Bank of England

UK jobless rate holds at lowest since 1975

London - Muslimchronicle

Britain's unemployment rate remains at a 42-year low, official data showed Wednesday, but workers' wages are still being eroded by inflation. The jobless rate -- or the proportion of the workforce that is unemployed -- stood at 4.3 percent in the three months to the end of October, the Office for National Statistics (ONS) said in a statement. That was unchanged fromRead more

Banks can support UK economy in disorderly Brexit

London - Muslimchronicle

Britain's lenders could support the economy through a "disorderly" Brexit, the Bank of England said Tuesday, as the sector passed its latest round of stress tests. The central bank ruled however that the nation's seven top retail banks must hold another Â£6.0 billion ($8.0 billion, 6.7 billion euros) in combined capital reserves to safeguard against crisis. The BoE added TuesdayRead more

Bank of England hikes rates for first time in a decade

London - Muslimchronicle

The Bank of England raised its main interest rate for the first time since 2007, before the global financial crisis, it announced Thursday as it tackles Brexit-fuelled inflation. Policymakers voted 7-2 to tighten borrowing costs to 0.50 percent from a BoE record low of 0.25 percent as a weak pound caused by Brexit uncertainty has hiked the cost of importsRead more

Bank of England warns lenders over UK consumer debt

London - AFP

Britain's banks need to set aside another £10 billion ($13.5 billion, 11.3 billion euros) to cushion against potential consumer credit losses, the Bank of England warned Monday. The central bank's Financial Policy Committee watchdog said the sector was "underestimating" the risks of mounting household debt, but added that climbing debt levels did not pose an immediate risk to the economy.Read more

Pound surges, FTSE falls on Bank of England decision

London - AFP

The British pound surged and the London FTSE sagged Thursday after the Bank of England hinted at an early interest rate hike, while global stocks were mixed following disappointing Chinese economic data. The Bank of England (BoE), as expected, maintained its key interest rate at a record-low 0.25 percent despite surging inflation. But analysts said despite no change to theRead more

UK inflation slowed to 2.6% in June

London - AFP

Britain's annual inflation rate surprisingly slowed to 2.6 percent in June, mainly owing to a drop in motel fuel prices, official data showed Tuesday. The Consumer Prices Index had hit 2.9 percent in May, close to a four-year high, as a Brexit-hit pound raises import costs. Analysts' consensus forecast had been for no change in June's rate. Despite the drop,Read more

British growth slows as consumers tighten belts

London - AFP

Britain's economy is slowing as surging inflation cuts consumer spending and raises household debt, data showed Friday, causing a headache for the Bank of England on whether to hike rates. Global market sentiment has this week been dominated by central banks, including the ECB, signalling that an end to the era of cheap money was drawing near -- prompting analystsRead more

Clock ticking on consumer-led UK recession

London - Arab Today

With the clock now ticking on Brexit, Britain may soon find itself in a countdown to its first recession since the Great Recession of 2008. The stalwart British consumer, hammered by falling living standards and with a predilection for personal debt over savings, may finally be giving up the ghost, robbing the economy of its principle engine of growth. UKRead more

British unemployment holds near 41-year low

London - Arab Today

Britain’s unemployment rate remains close to a 41-year low, official data showed Wednesday, as the labor market continued to show resilience following the Brexit vote. Unemployment for the three months to the end of February was about 4.7 percent, the same rate as in the three months to the end of January, the Office for National Statistics (ONS) said inRead more

Brexit among financial stability risks for UK

London - Arab Today

The Bank of England (BOE) said Brexit, along with household debt and China’s economy, is among the main risks to UK financial stability, though it’s no longer the top threat. In an assessment that comes two days before Prime Minister Theresa May triggers the formal exit from the European Union, the BOE said risks will be influenced by the “orderlinessRead more