The UK’s inflation rate has risen for the first time this year, official ONS figures show. This indicates that overall prices increased by 2.2% in the year leading up to July, a rise from 2% in June, surpassing the Bank of England’s target. The anticipated increase is primarily attributed to theRead More →
The Bank of England (BoE) on Thursday 1st August 2024 announced its first-interest rate reduction in more than four years, taking the key rate to 5%. Although numerous analysts predicted that the Bank of England might announce a reduction in interest rates at its August 2024 meeting, the absence ofRead More →
UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE) The Bank has maintained the interest rates at 5.25% for the seventh consecutive time to combat inflation, resulting in increased mortgage repayments and higher savings rates. The interest rates, at their peak for the pastRead More →
Inflation has reached the Bank of England’s target for the first time in nearly three years, having soared to 11.1% in October 2022, the highest in over four decades – driven by a spike in energy and food prices following the pandemic and Russia’s invasion of Ukraine. In the yearRead More →
Banknotes featuring a portrait of King Charles III entered circulation on Wednesday 5th June 2024. Charles’s portrait will be featured on the front of the £5, £10, £20, and £50 banknotes, visible through the notes’ transparent security window. He is only the second monarch to appear on British banknotes, followingRead More →
The International Monetary Fund (IMF) advises that the Bank of England should contemplate reducing its interest rates to 3.5% by the end of 2025. This suggestion is made as the UK’s economy steadily recovers from the recession caused by the pandemic, while policymakers are dealing with inflationary challenges. The ‘thinking’Read More →
The April inflation came in higher than anticipated, falling to 2.3%, as reported by the Office for National Statistics on Wednesday 22nd May 2024. Traders have now reduced their expectations of a June interest rate cut by the Bank of England (BoE). Markets reacted negatively in early trading. The headlineRead More →
The decision comes as inflation, which measures price rises over a period of time, remains above the Bank’s 2% target at 3.2%. But bank says cuts are coming. Is the 2% target still a sensible benchmark? The 2% inflation target set by central banks has been a widely adopted benchmarkRead More →
The FTSE 100 soared past 8300, reaching a new record high amid busy trading as London markets reopened after the bank holiday. A catch-up trading session is evident, with mainland-listed stocks having a robust session on Monday 7th May 2024 and continuing to rise. The FTSE reached around 8335 inRead More →
House prices declined in April 2024, with affordability pressures persisting for potential buyers, as reported by Nationwide. The UK’s largest building society reported a 0.4% decrease in house prices compared to the previous month. The average cost of a home now stands at £261,962, which is 4% lower than inRead More →
The Bank of England (BoE) stands as a bastion of economic stability, guiding the United Kingdom through the ebbs and flows of financial tides. Modernising the Bank of England’s forecasting system has become a critical necessity. A recent independent review has cast a spotlight on the ‘serious deficiencies’ within itsRead More →
In February 2024, inflation decreased to 3.4%, a decline from January’s 4%, moving closer to the Bank of England’s self-imposed target of 2% This reduction signifies that the cost of living is increasing at its least rapid rate since September 2021, when it was recorded at 3.1%. Since reaching aRead More →
Inflation, rose marginally to 4% in December, up from 3.9% in November 2023. Economists had forecast a slight fall but unexpected rises in alcohol and tobacco prices were behind the surprise rise. However, with energy bills predicted to come down in 2024, there are still expectations of interest rate cutsRead More →
Mortgage lenders have started 2024 by cutting interest rates. The UK’s biggest lender, the Halifax, has cut some interest rates by nearly a full 1%, with other lenders expected to follow suit. HSBC has announced it will also make cuts in January. Halifax is reducing its rates, with interest onRead More →
UK interest rates have been held at 5.25%. This is the third time in a row the Bank of England has opted to hold rates the same. The decision, which was widely expected by financial markets, means borrowing costs will remain at their highest level for 15 years. the BankRead More →
Britcoin is a potential British digital currency that would be issued by the Bank of England and backed by the Government. It would be tied to the pound and have a stable value, unlike cryptocurrencies such as Bitcoin. It would be accessible through digital wallets and interchangeable with cash andRead More →
The governor of the Bank of England, Andrew Bailey has raised concerns over economic growth as he warned again that interest rates will not be cut in the ‘foreseeable future’. The bank boss said he was concerned over the UK economy’s potential to grow. It comes after the government’s forecasterRead More →
UK inflation fell to 4.6% in October 2023, down from 6.7% in September 2023. This is the lowest rate of price increases since 2021 and the bigger than expected fall should provide some relief to UK households gripped by the cost-of-living crisis. The main factors that contributed to the drop in inflation were largelyRead More →
The Bank of England (BoE) announced its latest interest rate decision on Thursday, 2nd November 2023 to hold the bank rate at 5.25%. The Bank of England’s (BoE) Monetary Policy Committee (MPC) voted by a majority of 5-4 to maintain Bank Rate at 5.25%, the highest level in 15 years. However,Read More →
The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds touches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22nd November 2023. TheRead More →
U.K. Gross Domestic Product (GDP) grew by 0.2% in August, the Office for National Statistics (ONS) reported Thursday 12th October 2023, slightly recovering from a downwardly revised 0.6% contraction in July 2023. Services output was the main contributor to growth in August 2023, adding 0.4% on the month to offsetRead More →
UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE). The decision comes a day after figures revealed an unexpected slowdown in UK nflation in August 2023. The Bank had previously raised rates some14 times in a row to tackle inflation, leading to increases inRead More →
Confidence in Bank of England (BoE) is a measure of how much the public trusts the central bank to control inflation, set interest rates and maintain economic stability. According to the latest Inflation ‘Attitudes Survey‘ conducted by the Bank of England in August 2023, confidence in Bank of England hasRead More →
The value of UK mortgage arrears jumped by almost a third in April to June 2023 compared with the same period last year, according to the Bank of England (BoE). Outstanding mortgage debt is now £16.9bn, the highest since 2016, it said. Mortgage costs have risen for millions as theRead More →
The digital pound is a proposed new form of money that would be issued by the Bank of England and backed by the government. It would be similar to a digital banknote, enabling you to use it in-store or online to make payments. It would not be intended to replaceRead More →
The Nationwide Building Society says house prices are 5.3% lower compared to August last year, in the biggest annual decline since 2009. Nationwide said the drop represented a fall of £14,600 on a typical home in the UK since house prices peaked in August 2022. It also said higher borrowingRead More →