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☆ UK economy shows strains and gains, complicating Bank of England's job
▼ + stars: | 2023-07-12 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

But the BoE is also aware that the economic impact of its 18-month campaign of rate hikes has yet to be felt fully. Below is a summary of key measures of the economy that the BoE will be watching before its next announcement on interest rates on Aug. 3. INFLATION THREATBritish consumer price inflation held at 8.7% in annual terms in May, down from a peak of 11.1% last October but the highest among the Group of Seven advanced economies. Reuters GraphicsINSOLVENCIESThere are signs that companies, especially smaller ones, are struggling as borrowing costs rise and the economy barely grows. Reuters GraphicsGraphics by Sumanta Sen, Kripa Jayaram and Vincent Flasseur; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, GfK, Sumanta Sen, Kripa Jayaram, Vincent Flasseur, Paul Simao Organizations: Bank of England's, Reuters Graphics Reuters, Nationwide, Halifax, Reuters, insolvencies, Wales, Reuters Graphics LABOUR, Thomson Locations: BoE's, Britain, England, Germany

☆ After years of decline, norovirus outbreaks surge on cruise ships
▼ + stars: | 2023-07-11 | by ( Giri Viswanathan | ) edition.cnn.com time to read: +8 min

CNN —Whether from Miami, New York, Seattle or more, millions of Americans pack aboard cruise ships on vacation. That’s the highest number of norovirus outbreaks on cruises recorded since 2012, with almost half of the calendar year left to go. Still, to prevent the spread of norovirus, Schaffner recommends that cruise passengers take extra precautions and wash their hands thoroughly with soap and warm water. According to data from the CDC’s Vessel Sanitation Program, the number of norovirus outbreaks on cruise ships docking at U.S. ports had years of steady decline after 2015. Overall rates of acute gastroenteritis on cruise ships in the U.S. also decreased from 2006 to 2019.

Persons: it’s, ”, norovirus, William Schaffner, who’s, Schaffner, we’ve, Jeffrey Fisher, there’ve, we’re, Kathleen Conley, ” Schaffner, Fisher, Dr, Sanjay Gupta, “, “ They’re, they’re, “ Don’t Organizations: CNN, US Centers for Disease Control, Viking Cruises, Viking, CDC, Vanderbilt University, Central Michigan University, “, Sanitation, Royal Caribbean, Royal Caribbean International, CNN Health Locations: Miami , New York, Seattle, Iceland, New York City, norovirus, U.S

☆ UK wage growth matches record high, keeping BoE under pressure
▼ + stars: | 2023-07-11 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

"The labour market became less tight in May and there are some signs of momentum in wage growth slowing a bit," Ashley Webb, an economist with Capital Economics, said. "But with wage growth still well above the levels consistent with the 2% inflation target, this won't ease the Bank of England's inflation fears significantly." The BoE is monitoring pay growth closely as it assesses how much inflationary pressure remains in Britain's economy even after its 13 back-to-back interest rate increases. "But it always has taken a little time for changes in labour market slack to influence wage growth and some leading indicators remain encouraging." Annual pay growth including bonuses sped up to 6.9%, the fastest on record excluding the coronavirus pandemic period when government job subsidies distorted the data, the ONS said.

Persons: Sterling, Ashley Webb, BoE, Andrew Bailey, Samuel Tombs, William Schomberg, Sachin Ravikumar, Kate Holton, Christina Fincher Organizations: Reuters, of England, Sterling, Bank of England, National Statistics, Capital Economics, of, Pantheon, MPC, Thomson

☆ UK mortgage rates surge to 15-year high after surpassing 'mini-budget' peak
▼ + stars: | 2023-07-11 | by ( Suban Abdulla | ) www.reuters.com time to read: +3 min

The average two-year fixed residential mortgage rate climbed to 6.66%, narrowly exceeding the 6.65% touched on Oct. 20 and the highest since August 2008 when it stood at 6.94%, according to data provider Moneyfacts. Governor Andrew Bailey said last month there were signs of more persistent underlying inflation pressures after the BoE unexpectedly raised its Bank Rate to 5% in an effort to tame the highest inflation rate among the world's big rich economies. Swap rates, a key measure lenders use to determine the cost of mortgage borrowing, have also soared. The surge has prompted major mortgage lenders to repeatedly reprice home loan offerings. British homebuyers typically take out mortgages with an interest rate that is fixed for two or five years, and then remortgage on to a new fixed rate or accept a variable rate.

