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Latest official figures from the Office for National Statistics (ONS) estimate that the UK economy contracted by 0.5% in July. The reduction was higher than the 0.2% decline which had been forecast by a poll of economists and follows a 0.5% increase in June.
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The G20 summit concluded in Delhi on Sunday with a joint declaration that denounced using force for territorial gain but fell short of explicitly condemning Russia. Ukraine reacted angrily to the watered-down wording about the war, with foreign ministry spokesperson Oleg Nikolenko saying that the G20 had “nothing to be proud of”.
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The latest Nationwide House Price Index (HPI) has highlighted ‘further weakness in house prices’ in August, registering a 0.8% fall month on month. Average UK house prices are currently £259,153, 5.3% below the August 2022 peak, an annual reduction of around £14,600.
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Early S&P Global/CIPS UK Purchasing Managers’ Index (PMI) survey data for August has highlighted that weaker household spending and increasing interest rates contributed towards a decline in demand for both services and goods during the month.
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The latest inflation data from the Office for National Statistics (ONS) has shown that the Consumer Prices Index (CPI) measured 6.8% in the 12 months to July 2023, down from 7.9% in June, the lowest rate since early 2022.
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Last Friday, newly released data from the Office for National Statistics (ONS) revealed a better-than-expected uplift in UK economic growth.
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Last Thursday, the Bank of England’s (BoE) Monetary Policy Committee (MPC) voted to increase Bank Rate to 5.25%, a fourteenth consecutive rise that has taken Bank Rate to its highest level in 15 years.
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Interest rates in the UK will need to stay higher for longer than previously forecast to tackle inflation, the International Monetary Fund (IMF) warned last week, despite improvements in the country’s economic outlook since the start of 2023.
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Last week, official data released by the Office for National Statistics (ONS) revealed that inflation in the UK fell further than expected in June to settle at 7.9%, down from 8.7% a month earlier and its lowest point since March 2022.
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Chancellor Jeremy Hunt announced a package of reforms designed to boost pensions and increase investment in British businesses, in his first Mansion House speech which took place on Monday evening. He stated that the Mansion House Reforms aim to secure the best possible outcome for pension savers, whilst prioritising a strong, diversified gilt market and […]
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Last week, around 85% of lenders operating in the UK’s mortgage market signed a government Mortgage Charter agreeing to support borrowers, following a meeting with the Chancellor to discuss the impact of rising mortgage rates on homeowners.
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Last Thursday, the Bank of England (BoE)’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 5%, a half percentage point rise that caught many economists by surprise.
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New gross domestic product (GDP) figures released last week show the UK economy is estimated to have grown by 0.2% in April, following a fall of 0.3% the previous month, according to the Office for National Statistics (ONS). The latest data also revealed that GDP rose by 0.1% in the three months to April.
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Rishi Sunak made his first trip to the White House as Prime Minister last week. His whirlwind two-day visit was meeting-filled, with US President Joe Biden saying that “important and positive discussions” had taken place “to deepen our bilateral economic relationship and expand our cooperation to shape the challenges and future for the remainder of […]
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Last Thursday, the US Congress approved a deal to lift the country’s borrowing limit, thereby averting a crisis mere days before the country was due to default on $31.4tn of debt.
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Official data released by the Office for National Statistics (ONS) last week revealed that inflation returned to single digits in April, following even consecutive months residing above 10%. The Consumer Prices Index (CPI) increased by 8.7% in the 12-month period to April, down from 10.1% in March.
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Rishi Sunak attended the G7 Summit in Hiroshima on Thursday, stopping off in Tokyo to agree new defence and economic deals; a UK business summit for Japanese corporations in the capital has resulted in a reported £18bn investment in UK property, windfarms and other projects.
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As widely expected, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to increase Bank Rate by a quarter of a percentage point to 4.5%, at its meeting last week. Seven members of the committee voted to raise the rate, while two members favoured maintaining Bank Rate at 4.25%.
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The Coronation of King Charles III was expected to bring an additional £180m to UK hospitality and leisure businesses over the long weekend, according to recent estimates from Barclays. The same report noted that almost three in five UK small and medium-sized businesses (SMEs) expect revenues to increase on a quarterly basis in Q2 2023.
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The latest quarterly Recruitment Outlook from the British Chambers of Commerce (BCC) has highlighted that challenges remain for businesses surrounding the hiring of new staff. The survey of over 5,000 UK companies of differing sizes, from various sectors, who are attempting to recruit, has shown that firms in the manufacturing and hospitality sectors are most […]
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The latest figures from the Office for National Statistics (ONS) highlight that the Consumer Prices Index (CPI) increased by 10.1% in the 12-month period to March 2023, down from 10.4% in the year to February. A poll of economists had predicted that inflation would fall below 10% in the month, but soaring food and drink […]
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New data from the Office for National Statistics (ONS) shows that the UK economy flatlined in February as strikes by public sector workers weighed on growth. Despite consensus estimates from a poll of economists forecasting a 0.1% increase in the month. The flat month-on-month performance can be attributed to the offsetting of construction growth by […]
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Speaking at an event last week, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva outlined the financial agency’s global growth expectations for 2023. The Fund believe, that despite labour market resilience and strengthening consumer demand, economic growth will drop below 3% this year and remain at around 3% over the next five years.
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On Friday, the Office for National Statistics (ONS) revised its Q4 2022 data showing that the UK economy performed better than previously estimated. UK gross domestic product (GDP) is now estimated to have increased by 0.1% in the final quarter, up from the previous estimate of no growth.
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The decision to increase Bank Rate to 4.25%, followed the announcement that inflation had reached 10.4% in the year to February, its highest level for 40 years. Read more on this and other news from the week in our latest News in Review.
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DGS Independent Financial Advisers Limited is registered in England and Wales. Company number 03784035
Registered and trading address: 2 Crown Buildings, The Green, Chingford, London E4 7EX
Authorised and regulated by the Financial Conduct Authority under reference 225814
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