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☆ UK inflation posts first rise in almost a year
▼ + stars: | 2024-01-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation accelerated in December for the first time since February last year, official data showed Wednesday. Core inflation, which strips out volatile food and energy prices, remained stuck at 5.1%, while services inflation increased from 6.3% to 6.4%. The UK data mirrors the trend in the United States and Europe of slight upticks in headline inflation. Energy prices could also rise if the conflict in the Middle East escalates further. Still, several leading UK economists shrugged off the latest increase in inflation, noting that inflation could return to the Bank of England’s 2% target by the spring, helped by recent falls in energy prices.

Persons: Grant Fitzner, shrugged, ”, Roger Barker, Yael Selfin Organizations: London CNN —, National Statistics, Reuters, US Federal Reserve, European Central Bank, Bank of England’s, Institute of, KPMG, Bank of England Locations: United States, Europe, Red

The figure represented a slight slowdown in regular pay growth from 7.9% in the previous two ONS reports, the highest since the data collection began in 2001. "The labour market remains very tight and businesses are still struggling to hire the people they need," Alexandra Hall-Chen, a policy advisor at the Institute of Directors, said. Including bonuses, which are typically volatile, pay growth slowed to 7.9% from 8.2% in the three months to August. "While there is some uncertainty around the accuracy of this data release, other indicators also suggest the labour market is gradually cooling, not collapsing," Jake Finney, an economist at PwC UK, said. Hunt said his Nov. 22 update on the budget and economic count would include "plans to get people back into work and deliver growth for the UK."

Persons: Big Ben, Toby Melville, Alexandra Hall, Chen, BoE, Sterling, Jake Finney, Jeremy Hunt, Hunt, William Schomberg, Sachin Ravikumar, Kylie MacLellan, David Milliken, Ed Osmond Organizations: REUTERS, LONDON, of, Office, National Statistics, Reuters, Institute of Directors, U.S, ONS, Labour Force Survey, PwC, Thomson Locations: London, Britain

☆ UK inflation slows to lowest level in more than a year
▼ + stars: | 2023-07-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —UK inflation eased more than expected in June, slowing to its lowest annual rate since March 2022, official data showed Wednesday. Consumer prices rose 7.9% last month compared with a year ago, down from 8.7% in May, the Office for National Statistics said. “Inflation slowed substantially … driven by drops for motor fuels,” ONS chief economist Grant Fitzner said in a statement. “While the Bank of England will welcome the fall in inflation, it is unlikely to substantially change its hawkish policy stance,” said KPMG chief economist Yael Selfin. “The main story today is that inflation is lower than expected, fueling a narrative that we are through the worst,” said Kitty Ussher, chief economist at the Institute of Directors.

Persons: Grant Fitzner, ”, Yael Selfin, Paul Dales, Selfin, “, Kitty Ussher, … Organizations: London CNN —, National Statistics, Reuters, Bank of England, ONS, “, KPMG, Capital Economics, ”, Institute of Directors

☆ UK retailers report record food inflation but see falls ahead
▼ + stars: | 2023-05-01 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Overall inflation among BRC members dropped to 8.8% from March's 8.9% as price increases for non-food items slowed due to heavy discounting of clothing, footwear and furniture. Costlier coffee beans and more expensive packaging and production of ready-meals pushed up food inflation, but prices of butter and vegetable oil were starting to decline. "We should start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through," BRC chief executive Helen Dickinson said. Britain's official measure of consumer price inflation peaked last October at 11.1%, its highest in more than 40 years. The Office for National Statistics' measure of food price inflation - which is calculated differently to the BRC's - was the highest since 1977 in March at an annual 19.1%, reflecting higher costs for biscuits, cakes and confectionery.

☆ Britain sets out next steps to green its financial system
▼ + stars: | 2023-03-30 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Asset managers oversee assets worth 10 trillion pounds ($12.35 trillion), with nearly half having integrated ESG into the investment process, the paper said. "This will support the quality of standards, labels and disclosures used in the industry for green finance activity," the ministry said in a statement. "The government proposes that nuclear - as a key technology within our pathways to reach net zero - will be included within the UK’s Green Taxonomy, subject to consultation." In the fourth quarter, Britain will also consult on requirements for the largest companies to disclose their transition plans to net zero carbon emissions, if they have one, the ministry said. Brendan Curry, policy fellow at the Grantham Research Institute on Climate Change, said the updated strategy has "failed to deliver" a clear roadmap for the annual investment needed for net zero.

☆ Why the UK spring budget won't fix the economy's problems
▼ + stars: | 2023-03-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. But he will deliver his budget against essentially the same gloomy backdrop: the UK economy is stuck in the doldrums. John Springford, deputy director at the Centre for European Reform, estimates that Brexit had cost the UK economy 5.5% of GDP by June 2022. SVB could depress UK bank lendingAnother factor that could weigh on the UK economy in the near term: Silicon Valley Bank. “It is likely that UK financial conditions will remain tighter (or potentially significantly tighter) over coming months than they would have been without the US banking troubles,” Pickering said in a research note Monday.

With Jeremy Hunt taking up the role on Friday, Britain has had four finance ministers in just four months. Prior to the 2016 Brexit vote, Britain had four finance ministers in 23 years, underlining a sense of stability that is now gone. The response was brutal: the pound slumped, government borrowing costs surged, lenders pulled mortgage deals and the Bank of England had to intervene to stop some pension funds from going under. While Truss had touted low corporation tax as a way to attract business investment, the executives said they wanted stability. British business investment, which flatlined after the 2016 Brexit vote and then fell sharply during the pandemic, was 6% lower in the second quarter of this year than its level of six years ago, in stark contrast to international peers.

☆ Marea Britanie: Rata şomajului a ajuns la cel mai ridicat nivel din ultimii patru ani
▼ + stars: | 2020-12-15 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Rata şomajului în Marea Britanie în perioada august - octombrie 2020 a ajuns la cel mai ridicat nivel din ultimii patru ani, în condițiile în care concedierile au atins un record din cauza pandemiei, transmite digi24.ro. Pandemia de coronavirus (COVID-19) a afectat semnificativ piaţa forţei de muncă din Marea Britanie. Conform datelor publicate marţi de Oficiul Naţional de Statistică (ONS), în perioada august-octombrie 2020, rata şomajului a urcat la 4,9%, de la 4,8%. Numărul celor disponibilizaţi a ajuns la nivelul record de 370.000 de oameni în perioada august - octombrie 2020, deşi în octombrie se înregistrase o scădere. „Per ansamblu, vedem o continuare a recentelor tendinţe, cu o slăbiciune accentuată a pieţei forţei de muncă”, a apreciat Darren Morgan, director în cadrul ONS.

Persons: Darren Morgan Organizations: Banca Angliei, Agerpres Locations: deşi

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