Persons: Liz Truss, Andrew Bailey, BoE, reprice, Andrew Asaam, Suban Adbulla, Sachin Ravikumar, William Schomberg, Kate Holton, Andy Bruce Organizations: Bank of England, Nationwide, Lloyds Bank, Santander, Tuesday, Treasury, Lloyds Banking Group, Thomson Locations: Britain's, British, Halifax

☆ UK jobs market cools again, pay growth weakest since April 2021: REC
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

The Recruitment and Employment Confederation (REC) and accountants KPMG said increases in starting salaries for permanent and temporary staff were the weakest since April 2021. The BoE, which has raised interest rates 13 times since late 2021 in an attempt to tame the highest inflation rate among the world's big rich economies, has said it expects pay growth to weaken, easing price pressures. The monthly REC survey showed the availability of staff rose for the fourth month in a row to 57.6 from 55.6 in May, the steepest month-on-month increase since November 2009 excluding the coronavirus pandemic period. REC said uncertainty over the economic outlook weighed on hiring decisions in June. Vacancies ticked up further in June although the pace of growth was the weakest since records started in March 2021.

Persons: BoE, Neil Carberry, REC's, Claire Warnes, Suban Abdulla, William Schomberg Organizations: Bank of England's, Confederation, KPMG, REC, Thomson

☆ French central bank head warns against raising ECB inflation target
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

AIX-EN-PROVENCE, France, July 9 (Reuters) - France's central bank head Francois Villeroy de Galhau pushed back on Sunday against a suggestion from some French economists to raise the European Central Bank's (ECB) 2% inflation target. The aim is to bring inflation down to the 2% target by 2025, Villeroy said at an economics conference in the southern French city of Aix-en-Province. Former IMF chief economist, Frenchman Olivier Blanchard, has long called for a higher inflation target than the 2% shared by most major central banks, arguing that the increased flexibility that would provide would outweigh the costs. In response, Villeroy said that a higher inflation target was a "false good idea" and would lead to higher rather than lower borrowing costs. "If we announced our inflation target is no longer 2% but 3%, lenders would immediately demand higher interest rates, at least 1% (more)" in anticipation of higher inflation and uncertainty Villeroy said.

Persons: Francois Villeroy de Galhau, Villeroy, Frenchman Olivier Blanchard, Patrick Artus, Bruno Le Maire, Andrew Bailey, Leigh Thomas, William Schomberg, Elaine Hardcastle, Alexander Smith Organizations: Bank's, Former IMF, Veteran, French Finance, Bank of England, Thomson Locations: PROVENCE, France, French, Aix, Province, London

☆ UK firms most upbeat in 10 months despite economic headwinds, survey shows
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 9 (Reuters) - British companies were the most upbeat about their trading prospects in 10 months in June and their hiring plans increased again but rising interest rates could prompt consumers to rein in spending, according to a survey published on Sunday. Trade body Make UK and accountants BDO said their measure of business optimism hit its highest since August 2022, helped by the survey's gauge of inflation pressure dropping to its lowest in nearly two years. The survey's employment index posted its fifth consecutive monthly increase with rises in the number of self-employed and part-time workers, despite a slowdown in output growth with manufacturers seeing the worst output reading since May 2020. The Bank of England, which is trying to curb the highest inflation rate among the world's big rich countries, is worried about long-term price pressures in the labour market and it is widely expected to continue raising interest rates. Reporting by Suban Abdulla Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Suban Abdulla, William Schomberg Organizations: ., BDO, BDO LLP, The Bank of England, Thomson

☆ UK's Hunt to detail plans to steer pensions into growth investment
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 9 (Reuters) - British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday. But the pensions industry has said it opposes mandatory investment quotas. Financial services lobby group TheCityUK said government policy should aim for pension funds to invest in growth and in turn deliver higher returns. "On average, Australian and Canadian pension funds currently provide better performance. Hunt was also expected to reiterate that bringing down high inflation remained his priority, saying there could be "no sustainable growth without first eliminating the inflation that deters investment and erodes consumer confidence".

