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May 29, 2015

U.S. Lew urges broad deal on Greece now, focus on details later

DRESDEN, Germany (Reuters) – Greece and its creditors need to quickly agree on a broad deal to address the Greek debt crisis and then work out the details before Athens hits deadlines for repayments, U.S. Treasury Secretary Jack Lew said on Friday.

Lew, speaking to reporters after a meeting of policymakers from the Group of Seven economies, said a speedy deal would reduce the chances of an “accident” and he wanted to see a pragmatic outcome to the protracted crisis.

May 23, 2015

Bank of England confirms EU exit research after email misfire

LONDON (Reuters) – The Bank of England plans to assess the implications of a possible British exit from the European Union, it said in a statement, confirming an email it inadvertently sent to a newspaper about the supposedly confidential research project.

The Guardian reported that an aide to a senior Bank official said in the email the project should be kept secret from most BoE staff and any journalists asking about it should be told the Bank was looking at a broad range of European economic issues.

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 20, 2015

UK inflation negative for first time since 1960; BoE says temporary

LONDON (Reuters) – Britain’s annual rate of consumer price inflation fell below zero for the first time in more than half a century, official figures showed on Tuesday, though Bank of England Governor Mark Carney said the dip was likely to be brief.

British finance minister George Osborne also said the drop did not amount to “damaging deflation”, referring to a spiral of falling prices that hurt the economy.

May 19, 2015

UK inflation negative for first time since 1960, seen temporary

LONDON (Reuters) – Britain’s annual rate of consumer price inflation fell below zero for the first time since the 1960s, official figures showed on Tuesday, though economists said the dip into deflationary territory was likely to be brief.

British finance minister George Osborne also uickly said the drop did not amount to “damaging deflation,” referring to a scenario in which falling prices become entrenched and hurt the economy.

May 19, 2015

UK inflation negative for first time since 1960

LONDON (Reuters) – Britain’s annual rate of consumer price inflation fell below zero for the first time since the 1960s, official figures showed on Tuesday, though economists said the dip into deflationary territory was likely to be brief.

British finance minister George Osborne also uickly said the drop did not amount to “damaging deflation,” referring to a scenario in which falling prices become entrenched and hurt the economy.

May 15, 2015

UK’s Osborne says to spell out new plans for economy on July 8

LONDON, May 15 (Reuters) – British finance minister George
Osborne, fresh from his Conservative Party’s election victory on
May 7, said he would spell out on July 8 how he plans to make
further big cuts to public spending and boost the country’s
growth prospects.

“I am going to take the unusual step of having a second
budget of the year because I don’t want to wait to turn the
promises we made in the election into a reality,” Osborne said
in an article in Saturday’s edition of the Sun newspaper.

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

Osborne tightens grip on UK cabinet after Cameron reshuffle

LONDON (Reuters) – British Chancellor George Osborne has emerged as a winner in a cabinet reshuffle by Prime Minister David Cameron after last week’s election, with several close allies moving into top jobs in the new government on Monday.

Osborne, who has been mentioned by Cameron as a potential successor as leader of the Conservative Party, saw four of his former aides brought into the cabinet or promoted, including new business secretary Sajid Javid and energy secretary Amber Rudd.

May 10, 2015

UK’s Cameron sends in top gun Osborne to push for EU reform – paper

LONDON, May 10 (Reuters) – Prime Minister David Cameron
plans to make finance minister George Osborne his lead
negotiator as he speeds up his push for concessions from the EU
before a planned referendum on Britain’s membership of the bloc,
the Sunday Times newspaper reported.

European leaders lost no time on Friday in offering Cameron
talks on EU reform, bidding to ease uncertainty about Britain’s
future in the bloc after the Conservative party won a
parliamentary majority on Thursday.