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Official data showed economic output expanded by 0.2% in August from July, matching the median forecast in a Reuters poll of economists. "The UK economy is holding up but remains in a precarious state," said David Bharier, head of research at the British Chambers of Commerce. The data showed Britain's huge services sector grew by a slightly stronger than expected 0.4% in August from July while manufacturing and construction shrank by 0.8% and 0.5%. Investors are putting a chance of less than one in four on the BoE resuming its rate hikes after its next scheduled meeting in November. Britain's economy stood 2.1% bigger than in February 2020, just before the coronavirus pandemic hit, the ONS said.

Persons: Matthew Childs, Sterling, Elizabeth's, BoE, David Bharier, William Schomberg, Andy Bruce, Kate Holton Organizations: REUTERS, Bank of England, Monetary Fund, Chambers of Commerce, European Union, ONS, Thomson Locations: London, Britain, Miral

☆ UK inflation rate dips for third straight month to hit 10.1%
▼ + stars: | 2023-02-15 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — The U.K. inflation rate fell for the third month in a row in January to hit 10.1%, below economists' expectations, but high food and energy prices continued to put the pressure on British households. Economists polled by Reuters had forecast inflation would drop to 10.3% after the rate fell to 10.5% for December. Core CPI, which doesn't include food, energy, alcohol or tobacco, was 5.3% compared to 5.8% in December, according to the ONS. While the inflation rate has dropped, it's important to remember prices aren't necessarily going to start falling, according to Richard Ollive, senior advisor at financial services firm Wesleyan. Worker pay continues to lag behind inflation, with growth in average total pay at 5.9% among U.K. employees between October and December year-on-year, the ONS reported Tuesday.

☆ The UK economy is sliding into recession and Europe is set to follow
▼ + stars: | 2022-11-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN Business —The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. UK GDP fell 0.2% between July and September, ending five consecutive quarters of growth, the Office for National Statistics said on Friday. Recession stalks EuropeThe Bank of England warned last week that the UK economy could experience its longest recession since the 1940s. The European Commission warned Friday that high inflation and rising interest rates are likely to tip the euro zone into recession in the fourth quarter. Still, the Commission expects GDP growth in the euro area to remain positive next year and in 2024.

☆ Britain pursues 'trickle-down economics' despite scorn from Biden. And the stakes are sky-high
▼ + stars: | 2022-09-23 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

British Prime Minister Liz Truss and U.S. President Joe Biden formally met for the first time at the United Nations General Assembly in New York City, following clashes in economic policy between the two leaders. Biden, in a tweet Tuesday, said he was "sick and tired of trickle-down economics," adding "it has never worked." Liz Truss U.K. prime ministerCritics, including Britain's opposition Labour party, have argued that such measures disproportionately benefit the wealthy. Questions have also been raised over how the policies will be funded, with tax cuts expected to lead to higher borrowing. Truss has argued that resultant growth will bring in more revenue which will cover those borrowing costs.

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