Persons: Jeremy Hunt, Hunt, TheCityUK, Muvija, William Schomberg, Helen Popper Our Organizations: Treasury, Reuters, Financial Times, Thomson Locations: British, London's

☆ Battling Brexit, some British firms turn to invest in Europe
▼ + stars: | 2023-07-05 | by ( Andy Bruce | ) www.reuters.com time to read: +8 min

German data show British firms opened 170 foreign direct investment projects in Europe's biggest economy last year as companies sought a foothold in the bloc's single market. That's a far cry from the 50 enquiries from British firms - rather than projects committed - recorded by German Trade & Invest in 2015, the year before the Brexit referendum. Pro-Brexit economists say such data ignore the fact British corporate investment boomed in the years before mid-2016, and it was bound to slow. British firms are also waiting to hear how - or even if - London intends to compete with the enormous green energy and tech subsidies pitched by the United States and EU. At Farrat, the effects of Brexit are insidious, running beyond decisions over investments, said Farrell, describing a sense of unease felt towards British firms from potential foreign clients, worn down by years of political turmoil"People are nervous.

Persons: Brexit, Oliver Farrell, Andy Burnham, Burnham, it's, capitalising, Steve Connor, Connor, Jeremy Hunt, Farrell, Dave, Subrah Krishnan Harihara, Andy Bruce, William Schomberg, David Clarke Organizations: European Union, Reuters, German Trade, Invest, Organisation for Economic Co, Development, Reuters Graphics, Labour Party, EU, Creative Concern, European Commission, Manchester Chambers of Commerce, Thomson Locations: MANCHESTER, England, Britain, Manchester, Germany, English, Europe's, Netherlands, France, United States, England's, London, Birmingham, Greater Manchester, Farrat, EU, Warwick, West Midlands

LONDON, July 4 (Reuters) - Britain on Wednesday celebrates 75 years of its National Health Service (NHS), with royals, politicians, staff and patients expressing pride in its past and determination that it will endure in the future despite current challenges. "Wishing everyone a very happy 75th birthday of the NHS," William said, and his wife Kate added: "thank you so much for all you do." "It was a turning point in history for the health of Great Britain," she said, adding that the NHS had saved the life of both of her children after brain haemorrhages. "After the horrors of the war, Great Britain was broken. So to have a National Health Service come into fruition, was like throwing a comfort blanket around the people of Great Britain."

Persons: Rishi Sunak, Jack Hill, King Charles, William, Kate, Aneira Thomas, Aneurin Bevan, Alistair Smout, Michael Holden, Susan Fenton Organizations: Wednesday, National Health Service, Labour, NHS, British, Westminster Abbey, Thomson Locations: Britain, St, Central London, Scotland, Great Britain

☆ Almost one in three UK women expect to end careers early - poll
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

The British Standards Institution, which commissioned the survey, said the results showed the need for employers and the government to take steps to help older women remain in the labour market. Caring responsibilities and a lack of flexibility in work were both cited as barriers to work by about one in five respondents. Some 32% of British women aged 50 to 64 were not in work or seeking work in the first quarter of this year, compared with 22% of similarly aged men, official data shows. For men and women aged 25 to 34, the comparable rates were 16% and 8%. The BSI did not survey men to see how their reasons for leaving the labour market as they age compared to women's.

