Rachel Reeves’ tax raid leads to thousands of job losses as wage growth cools July 17, 2025 Thousands of jobs were lost in June, official data has shown, putting the Bank of England under greater pressure to deal with the consequences of Chancellor Rachel Reeves’ £20bn tax raid at its next interest rates decision in August. Bank Governor Andrew Bailey has warned that “softening” in the labour market could force rate-setters to [...]
Bank of England looks for jobs data revisions ahead of rate decision July 15, 2025 The Bank of England will be looking out for any revisions to the number of people pushed out of work on Thursday when the Office for National Statistics (ONS) publishes fresh jobs data, with an interest rate decision set to hinge on the extent of the deterioration in the labour market. Last month, the official [...]
UK economy contracts 0.1 per cent in blow to Rachel Reeves July 11, 2025 Rachel Reeves’ waning growth agenda has been dealt another blow after the UK economy contracted 0.1 per cent in May. The Chancellor has endured a bruising few weeks after government U-turns and spending splurges have cut into the fiscal headroom she outlined in the Autumn. Fresh figures from the Office for National Statistics have confirmed [...]
Saving British Steel leaves taxpayers with £900m bill June 25, 2025 The government’s decision to take emergency control of British Steel is poised to cost the taxpayer just short of £1bn, according to initial government estimates, sparking warnings from opposition politicians that the Chancellor’s narrow fiscal headroom is in jeopardy. The Office for National Statistics (ONS) expects the public finances to suffer a £900m hit from [...]
Falling wage growth could usher interest rate cuts, Andrew Bailey suggests June 24, 2025 Bank of England Governor Andrew Bailey suggested interest rate cuts would be warranted as pay growth was set to decline in the coming months.
Inflation ‘plateau’ could keep interest rates higher, Bank hawk warns June 24, 2025 Bank of England officials may avoid cutting interest rates as worries inflation will remain above three per cent over the coming months leave policymakers in an “uncomfortable place”, a Monetary Policy Committee member has warned. Speaking at an event hosted by the National Institute of Economic and Social Research, external member Megan Greene said the [...]
House prices slump in April: ‘Supply is beginning to outweigh demand’ June 18, 2025 UK house prices fell in April as affordability issues constrain demand following the end of the stamp duty holiday in March. House prices fell 2.7 per cent month on month in April, according to the Office for National Statistics (ONS). Prices increased by 3.5 per cent to £265,000 in the 12 months to April 2025, [...]
Inflation set to ease slightly before interest rates decision June 16, 2025 UK inflation is set to ease slightly to 3.3 per cent in May, according to a poll of economists, in a final set of data to be seen by Bank of England officials before they come to an interest rates decision on Thursday. A slightly lower rate of inflation would enthuse investors, who currently predict [...]
ONS blames government figures after revealing April inflation error June 5, 2025 There was renewed scrutiny over the credibility of figures produced by the Office for National Statistics (ONS) after the government body admitted an error in its inflation calculations for April. According to the ONS, the issue arose after the government overstated the number of vehicles subject to the vehicle excise duty. The UK stats body [...]
Labour and Tories fight for credit on lowering migration May 22, 2025 Long-term net migration to the UK was halved in 2024, official data by the Office for National Statistics (ONS) showed, triggering a battle between the Labour government and the previous Conservative administration to claim credit for the fall. Total net migration fell from 860,000 in 2023 to 431,000 in 2024, the report found. The data [...]