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Search resuls for: "Consultancy Capital Economics"


6 mentions found


☆ UK housing market stalls, credit card borrowing accelerates: BoE data
  + stars: | 2023-01-04 | by ( Andy Bruce | ) www.reuters.com   time to read: +2 min
LONDON, Jan 4 (Reuters) - Britain's housing market slowed dramatically in November and people ramped up borrowing on credit cards, according to Bank of England data on Wednesday that underscored the effects of rising interest rates and the cost-of-living crisis. British lenders approved 46,075 mortgages in November, down from 57,875 in October and marking the lowest level since June 2020, when the housing market slowed to a crawl following the onset of the COVID-19 pandemic. Other gauges of the housing market show a sharp slowdown underway after house prices surged by around a quarter during the pandemic. The BoE said lending to consumers rose in net terms by 1.5 billion pounds ($1.8 billion) in November - driven by a 1.2 billion jump in credit card borrowing, the largest such increase since March 2004. "November's money and credit figures showed further signs that higher interest rates are dampening activity, particularly in the housing market.
☆ Jobless rate rises as UK prepares to tighten belts again
  + stars: | 2022-11-16 | by ( William Schomberg | ) www.reuters.com   time to read: +3 min
With finance minister Jeremy Hunt set to raise taxes and cut spending on Thursday to fix the public finances, potentially deepening an expected recession, the jobless rate rose to 3.6%, pushed up by a rate of 3.8% in September alone. Economists polled by Reuters had expected the unemployment rate to remain at 3.5%. The number of job vacancies in the August-to-October period fell to 1.23 million, its lowest since late 2021. Wages excluding bonuses rose by 5.7%, their highest annual growth rate excluding the coronavirus pandemic period. Hunt has said he will address the problems of worker shortages in his budget statement on Thursday.
☆ UK lending figures point to cooling economy, market turmoil
  + stars: | 2022-10-31 | by ( ) www.reuters.com   time to read: +2 min
A Reuters poll of economists had pointed to net lending of just under 1 billion pounds. "September's money and credit figures point to further signs that consumers have been become more cautious in response to the weakening economic outlook," said Ashley Webb, UK economist at consultancy Capital Economics. The BoE figures showed a huge jump in the money supply, which on the M4 measure rose by 2.1% in September alone. The sub-category of M4 which covers companies like pension funds and life assurance firms jumped by a record 67.8 billion pounds in September, more than double the previous record. ($1 = 0.8656 pounds)Reporting by Andy Bruce; editing by David Milliken, William MacleanOur Standards: The Thomson Reuters Trust Principles.
☆ UK gilts jump as Rishi Sunak emerges victorious in PM race
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 24 (Reuters) - British government bond prices rose sharply on Monday as former finance minister Rishi Sunak cruised to victory in the race to succeed Liz Truss as prime minister, removing at least one source of uncertainty for bond investors. Sunak's rivals, former prime minister Boris Johnson and cabinet minister Penny Mordaunt, dropped out of the Conservative Party leadership race on Sunday and Monday. Gilt jumped briefly on the news that Sunak, a former finance minister, had won the contest. "The fall in gilt yields on the news today that Rishi Sunak will become the UK's next Prime Minister has reduced the chances of a significant fiscal consolidation," said Ruth Gregory, economist at consultancy Capital Economics. The spread between 10-year German and British government bond yields narrowed sharply to 146 bps, after rising above 165 bps on Friday.
☆ Soaring food prices push UK inflation back to 40-year high
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +1 min
LONDON, Oct 19 (Reuters) - The biggest jump in food prices since 1980 pushed British inflation back into double digits last month, matching a 40-year high hit in July in a new blow for households grappling with the cost-of-living crisis. The Office for National Statistics said the consumer price index (CPI) increased by 10.1% in annual terms in September. Hotel prices also increased in September, the ONS said. "Today's release highlights the danger that underlying inflation remains strong even as the economy weakens," said Paul Dales, chief UK economist at consultancy Capital Economics. He pointed to rising core inflation, a measure that excludes volatile food and energy prices, which hit a new 30-year high of 6.5%.
☆ Sterling drops 1% as PM Truss defends economic plans
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 29 (Reuters) - Sterling fell as much as 1% on Thursday after British Prime Minister Liz Truss defended economic plans that have triggered chaos in the country's markets. Truss said big tax cuts were the right path for Britain and refused to consider reversing the so-called "mini budget" laid out last week. Sterling bounced on Wednesday to close at $1.0877 as investors digested the BoE's plans. However, it resumed its long-running slide on Thursday as Truss came out to defend her government's policies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Harry Robertson; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.
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