Persons: Anne Hayes, Hayes, William Schomberg, David Milliken Organizations: British Standards Institution, Sectors, BSI, Thomson Locations: Britain

☆ Trump Is Saving Biden From the Hunter Laptop Scandal
▼ + stars: | 2023-06-30 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

Holman W. Jenkins Jr. is a member of the editorial board of The Wall Street Journal. Mr. Jenkins joined the Journal in May 1992 as a writer for the editorial page in New York. In February 1994, he moved to Hong Kong as editor of The Asian Wall Street Journal's editorial page. Mr. Jenkins won a 1997 Gerald Loeb Award for distinguished business and financial coverage. Born in Philadelphia, Mr. Jenkins received a bachelor's degree from Hobart and William Smith Colleges and a master's degree in journalism from Northwestern University.

Persons: Holman W, Jenkins, Mr, Gerald Loeb, William Smith Organizations: Street, William, William Smith Colleges, Northwestern University, University of Michigan Locations: New York, Hong Kong, San Francisco, Philadelphia, Hobart

☆ Squeezed UK households tap into savings at record pace
▼ + stars: | 2023-06-29 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Unsecured lending to consumers rose by 1.144 billion pounds ($1.45 billion) in net terms last month after a 1.513 billion-pound increase in April. A Reuters poll of economists had pointed to net consumer credit lending of 1.5 billion pounds in May. Thursday's data pointed to mixed signals from the housing market, with mortgage rates for new borrowers soaring past 6% this month in many cases. The value of net mortgage lending contracted in May by 92 million pounds, following a 1.466 billion-pound fall in April. It marked the first back-to-back falls in net mortgage lending since records began in 1986.

Persons: BoE, Ashley Webb, BoE Governor Andrew Bailey, Paul Heywood, Andy Bruce, William Schomberg, Emelia Organizations: Bank of England, Savings and Investment, Consumer, Capital Economics, Reuters, Equifax, Thomson

☆ UK mortgage rates rise again, turning screw on homeowners and buyers
▼ + stars: | 2023-06-29 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

LONDON, June 29 (Reuters) - Major British lenders on Thursday announced another increase in mortgage rates offered via brokers, pushing many products above the 6% mark in painful news for many homeowners and potential buyers. Barclays (BARC.L), NatWest (NWG.L) and Virgin Money (VMUK.L) informed brokers that rates on many mortgage offerings will rise again on Friday, according to emails seen by Reuters. "As mortgage rates continue to rise, the property market is being pushed further towards a cliff edge and there's no real help in sight," mortgage broker Lewis Shaw of Shaw Financial Services said. Two-year swap rates - a key determinant of mortgage borrowing costs - have soared by 0.83 percentage points over the course of June. Mortgage rates of 6% represent the same financial burden from repayments as they did in the late 1980s, even though mortgage rates were around 13% then, according to housing market analyst Neal Hudson, founder of consultancy BuiltPlace.

Persons: Lewis Shaw, Andrew Goodwin, Liz Truss, Neal Hudson, Andy Bruce, William Schomberg, Sachin Ravikumar Organizations: Bank of England, Barclays, NatWest, Virgin, Reuters, Nationwide Building Society, Shaw Financial Services, Oxford, Oxford Economics, Thomson

☆ UK showing signs of persistent inflation, BoE's Bailey says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

SINTRA, Portugal, June 28 (Reuters) - Bank of England Governor Andrew Bailey said last week's rise in interest rates reflected a resilient economy and unexpectedly persistent inflation, sticking closely to his message after the BoE raised rates to 5% from 4.5%. "The cumulative data - both particularly on the labour market and on the inflation release we had, which to us showed clear signs of persistence - caused us to conclude that we had to make really quite a strong move," Bailey said at a European Central Bank forum in Sintra, Portugal. Bailey added that in his view the unexpected half-point rate rise was preferable to two consecutive quarter-point moves. Reporting by Balazs Koranyi and Francesco Canepa; writing by David Milliken; editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Bailey, BoE, Bailey, Balazs Koranyi, Francesco Canepa, David Milliken, William Schomberg Organizations: Bank of England, European Central Bank, Thomson Locations: SINTRA, Portugal, Sintra , Portugal

☆ Russia’s Godfather Is Losing It
▼ + stars: | 2023-06-27 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ More than 100 U.S. political elites have family links to slavery
▼ + stars: | 2023-06-27 | by ( Reuters Graphic | ) www.reuters.com time to read: +46 min

