bankofengland
As the UK approaches a crucial election, Labour leader Keir Starmer has outlined an ambitious plan to revive the country’s economy. Amidst a backdrop of Tory disintegration, Starmer’s proposals focus on avoiding major tax increases while seeking innovative ways to generate the necessary investment for economic growth. Labour’s economic pledgesStarmer has promised a so-called triple lock of no income tax, VAT, or National Insurance rises. However, Labour is looking at other avenues for raising funds. The party intends to reform council tax bands, which would result in a transfer of wealth from ...
Invezz
European stock exchanges opened higher on Tuesday as investors digested the latest data on the United Kingdom’s unemployment figure, which could have mixed implications for the Bank of England’s future policy decisions. UK unemployment and wage dataIn the three months leading up to April, the unemployment rate in Britain grew compared to the previous trimester. This increase might indicate emerging weaknesses within the country’s labor market amid tight monetary policies. However, the concurrent rise in annual wages could temper expectations of a potential interest rate cut before the upcoming...
Invezz
Bank of England’s Chief Economist Huw Pill expressed on Tuesday that it might be “not unreasonable” for the central bank to start contemplating a reduction in interest rates over the summer if current economic trends continue. Pill’s comments came during his speech at the Institute of Chartered Accountants in England and Wales Regions’ Economic Summit, signaling a potentially significant shift in BoE’s monetary policy approach in the coming months. Progress on inflation but challenges remainDespite the optimistic outlook on interest rates, Pill emphasized that the Bank of England is still in t...
Invezz
European stock markets saw an uptick on Friday, buoyed by stronger-than-expected UK growth figures and growing optimism that the U.S. Federal Reserve may implement rate cuts. Germany’s DAX index rose by 0.4%, France’s CAC 40 increased by 0.5%, and the UK’s FTSE 100 also climbed by 0.4%. UK economy exits recession, spurring investor confidenceAdding to the positive market sentiment, the UK announced that its economy grew by 0.6% in the first quarter of 2024, surpassing the anticipated 0.4% and effectively pulling out of a recession that began in the latter half of the previous year. Additionall...
Invezz
This morning, the United Kingdom Office for National Statistics (ONS) released better-than-expected GDP figures for the UK’s first quarterly estimate from January to March 2024. The results showed quarterly growth of 0.6% for the nation’s GDP, and year-on-year growth of 0.2%, according to the ONS: UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023. Compared with the same quarter a year ago, GDP is estimated to have increased by 0.2% in Quarter 1 202...
Invezz
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