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Jake Finney - 4 Jeremy Hunt - 2 ” - 1 Zara Noakes - 1 Rebecca Florisson - 1 BOE - 1 Hollie Adams - 1 Finney - 1
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☆ UK inflation is finally back at 2%. Here’s why rate cuts are still ‘off the table’
  + stars: | 2024-06-19 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
That suggests the Bank of England won’t follow the European Central Bank in cutting interest rates when it meets Thursday. A rate cut in August, when UK policymakers meet next, is now also less likely. Other economists, including analysts at Nomura, thought an August rate cut was still possible if pay rises and the price of services cooled further. “For an August rate cut, we will need other economic news to play ball,” the analysts wrote in a note. UK inflation peaked at 11.1% in October 2022, driven to a 41-year high by surging food and energy costs.
Persons: ”, Zara Noakes, Rebecca Florisson, Jake Finney Organizations: London CNN —, Bank of, Bank of England, European Central Bank, JPMorgan Asset Management, Nomura, “ Workers, Work Foundation, Lancaster University, PwC Locations: United Kingdom, England, United States, Europe
☆ Bank of England set to hold interest rates as economists debate 2024 cuts
  + stars: | 2023-12-13 | by ( Elliot Smith | ) www.cnbc.com   time to read: +3 min
A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. The market is pricing an almost 100% chance of a hold on Thursday, according to LSEG, with economic data since the Bank's last meeting proving largely inconclusive. The latest labor market data on Tuesday indicated a continuation of recent trends, with unemployment remaining broadly flat and vacancies continuing to decline at pace. Average pay including bonuses fell by 1.6% between September and October, versus an average monthly growth rate of 1.1% in the first half of the year. "An unchanged forward guidance will also serve the MPC well to push against the current market pricing of Bank Rate which assigns an increasing probability to cuts in H1 2024," they said.
Persons: BOE, Hollie Adams, Jake Finney, Finney, Abbas Khan, Jack Organizations: Bank of England, City of, Bloomberg, Getty, Monetary, Federal Reserve, Reuters, Bank, Barclays, MPC Locations: City, City of London
☆ UK wage growth cools slightly but stays close to record
  + stars: | 2023-11-14 | by ( William Schomberg David Milliken | William Schomberg | David Milliken | ) www.reuters.com   time to read: +3 min
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 economic recovery picks up steam, overtaking 'sick man' Germany — for now
  + stars: | 2023-09-29 | by ( Elliot Smith | ) www.cnbc.com   time to read: +2 min
Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K.'s economic performance since the start of the Covid-19 pandemic has surpassed that of France and Germany, according to new data revisions published on Friday. A previous ONS estimate in August had suggested that U.K. GDP was still 0.2% below pre-pandemic levels, making it the slowest recovery among advanced economies. British Finance Minister Jeremy Hunt said in a statement Friday said the revised data "once again proves the doubters wrong." Still a 'flatlining economy' The U.K. economy has proven surprisingly resilient so far. "Unfortunately this snapshot of economic data is not significant enough to change the overall picture of a flatlining economy," said PwC economist Jake Finney.
Persons: Germany —, Jeremy Hunt, Jake Finney Organizations: Bloomberg, Getty, National Statistics, British, IMF, Bank of England Locations: Canary, London, France, Germany, British, Europe, Italy
☆ UK wages next year will be at their lowest level since 2006, report says
  + stars: | 2022-12-23 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
The report confirms that wages have stagnated in Britain even as inflation hits double digits, sparking the worst cost-of-living crisis in decades. That’s led to widespread strikes across the UK economy, encompassing railways, schools, nurses, hospitals and the postal service. “Despite a contracting economy, the UK remains an attractive destination for workers,” PwC economist Jake Finney said in a statement. “The rise in inactivity poses serious challenges to the UK economy. PwC’s Kupelian added that UK inflation likely peaked in October and “will gradually begin to return to target over the next two years.”
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