Then the war came, and according to the family history, Union soldiers plundered Sessions’ 27-room house. About 48 years old at the time, he did not stand a chance to succeed without slavery, the family history suggests. ‘A Better Nation’Some historians and genealogists say there is a valuable reason for white leaders – and other white Americans – to explore their links to slavery. Nicka Sewell-Smith, a professional genealogist with the family history website Ancestry.com, said people frequently ask her what to do with such documents. The top Democrat on the House Foreign Affairs Committee, Meeks said in an interview that he has spent years trying to trace his family history back before 1870.

Persons: Black, Mitch McConnell, Lindsey Graham, Tom Cotton, James Lankford, Elizabeth Warren, Tammy Duckworth, Jeanne Shaheen, Maggie Hassan, Joe Biden, –, Donald Trump –, Jimmy Carter, George W, Bush, Bill Clinton, Barack Obama, Trump’s, Amy Coney Barrett, Neil Gorsuch –, Asa Hutchinson, Doug Burgum, Tim Scott, James Clyburn, Henry McMaster, ”, Henry Louis Gates Jr, Gates, ” “, ” Gates, enslavers, Tony Burroughs, Biden, Obama, McConnell, Burroughs, Joseph Maddox, Maddox, Sela, Rubin, James, Sal, Sam ”, Graham, Graham didn’t, Nancy Mace, Drucilla, Drucilla Mace, John Mace, Hector Godbolt, John Mace’s, Godbolt, “, ” Nancy Mace, Henry Coe, Duckworth, Coe, Margaret, Isaac, Warner, George …, Isaac Franklin –, “ There’s, ” Duckworth, George Floyd, Donald Trump, ” Biden, ‘, ’, Ben Affleck, ” Affleck, Independent Angus King, Mo Brooks, ” Brooks, Sean Kelley, Kelley, White, don’t, wasn’t, Richard Sessions, Pete Sessions, Richard’s, William Sessions, John Cowger, Tom Cotton of, ” Cotton’s, Cowger, Cotton, Archibald Crawford, Juneteenth, Shaheen, Pocahontas, Edmond Dillehay, Peter ”, Milly, Lankford, ” Lankford, Joe Wilson, Stephen H, Wilson, Boineau, General David Addison Weisiger, Wilson –, Addison Graves Wilson –, Weisiger “, ” Wilson, Daniel Weisiger, Daniel Weisiger’s, Samuel, Samuel Weisiger, Daniel, Julia Brownley, Jesse Brownley, Brownley, ” Brownley, Thomas Ferguson, Brooks, Manumission, Marie Jenkins Schwartz, ” “ It’s, Union General William Tecumseh Sherman, Harvard’s Gates, Sherman, Andrew Johnson, Abraham Lincoln, Nicka Sewell, Smith, Ancestry.com, ” Sewell, LaBrenda Garrett, Nelson, Garrett, Rick Larsen, John Wiggins, Larsen, – Gilbura, George, Agg –, ” Larsen, Gilbura, Agg, Gregory Meeks, Meeks, Jim Crow South, – Meeks, – “, ” Meeks, “ I’m, I’m, Tom Bergin, Makini Brice, Nicholas P, Brown, Donna Bryson, Lawrence Delevingne, Brad Heath, Andrea Januta, Gui Qing Koh, Tom Lasseter, Grant Smith, Maurice Tamman, Catherine Tai Design, John Emerson, Jane Ross, Emma Jehle, Jeremy Schultz, Blake Morrison Organizations: Reuters, Republicans, U.S, Supreme, Republican, Harvard University, PBS, United States Congress, Representative, WikiLeaks, Sony, Facebook, White, FedEx, National Museum of, 117th, Independent, University of Essex, Geographic, American Economic, Pete Sessions, Sessions, Federal Bureau of Investigation, Jeanne Shaheen U.S, CNN, Biden, Trump, ” Reuters, South, South Carolina General Assembly, Confederate, statehouse, Congressional, Chesterfield County, Mount Vernon College, George Washington University, Mo Brooks Former U.S, “, New York Times, United, Federal Government, Union, Black, Southern, Democrat, House Foreign Affairs, Klux Klan Locations: U.S, America, Confederate States, Arkansas, North Dakota, South Carolina, Congress, Black, Northern, Southern, Illinois, Virginia, Frederick County , Virginia, United States, Minnesota, ”, Mo Brooks of Alabama, American, Texas, Mississippi, Chicot County , Arkansas, Chicot County, Tom Cotton of Arkansas, Yell County, Yell County , Arkansas, New Hampshire, Oklahoma, Tulsa, Georgia, Pennsylvania, Michigan, Frankfurt, Germany, Chesterfield County , Virginia, California, Portsmouth , Virginia, Alabama, Haywood County , North Carolina, Antebellum, United States of America, Washington, Nicholas County , Kentucky, Queens , New York, New York, York County, Mende, Sierra Leone, Africa, Bunce

