UK Economics Correspondent, London
David's Feed
Dec 15, 2014

UK government sets more ambitious budget target as election nears

LONDON/POOLE, England (Reuters) – Britain’s coalition government promised on Monday to put its ambitious budget targets on a more formal footing, in a largely political move meant to embarrass the Labour party.

Cutting Britain’s deficit has been the main economic goal of the country’s Conservative-Liberal Democrat coalition since it came to power in 2010, and Chancellor George Osborne wants to keep it at the top of the agenda in the run-up to a national election in May 2015.

Dec 12, 2014

S&P doubts UK deficit target, says more tax revenue may be needed

LONDON (Reuters) – Ratings agency Standard & Poor’s said on Friday Britain’s public borrowing was likely to be higher than the government had forecast and the country might need to find ways to raise more tax revenue to balance the books.

Finance minister George Osborne has said he intends to balance Britain’s budget over the coming years through spending cuts alone, a pledge which will be central to the campaign of Prime Minister David Cameron ahead of national elections in May.

Dec 12, 2014

Air traffic control failure disrupts flights over Britain

LONDON (Reuters) – Flights to and from London were severely disrupted on Friday by a technical failure at England’s main air traffic control center that forced authorities to limit access to the country’s airspace.

Flights in and out of Heathrow, which calls itself the world’s busiest international airport, were halted for at least an hour before it said operations were beginning to resume.

Dec 8, 2014

UK rate rise in 2015 to test high-debt households

LONDON (Reuters) – Britons who have relied on years of record-low interest rates to manage hefty mortgages are looking nervously ahead to 2015, when the Bank of England finally looks set to start raising rates.

British people have more debt per head than in any other big rich economy, at around 140 percent of income, barely down from its peak as the financial crisis broke and equivalent to 1.5 trillion pounds ($2.3 trillion) in total.

Dec 8, 2014

Analysis – UK rate rise in 2015 to test high-debt households

LONDON (Reuters) – Britons who have relied on years of record-low interest rates to manage hefty mortgages are looking nervously ahead to 2015, when the Bank of England finally looks set to start raising rates.

British people have more debt per head than in any other big rich economy, at around 140 percent of income, barely down from its peak as the financial crisis broke and equivalent to 1.5 trillion pounds in total.

Dec 3, 2014

UK debt chief doesn’t see “hot money” behind record low yields

LONDON, Dec 3 (Reuters) – Recent record low yields on
British government bonds are driven by global economic factors
and high-grade investors, not speculative inflows of hot money
that might point to a bubble, the man who issues the debt said
on Wednesday.

Robert Stheeman, chief executive of the UK Debt Management
Office, told Reuters that he was not able to predict where the
market would go next, after British 30-year yields
struck an all-time low of 2.639 percent on Monday.

Dec 1, 2014

UK consumer credit growth hits 8-year high, mortgages sink

LONDON, Dec 1 (Reuters) – British consumers increased their
borrowing at the fastest rate since the financial crisis in
October, suggesting they remain confident even as fewer mortgage
approvals pointed to a further slowing of the housing market.

Lending to consumers rose by a faster-than-expected 6.4
percent, its most rapid annual pace since July 2006, the Bank of
England said on Monday, helping to drive the economy despite
still-weak growth in wages.

Nov 28, 2014

House price inflation slows to 11-month low

LONDON (Reuters) – The annual rate of increase in British house prices fell to its lowest level in nearly a year this month as the property market continued to lose momentum, figures from mortgage lender Nationwide showed on Friday.

Nationwide said house prices rose 8.5 percent in the year to November, the smallest increase since December last year, and well below June’s near 10-year peak of 11.8 percent.

Nov 28, 2014

UK house price inflation slows to 11-month low – Nationwide

LONDON, Nov 28 (Reuters) – The annual rate of increase in
British house prices fell to its lowest level in nearly a year
this month as the property market continued to lose momentum,
figures from mortgage lender Nationwide showed on Friday.

Nationwide said house prices rose 8.5 percent in the year to
November, the smallest increase since December last year, and
well below June’s near 10-year peak of 11.8 percent.

Nov 28, 2014

UK house price inflation slows to 11-month low – Nationwide

LONDON, Nov 28 (Reuters) – The annual rate of increase in
British house prices fell to its lowest level in nearly a year
this month as the property market continued to lose momentum,
figures from mortgage lender Nationwide showed on Friday.

Nationwide said house prices rose 8.5 percent in the year to
November, the smallest increase since December last year, and
well below June’s near 10-year peak of 11.8 percent.

    • 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
    • More from David

    • Contact David

    • Follow David