, 2013

Bank of England eases liquidity rules for banks

LONDON (Reuters) – The Bank of England will make it easier for banks to get short-term access to cash, lowering the fees it charges and the quality of collateral banks need to provide, Governor Mark Carney announced on Thursday.

The easing up of liquidity provision by the BoE is a clear sign that the central bank, which now supervises lenders as well as setting interest rates, believes Britain’s banks are in much healthier shape after sharply increasing their capital levels.

Oct 24, 2013

UK inflation expectations show record jump in October – YouGov

LONDON, Oct 24 (Reuters) – The British public’s expectations
for future inflation have surged to their highest level in two
years as energy bills and housing costs look set to rise
further, a monthly survey showed on Thursday.

The YouGov poll is likely to intensify Britain’s political
debate about falling living standards and unsettle the Bank of
England. In August the central bank promised to keep interest
rates unchanged until unemployment falls to 7 percent – but only
if public inflation expectations did not start to rise sharply.

Oct 23, 2013

UK unemployment coming down faster than expected -Bank of England

LONDON, Oct 23 (Reuters) – British unemployment appears to
be falling slightly faster than forecast against a backdrop of a
robust recovery which is proving stronger than expected, Bank of
England policymakers concluded at their October rate-setting
meeting.

The BoE committed in August to keep interest rates on hold
until unemployment hits 7 percent – something it forecast would
take three years – unless inflation threatens to get out of
control or there are major risks to financial stability.

Oct 22, 2013

Osborne says growth alone won’t fix deficit

LONDON (Reuters) – Chancellor George Osborne vowed to stick to the path of austerity, saying economic recovery on its own would not be enough to fix the budget deficit and the causes of over-spending still needed to be addressed.

Osborne, speaking at a Thomson Reuters Newsmaker event on Tuesday, also said he was “a couple of weeks” away from deciding whether to split up state-owned Royal Bank of Scotland and rejected criticism that the government sold Royal Mail too cheaply.

    • 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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