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On Friday, retailers received a boost from deal-seeking shoppers who defied fears of a dampened event to spend more than in 2021. Amid inflationary pressures and cost-of-living concerns, Black Friday – historically the biggest online spending day before Christmas – saw a 3.2% increase in transactions, according to Barclaycard Payments. Footfall also increased and a […]
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Last Thursday, Chancellor of the Exchequer Jeremy Hunt set out his plan to “tackle the cost-of-living crisis and rebuild our economy” in his first Autumn Statement. Striking a defiant tone, the Chancellor said that he was “taking difficult decisions”, while emphasising that the government’s priorities are “stability, growth and public services.”
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Last week’s release by the Office for National Statistics (ONS) of its quarterly gross domestic product (GDP) estimate for July to September painted a picture of a shrinking UK economy. GDP fell by 0.2% in the third quarter, slightly less than predicted by some City economists, but enough to push the UK a step closer […]
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At the latest meeting of the Bank of England’s Monetary Policy Committee (MPC) concluding on 3 November, Bank Rate rose by 0.75 percentage points, an eighth consecutive increase and the biggest for 33 years. Members of the MPC voted by a majority of seven to two to raise Bank Rate to 3%; of the two […]
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Last week during the first meeting of the new Cabinet in Downing Street, Chancellor Jeremy Hunt announced the postponement of the government’s fiscal statement from 31 October to 17 November. Delayed by over a fortnight, the MediumTerm Fiscal Statement, due to be delivered in the House of Commons on Halloween, along with a forecast from […]
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In another whirlwind week in UK politics, Liz Truss resigned last Thursday, the shortest serving Prime Minister in British history. Speaking outside Downing Street she said she could not deliver the mandate on which she was elected. Her resignation after just 44 days kickstarted a contest to find the next Conservative leader and PM.
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Last Friday, in response to the mounting political crisis over his taxcutting Growth Plan, Kwasi Kwarteng arrived back earlier than scheduled from the International Monetary Fund (IMF) conference in Washington, and headed straight to Downing Steet, where the Prime Minister sacked him from the role after just 38 days.
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Last week, International Monetary Fund (IMF) Managing Director Kristalina Georgieva delivered a speech in Washington DC entitled ‘Navigating a more fragile world.’ She referred to the combined impact of a trio of challenges – recovery from the pandemic, the Ukraine invasion and climate issues – which have driven a global price surge and referred to […]
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The Prime Minister and Chancellor met with the Office for Budget Responsibility (OBR) on Friday morning to discuss the ramifications of their Growth Plan. In a move widely seen as an attempt to reassure financial markets following a challenging week, the Bank of England stepped in with a £65m intervention to carry out a temporary […]
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Last Friday, Kwasi Kwarteng outlined a series of tax cuts and measures aimed at boosting economic activity. His Growth Plan was built around three key priorities: reforming the supplyside of the economy, maintaining a responsible approach to public finances and cutting taxes to boost growth, he pledged, “Our entire focus is on making Britain more […]
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The nation ground to a halt on Monday to observe a Bank Holiday for Her Majesty Queen Elizabeth II’s state funeral, rounding off an emotive period of mourning. Attended by world leaders, foreign royal families, heads of state, foreign dignitaries and representatives from across the Commonwealth, opening the service at Westminster Abbey, the Dean of […]
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Just two days after appointing her fifteenth Prime Minister, the world was shaken by the news on Thursday of the death of Her Majesty Queen Elizabeth II at Balmoral Castle, in Scotland. Speaking at Downing Street on the evening of the Queen’s death, new Prime Minister Liz Truss proclaimed, “Queen Elizabeth II was the rock […]
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As widely expected, Liz Truss was announced as the new leader of the Conservative Party and the next Prime Minister on Monday afternoon at the QE2 conference centre in the capital. The Foreign Secretary was victorious over rival Rishi Sunak, winning 57% of Conservative Party member valid votes, a narrower margin than expected. Following the […]
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Last Friday, Ofgem, the government regulator for the electricity and downstream natural gas markets in Great Britain, confirmed the energy price cap will increase from £1,971 to £3,549 a year from 1 October. An Ofgem press release justified the highly anticipated move stating, ‘The increase reflects the continued rise in global wholesale gas prices, which […]
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UK retail sales improved in July, according to data released on Friday from the Office for National Statistics (ONS). Sales volumes rose by 0.3% in the month, outperforming predictions of a 0.2% decline.
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In a week where droughts were officially declared across England, the Office for National Statistics’ (ONS) latest assessment of the UK economy revealed tough economic conditions. In the second quarter, the UK’s gross domestic product (GDP) fell by 0.1%, largely the result of a 0.6% monthly dip in June. According to ONS, June’s poor reading […]
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After five successive smaller rises, last week saw the Bank of England’s Monetary Policy Committee (MPC) up the ante and increase Bank Rate by 0.5 percentage points, the biggest rate hike since the MPC was established in 1997.
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Last week saw the International Monetary Fund (IMF) release its latest economic assessment and forecast for the global economy. Following the effects of the pandemic and Russia’s invasion of Ukraine, the IMF now expects growth to slow to 3.2% in 2022, a downgrade of 0.4 percentage points from its previous publication in April.
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Retail sales edged lower last month as people reduced their fuel consumption, while households continue to struggle with fast rising prices. According to the most recent Office for National Statistics (ONS) data released last Friday, retail sales volumes fell by a smaller-thanexpected 0.1% in June; economists surveyed in a Reuters poll had widely expected a […]
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Data released from the Office for National Statistics (ONS) last week shows how the UK economy returned to growth in May, recording expansion of 0.5% during the month. After shrinking in April and March, the growth experienced in May was higher than the flat growth widely anticipated by economists polled by Reuters.
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Political news came thick and fast over the last week or so. Following Boris Johnson’s resignation last Thursday, a timetable for succession has now been announced by the 1922 Committee of backbench MPs, with potential contenders already jockeying for position as the race to replace the PM begins. The economy and the cost-of-living crisis are […]
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Despite a combination of economic and inflationary headwinds, homebuying demand remained strong during Q2 according to the most recent Homebuyer Hotspot’s Demand Index from GetAgent.
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UK retail sales contracted in May as consumers reduced their spending, according to data released by the Office for National Statistics (ONS) last Friday.
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The Monetary Policy Committee (MPC) voted to raise Bank Rate last week, hiking the rate from 1% to 1.25%, the fifth consecutive rate rise. The MPC voted six to three to raise the rate by 0.25 percentage points, with the members in the minority voting for a 0.5 percentage point rise to 1.5%. Pushing the […]
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The release of the latest Economic Outlook from the Organisation for Economic Co-operation and Development (OECD) last week, highlighted that global GDP is now projected to slow this year to around 3%, remaining at a similar pace next year.
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