gbp
This morning, the Office for National Statistics (ONS) reported that the United Kingdom’s retail sales for May 2024 climbed by close to 3% – thanks in part to the weather. Spending heated up dramatically for the nation last month – which the Met Office climate summaries reported as the warmest May on record, in a series going back to 1884. Spending up by almost 3%According to the ONS report, which covered UK sales from 28 April to 25 May 2024, retail sales volumes surged by 2.9% in May, following a fall of 1.8% in the previous month (the final figure, revised from an initial estimation of a fa...
Invezz
Bank of England on Thursday kept interest rates unchanged at 5.25%. This is the seventh consecutive meeting at which the central bank has held interest rates steady. In a statement, BoE stated: At this meeting, the Committee voted to maintain Bank Rate at 5.25%. Headline CPI inflation has fallen back to the 2% target. The restrictive stance of monetary policy is weighing on activity in the real economy, is leading to a looser labour market and is bearing down on inflationary pressures. Key indicators of inflation persistence have continued to moderate, although they remain elevated. Monetary p...
Invezz
National Westminster Bank Group (NatWest) announced on Thursday its decision to acquire Sainsbury’s Bank’s retail banking assets, a deal valued at approximately £2.5 billion. This significant acquisition includes unsecured personal loans and liabilities, marking a strategic move for NatWest to bolster its retail banking presence in the UK. Expanding NatWest’s retail banking portfolioThe acquisition of Sainsbury’s Bank’s retail assets aligns with NatWest’s strategic objectives to enhance its retail banking business. By integrating Sainsbury’s Bank’s customer base and assets, NatWest aims to acc...
Invezz
Taylor Swift’s record-shattering Eras Tour is supercharging consumer spending as it enters its U.K. leg, suggesting that the Bank of England (BoE) may face new challenges in its fight against inflation. As hundreds of thousands of dedicated Swifties flock to London in August to see the singing sensation during her final U.K. dates, the economic boost could be significant enough to defer a possible September interest rate cut, according to investment bank TD Securities. Bank of England’s dilemma: To cut or not to cut?The BoE is expected to soon begin lowering its bank rate from a 16-year high o...
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Keir Starmer, Labour Party leader, has pledged to prioritize wealth creation and economic growth in the UK in the party’s manifesto, positioning it as a central theme for his campaign. Speaking at the Co-op headquarters in Manchester, Starmer emphasized the importance of addressing the nation’s economic issues and presented a vision aimed at winning over former Tory voters. Economic growth as a cornerstoneStarmer highlighted the broken nature of current wealth creation systems, stating, “The way we create wealth is broken. It leaves far too many people feeling insecure. Wealth creation is our ...
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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
Hopes of the United Kingdom shaking its late 2023 technical recession appear to have been short-lived, after grim real gross domestic product (GDP) figures from the Office for National Statistics (ONS) this morning. According to the ONS, the UK economy stalled in April, showing no growth whatsoever, showing 0% figures versus the 0.4% growth seen in March 2024. Declining production and constructionThis morning’s data also showed that production output in the UK fell by 0.9% in April 2024 following growth of 0.2% in March 2024, but grew by 0.7% in the three months to April 2024. Construction out...
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Rishi Sunak, the UK Prime Minister, is facing a significant decline in popularity, particularly among 2019 Conservative voters, following his controversial decision to skip D-Day commemorations for a campaign television interview. The Prime Minister’s approval rating has dropped by 12 percentage points in a week, a development that has put him behind Nigel Farage, who has recently resumed leadership of Reform UK. Sunak’s net score among 2019 Tory voters falls drasticallyAccording to a survey conducted by JL Partners, Sunak’s net score among 2019 Tory supporters plummeted from 20 points on June...
Invezz
De huizenmarkt in Groot-Brittannië vertoonde in mei tekenen van veerkracht, aangezien de huizenprijzen een jaarlijkse groei van 1,3% kenden, zo blijkt uit de vrijdag gepubliceerde Nationwide House Price Index. Op maandbasis noteerde de index een stijging van 0,4%, waarbij de gemiddelde huizenprijs steeg van £261.962 in april naar £264.249. De markt stabiliseert te midden van hoge financieringskostenDe stijging van de huizenprijzen komt na een periode van twee maanden van dalende waarden, wat wijst op een potentiële stabilisatie van de markt ondanks de hoge financieringskosten. De stijging van ...
Invezz - NL
Il mercato immobiliare del Regno Unito ha mostrato segnali di resilienza a maggio, poiché i prezzi delle case hanno registrato una crescita annua dell’1,3%, secondo l’indice nazionale dei prezzi delle case pubblicato venerdì. Su base mensile, l’indice ha registrato un aumento dello 0,4%, con il prezzo medio delle case salito a £264.249 dalle £261.962 di aprile. Il mercato si stabilizza in un contesto di oneri finanziari elevatiL’aumento dei prezzi delle case arriva dopo un periodo di due mesi di calo dei valori, segnalando una potenziale stabilizzazione del mercato nonostante gli elevati costi...
Invezz - IT
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