☆ Pfizer to end development of experimental obesity pill due to elevated liver enzymes
▼ + stars: | 2023-06-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Pfizer on Monday said it would stop developing its experimental obesity and diabetes pill, lotiglipron, due to elevated liver enzymes in patients who took the drug once a day in mid-stage clinical studies. New York-based Pfizer said it will instead focus on its other oral obesity drug, danuglipron, which is in a fully enrolled phase two clinical trial. Pfizer CEO Albert Bourla has said that an obesity pill could eventually generate $10 billion each year for the company. The new class of obesity drugs is piquing public interest and causing a weight loss industry gold rush. Analysts believe Eli Lilly’s pill has an edge over Pfizer’s danuglipron.

Persons: William Sessa, Albert Bourla, Eli Lilly, Eli Lilly’s, danuglipron, Wells, Mohit Bansal, orforglipron, Bansal Organizations: Pfizer, Novo Nordisk, National Institutes of Health Locations: New York, danuglipron

London CNN —Prince William believes you can have zero homelessness and he’s using Finland as a case study. Over the next two days, William will travel to each of the six locations to formally kickstart the program. Over the next two days, William will travel to each of the six locations to formally kickstart the program. William has long used his platform to spotlight homelessness, ever since his mother, Princess Diana, first took him to homeless shelters as a child. Last year, William attempted to go undercover on the streets of London and sell The Big Issue to “experience the other side and see what it was like to be a Big Issue vendor,” he wrote in the magazine afterwards.

Persons: London CNN — Prince William, Prince, “, ”, Wales, ” Matt Downie, Princess of Wales, William, ’ ” William, Andrew Parsons, Princess Diana, Diana’s Organizations: London CNN, “, Crisis, Royal Foundation, British, Sunday Times, CNN’s Royal Locations: Finland, Wales, Kensington, London

☆ John Durham Testifies, yet ‘Collusion’ Lives
▼ + stars: | 2023-06-23 | by ( Holman W. Jenkins | ) www.wsj.com time to read: 1 min

☆ UK's Hunt says banks agree to ease mortgage payments strain
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 23 (Reuters) - British finance minister Jeremy Hunt said he had agreed new measures with banks and other mortgage lenders on Friday to help homeowners who struggle to meet the cost of fast-rising interest rates. "We agreed some very important things for people who are worried about their rates going up," Hunt said, a day after the Bank of England raised interest rates to 5.0% to fight high inflation. The measures include allowing people who reduce their payments, such as by extending the period of their mortgage or moving to interest-only, to go back to their original package within six months with no impact on their credit rating. Another measure sought to help people at risk of losing their home, with banks agreeing to a minimum 12-month period before a repossession without consent takes place, Hunt said after meeting representatives of the lenders. Reporting by Kylie MacLellan and Muvija M; writing by William Schomberg; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt, Hunt, Kylie MacLellan, William Schomberg, William James Our Organizations: Bank of England, Thomson Locations: British

☆ UK economy stumbles but price pressures remain high
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters) - Britain's economy showed signs of a slowdown this month but inflation pressures stayed high, according to a survey published a day after the Bank of England raised interest rates sharply and said it was ready to do more to tame price growth. The preliminary or 'flash' survey showed Britain's services sector grew at its slowest pace in three months while the manufacturing sector contracted by the most in six months. The BoE is expected to continue raising borrowing costs as it tries to tackle inflation which held at 8.7% in May. The PMI survey showed services firms increased their prices sharply once again this month although a bit less steeply than in May. By contrast, manufacturers cut the prices they charged for the first time in more than seven years.

