BankofEngland
The UK year-on-year inflation report for March 2024 came out on Wednesday morning, clocking in at 3.2%, according to the Office for National Statistics (ONS), marking a decline from February’s 3.4%. However, it was still above analyst estimates of 3.1%, although the lowest number since September 2021. Food inflation slowing down was one of the biggest contributors to the decline, coming down to 4% from 5% in the previous month. Here's why Germany's economy remains the most distressed in Europe Regarding food and non-alcoholic beverages prices, the ONS said: “Prices have been relatively high bu...
Euronews (English)
Gold prices soared to all-time highs of $2,266.6 (€2,107.9) per troy ounce on Tuesday, before settling lower at $2,257.8 per troy ounce near the end of the trading session. This was largely due to increased interest in momentum-following funds. Rising geopolitical uncertainties, especially following the recent Israeli attack on an Iranian embassy in Syria on 1 April, has resulted in investors flocking to the deemed safe haven asset. The precious metal also received a significant boost from major central banks such as the US Federal Reserve, the Bank of England and the European Central Bank hin...
Euronews (English)
In its latest policy meeting, the Bank of England (BoE) has opted to maintain the Bank Rate at 5.25%, as widely expected, envisioning a decline in inflation and a modest rise in economic growth in the upcoming quarter. Eight members voted in favour of the decision to keep the rate unchanged. Notably, the BOE highlighted its intentions to keep monetary policies restrictive enough to ensure that inflation falls back to its 2% target in a sustainable manner over the medium term. However, there was one dissident, Swati Dhingra, who called for a rate cut of 0.25%. No board members voted to increase...
Euronews (English)
The first sterling banknotes featuring Britain's King Charles III will go into circulation in June, the Bank of England has announced. "The portrait of the King will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs," the bank has said in a statement. The only difference in the design will be the King's image replacing that of his mother Queen Elizabeth II. The initial batches will be sold at auction to raise money for charity. "Members of the public will also be able to exchange a limited value of current or old series notes...
Euronews (English)
The UK's month-on-month sales have risen at their highest rate since April 2021, boosted by gains in every sub-sector except clothing, according to new figures. This has led to increasing hopes that the UK could potentially see its way out of its current technical recession sooner than expected. The UK's month-on-month retail sales report for January 2024 showed that January retail sales clocked in at 3.4%, a huge step up from December’s -3.3%. The figure was also more than double analyst expectations of 1.5%. Year-on-year retail sales inched up 0.7% in January, up from -2.4% in December and b...
Euronews (English)
The UK economy entered a technical recession in the fourth quarter of 2023, according to official figures from the Office for National Statistics, as UK households cut back on spending in response to soaring prices. The quarter-on-quarter gross domestic product (GDP) report for Q4 2023 clocked in at -0.3%, worse than last quarter’s -0.1%. This was also a step down from analyst forecasts of -0.1% The year-on-year GDP growth rate for Q4 2023 was -0.2%, also down from Q3’s 0.2% and below market expectations of 0.1%. This was the first decrease since 2021. For all of 2023, GDP only inched up 0.1%....
Euronews (English)
The outlook for the UK housing market seems to be a little brighter as house prices went up for a fourth consecutive month in January 2024, according to data from the Halifax House Price Index. The Index revealed that the cost of an average house in the UK last month was estimated to set buyers back by about £291,029, which is £3,900 more expensive than in December. Good news for home owners but perhaps not for buyers. The year-on-year Halifax House Price Index for January inched up 2.5% from 1.8% in December. This increase was also the most since January 2023. Meanwhile, month-on-month, house...
Euronews (English)
The Monetary Policy Committee (MPC) at the Bank of England (BOE) arrived at an unusual three-way split on Thursday, as members disagreed on the best path forward for interest rate cuts. Six members of the MPC voted to keep borrowing costs stable at 5.25%, two voted for an 0.25% rate raise, and one advocated for a 0.25% cut. "The three-way split on the MPC reflects the challenge of balancing still persistent inflationary pressures and the need to maintain tight policy for now, while also acknowledging the decline in inflation and low growth," said Jens Larsen, director at Global Macro-Geoeconom...
Euronews (English)
HSBC was served with a massive £57 million fine on Tuesday by the Bank of England’s Prudential Regulation Authority (PRA), due to the bank failing to do enough to protect customer deposits. The PRA said HSBC did not correctly recognise which deposits fell under the Financial Services Compensation Scheme (FSCS) between 2015 and 2022. This scheme entitles customers to have up to £85,000 of their deposits protected. About 99% of eligible customers were wrongly classified as ineligible for the purposes of the scheme. Not only this, but once the problem was identified, HSBC did also not swiftly inf...
Euronews (English)
The British pound (GBP) lost half a percent against the U.S. dollar on Thursday after the country’s central bank decided not to raise its benchmark interest rates by 25 basis points. The GBP/USD fell nearly 0.6% on Thursday to dip below the 1.23 mark. This major currency pair has been trading in a clear downtrend in recent weeks after hitting a 15-month high back in July. The pound has lost nearly 7% in about 2 months, mostly due to the greenback’s strength. More importantly, GBP/USD now trades below important technical levels, which may invite more weakness. On the downside, the next cluster ...
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