LONDON, Aug 6 (Reuters) – Consumers continued to power
Britain’s economy last month as house prices surged and car
sales boomed, although weak industrial output in June was a
reminder that a balanced recovery still looks a way off.
House prices recorded their biggest annual rise last month
since the start of the financial crisis, figures from mortgage
lender Halifax showed on Wednesday, casting doubt on other signs
that the housing market may be slowing.
LONDON, Aug 5 (Reuters) – Britain’s services industry grew
last month at the fastest pace since November, raising the
chance that the rapid economic recovery will continue for the
rest of the year and potentially bringing forward a rise in
The monthly Markit/CIPS purchasing managers index for the
services sector beat economists’ expectations and contrasted
with a mostly downbeat recent string of economic data.
LONDON,(Reuters) – Activity in Britain’s services industry increased last month at the fastest rate since November, helping overall private-sector activity to its briskest growth in three months, a survey showed on Tuesday.
The figures are likely to revive speculation over whether the Bank of England will raise interest rates before the end of the year, and contrast with other data pointing to a slight slowdown in British growth in the second half of the year.
LONDON, Aug 4 (Reuters) – Former Bank of England chief
economist Spencer Dale is leaving the central bank, just two
months after being moved to a new role, to become chief
economist at oil major BP, the BoE said on Monday.
Dale spent six years as the central bank’s chief economist,
where he was responsible for economic forecasts and took a
relatively hawkish line on monetary policy.
LONDON (Reuters) – Bank of England officials discussed in July whether there was a case for an early rate rise to cool Britain’s economy, but were held back in part by strikingly low wage growth and signs of weakness abroad.
The nine members of the Monetary Policy Committee were unanimous when they voted to keep interest rates on hold at their July 9-10 meeting, as forecast by a Reuters poll.
LONDON (Reuters) – Britain’s public finances showed a bigger than expected deficit in June, continuing a weak start to the tax year and leaving Chancellor George Osborne with a lot of catching up to do to meet his fiscal goals.
The government failed to reduce public borrowing during the first three months of the 2014/15 fiscal year, possibly limiting its ability to offer any tax cuts or other voter-friendly surprises ahead of a national election in May next year.
LONDON (Reuters) – Prices of ultra-long British government bonds fell slightly on Monday after the government said more workers than originally planned would be able to cash in pension savings early, potentially reducing demand for long-dated debt.
Britain’s finance ministry said members of some ‘defined-benefit’ pension schemes – who receive a percentage of salary on retirement – would be able to withdraw money from the age of 55, subject to getting independent financial advice.
LONDON (Reuters) – Chancellor George Osborne published new rules for private pensions on Monday which give retirees greater freedom to spend their savings as they like, fleshing out reforms announced earlier this year that shook the share value of British insurers.
Osborne caught Britain’s pensions industry by surprise in March when he scrapped a rule forcing people to buy an annuity, a financial product which converts a retiree’s pension pot into a guaranteed retirement income.
LONDON, July 21 (Reuters) – Britain published new rules for
private pensions on Monday which give retirees greater freedom
to spend their savings as they like, fleshing out reforms
announced earlier this year that shook the share value of
Finance minister George Osborne caught Britain’s pensions
industry by surprise in March when he scrapped a rule forcing
people to buy an annuity, a financial product which converts a
retiree’s pension pot into a guaranteed retirement income.
LONDON, July 17 (Reuters) – Investment funds focused on
emerging economies or high-yield debt may be unable to return
investors’ money promptly if turmoil hits markets, the Bank of
England’s financial stability chief warned on Thursday.
Many investment funds promise to redeem investors’ shares
within a day or two. But BoE Deputy Governor Jon Cunliffe said
this may not be realistic when trouble strikes less liquid
markets and droves of investors want to cut their losses.