UK service sector ‘close to stagnation’ as economy slows July 3, 2019 The UK service sector came close to registering zero growth in June as Brexit uncertainty dented demand, according to data provider IHS Markit and the Chartered Institute of Procurement & Supply (CIPS). Read more: UK construction sector suffers worst output in 10 years The poor performance indicates the economy has slipped into contraction for the [...]
UK house prices: Growth falls to four-month low in June July 2, 2019 UK house prices remained “subdued” in June, new figures showed today as the cost of buying continued to fall in London and the south east. The price of a UK home grew 0.5 per cent year-on-year over the month, lower than May’s 0.6 per cent growth. The rate was the worst since February’s 0.4 per [...]
Bank of England: Annual consumer credit growth slows to five-year low July 1, 2019 Consumer credit growth slowed to a five-year low in May, as shoppers showed more caution over personal borrowing when compared to the same time last year. New figures released from the Bank of England (BoE) show year-on-year unsecured consumer credit growth rose by 5.6 per cent in May, slowing from 5.9 per cent in the [...]
Brexit stockpiling helps UK economy grow 1.8 per cent in early 2019 June 28, 2019 Brexit stockpiling gave a 1.8 per cent boost to the UK economy in the first quarter of 2019 compared to the same quarter last year, figures confirmed today. UK GDP rose 1.8 per cent in January to March compared to its corresponding 2018 quarter. That figure beat the 1.4 per cent quarterly growth between October [...]
UK property market: Mortgage approvals dip from 26-month April high June 26, 2019 The number of residential mortgages approved by banks dipped last month, easing back from a 26-month high in April but remaining above the monthly average. Seasonally adjusted figures show that banks in Britain approved 42,384 house purchase mortgages in May, falling from roughly 42,900 in April but beating the consensus of 41,000. Read more: London [...]
UK banks restart no-deal Brexit planning June 26, 2019 UK banks are beginning to restart preparations for a no-deal Brexit, according to auditor EY. British financial institutions had paused their Brexit strategies over the past three months after the UK’s original 29 March departure date was extended until Halloween. Read more: Boris challenges Jeremy Hunt to commit to 31 October Brexit But banks have [...]
Consumer spending to outperform economy as a whole but challenges lie ahead June 24, 2019 Consumer spending is forecasted to outperform the economy as a whole in the next year, but growth in households’ real disposable income is set to slow down after a spike in 2018. The EY ITEM Club has predicted that consumer spending will rise 1.6 per cent in 2019 and 1.7 per cent in 2020, falling [...]
French rail giant in talks to buy British Steel division June 22, 2019 A major French engineering firm is reportedly in talks to buy part of British Steel, as potential suitors look to carve up the collapsed company. Systra, which specialises in transport infrastructure, is mulling a bid for wholly-owned subsidiary TSP Projects, Sky News reported. Read more: British Steel inquiry delayed amid fears findings could affect sale [...]
UK budget deficit grows as Hammond approaches exit June 21, 2019 Britain’s deficit widened more than expected last month as government spending rose. Public borrowing rose by £1bn to £5.1bn last month compared to May 2018, which remains the lowest May month of borrowing since 2002. Read more: City MP faces calls to resign after grabbing protester by neck Meanwhile the deficit has reached £11.9bn for [...]
London property market drags down UK house prices June 19, 2019 UK house prices were dragged down by subdued demand in London last month, as buyer caution continued to linger in the capital during April. London witnessed the lowest annual growth out of any region, with prices falling by 1.2 per cent over the year to April 2019, up from a fall of 2.5 per cent [...]