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☆ UK economy grew 0.2% in August, propped up by services sector
▼ + stars: | 2023-10-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. gross domestic product grew by 0.2% in August, the Office for National Statistics estimated Thursday, partially recovering from a downwardly revised 0.6% contraction in July. "It does not change the outlook for the Bank of England and confirms that the Bank Rate does not have much upside from here, but will remain at current levels for an extended period." The Bank of England last month ended a run of 14 consecutive interest rate hikes after data showed inflation was running below expectations. "The UK has grown faster than France and Germany since the pandemic and today's data shows the economy is more resilient than expected," U.K. Finance Minister Jeremy Hunt said Thursday. U.K. headline inflation dipped to an annual 6.7% in August, below expectations but still well above the Bank's 2% target.

Persons: Mathieu Savary, Jeremy Hunt, Thiru Organizations: Citibank, HSBC, National Statistics, BCA Research, Bank of England, of England, Bank, Finance, Institute of Chartered Accountants, Wales, Bank of England's Locations: Wharf, London, United Kingdom, U.K, European, France, Germany, England

☆ UK headline inflation rate drops sharply to 6.8% in July, in line with expectations
▼ + stars: | 2023-08-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

In August, the Bank of England increased interest rates for the 14th time in a row. LONDON — U.K. headline inflation cooled sharply in July to an annual 6.8%, but the core consumer price index remained unchanged, posing a potential headache for the Bank of England. Analysts noted that the participation rate broadly held steady, while the employment rate declined, signaling a weakening in labor demand. U.K. Finance Minister Jeremy Hunt said the drop in headline inflation showed the government's action to tackle inflation is "working," but "we're not at the finish line." Cost-of-living crisis 'far from over'With headline inflation falling to 6.8% and wages growing at record pace, the U.K.'s prolonged cost-of-living crisis may be showing signs of abating, said David Henry, investment manager at Quilter Cheviot.

Persons: Jeremy Hunt, Hunt, David Henry, Henry, Suren, Thiru Organizations: Bank of England, LONDON, Reuters, National Statistics, Monetary, Analysts, Office, Finance, Institute of Chartered Accountants Locations: CPIH, Cheviot, England, Wales

☆ UK inflation rate surprises again with March figure holding above 10%
▼ + stars: | 2023-04-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

City workers in Paternoster Square, where the headquarters of the London Stock Exchange is based, in the City of London, UK, on Thursday, March 2, 2023. Bloomberg | Bloomberg | Getty ImagesU.K. inflation unexpectedly remained in double-digits in March as households continued to grapple with soaring food and energy bills. The consumer price index rose by an annual 10.1%, according to the Office for National Statistics, above a consensus projection of 9.8% in a Reuters poll of economists. On a monthly basis, CPI inflation was 0.8%, above a Reuters consensus of 0.5% and down from the 1.1% of February. U.K. Finance Minister Jeremy Hunt said the Wednesday figures reaffirm why the government must continue efforts to drive down inflation.

☆ UK economy rebounds with stronger-than-expected January GDP print
▼ + stars: | 2023-03-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy grew by 0.3% in January, official figures showed on Friday, exceeding expectations as it continues to fend off what economists see as an inevitable recession. The U.K. economy showed no growth in the final quarter of 2022 to narrowly avoid a recession — commonly defined as two quarters of negative growth — but shrunk by 0.5% in December. The ONS said Friday that monthly GDP is now estimated to be 0.2% below its pre-pandemic levels. Despite the better-than-expected January print, economists still broadly believe activity is on a downward trajectory, as high inflation eats into household incomes and business activity. While extending energy support will provide some relief to struggling households, aggressive tax rises would risk eliminating any lingering momentum from the economy," Thiru said.

☆ She lost her job after her maternity leave. Now she leads an accounting institute
▼ + stars: | 2023-03-08 | by ( ) www.cnbc.com time to read: +1 min

As the fourth female president of the Institute of Chartered Accountants in England and Wales (ICAEW), Julia Penny knows what it takes to succeed in business. Despite her passion for her work, Penny's path to her job wasn't easy. "On the first day back of maternity leave with my first child, I got made redundant," Julia Penny told CNBC's My Biggest Lessons. "I talked with others, I talked with an old boss and they said: 'You could do (accounting) freelance. Those are just some of Julia Penny's five biggest lessons.

☆ UK narrowly avoids recession in back half of 2022 despite December slump
▼ + stars: | 2023-02-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The U.K. economy showed no growth in the final quarter of 2022, but shrunk by 0.5% in December, more than expected by analysts, according to the country's Office for National Statistics Friday. The figures mean the country narrowly avoided a recession — commonly defined as two quarters of negative growth — following a 0.2% contraction in the third quarter. Overall, GDP increased by an estimated 4% over the course of 2022, following a 7.6% expansion in 2021 as the economy rebounded from the Covid-19 pandemic. The Bank of England last week forecast that the British economy would enter a shallow five-quarter recession in the first quarter of 2023. "We are still likely to be in a recession at some point during 2023 — which is still expected to be long and shallow - so these figures do not provide a huge amount of comfort."

Economic output shrank by 0.2% in the third quarter, less than the 0.5% contraction analysts had forecast in a Reuters poll, Friday's official data showed. The Bank of England said last week that Britain's economy was set to go into a recession that would last two years if interest rates were to rise as much as investors had been pricing. Even without further rate hikes, the economy would shrink in five of the six quarters until the end of 2023, it said. "Fears of a recession are turning into reality," Suren Thiru, economics director for the Institute of Chartered Accountants in England and Wales, said. In September alone, when the funeral of Queen Elizabeth was marked with a one-off public holiday that shut many businesses, Britain's economy shrank by 0.6%, the Office for National Statistics said.

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