Persons: Chris Williamson, BoE, Williamson, William Schomberg, Susan Fenton Organizations: Bank of England, P Global Market Intelligence, PMI, Companies, Thomson

A version of this story appeared in the June 23 edition of CNN’s Royal News, a weekly dispatch bringing you the inside track on Britain’s royal family. London CNN —He’s heir to the British throne, is married to Catherine, Princess of Wales and is the father of a crowd-pleasing trio. But how much do you really know about the man who now holds the title of Prince of Wales? William and Kate carry takeout pizza boxes as they visit Dowlais Rugby Club in Merthyr Tydfil, Wales on April 27. Max Mumby/Indigo/Getty ImagesOne takeaway from William’s rare newspaper interview is how confident he is in the direction of his work.

Persons: London CNN —, Catherine , Princess of, Prince of Wales, –, William, It’s, ”, Gary, Marc, Arthur Edwards, We’ve, He’s, it’s, “, ” William, King, Kate, Max Mumby, Prince, Wales, we’ve, We’ll Organizations: CNN’s Royal, London CNN, Sunday Times, Times, Dowlais Rugby Club Locations: London, Catherine , Princess of Wales, United Kingdom, Cornwall, Merthyr Tydfil, Wales, Britain

☆ UK shoppers boost spending again despite inflation's squeeze
▼ + stars: | 2023-06-23 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

But Friday's retail sales figures showed that, at least for now, British consumers were weathering the cost-of-living storm. "But our view is still that the growing drag on activity from higher interest rates will eventually tip the economy into recession, generating a 0.5% peak to trough fall in real consumer spending." The statistics agency said the one-off holiday to celebrate the king's coronation was not factored into its seasonal adjustments, meaning it helped to boost the sales volumes reading. Retail sales volumes in May were 2.1% lower than a year earlier. The Reuters poll of economists had pointed to a fall of 2.6% in sales volumes on an annual basis.

Persons: Sterling, King Charles, Ruth Gregory, Samuel Tombs, Heather Bovill, William Schomberg, William James, Catherine Evans Organizations: Bank of, Bank of England, U.S ., Office, National Statistics, Capital Economics, ONS, Reuters, Thomson Locations: Britain

☆ Britain celebrates 75th anniversary of 'Windrush' arrivals
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +3 min

[1/5] Britain's Queen Camilla poses Linda Haye and her family with during a reception to mark the 75th anniversary of the arrival of HMT Empire Windrush to British shores, at Buckingham Palace on June 14, 2023 in London, Britain. During the reception to celebrate the Windrush Generation, ten portraits... Read moreLONDON, June 22 (Reuters) - Prince William said Britain was a better place thanks to the "Windrush generation", as the nation on Thursday celebrated the 75th anniversary of the arrival of the first post-World War Two Caribbean migrants. Many of the events will also acknowledge the prejudices the Windrush arrivals and their descendents have had to overcome. In 2018, Britain apologised for its "appalling" handling of the Windrush generation, after a tightening of immigration policy meant thousands were denied basic rights despite having lived in Britain for decades, and dozens were wrongly deported. His father has commissioned 10 portraits of 10 members of the Windrush generation as part of the celebrations.

Persons: Camilla, Linda Haye, Windrush, Prince William, King Charles ', William, Sarah Young, Michael Holden, Muvija, Sharon Singleton Organizations: Buckingham Palace, National Health Service, Southwark Cathedral, Thomson Locations: Buckingham, London, Britain, Tilbury, Essex, German, Clapham, British, Brixton, Southwark, Windsor

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