GBP News

UK construction sector continued its strong expansion in November, but the overall pace of growth eased to its slowest level in 13 months, ÿresults of a survey by Markit Economics and the Chartered Institute of Purchasing and Logistics, or CIPS, showed Tuesday.

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The British Chambers of Commerce downgraded the growth outlook for the U.K. citing slower than expected growth in services, household consumption and exports.

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The Bank of England said it plans to reduce the number of rate-setting meetings to eight a year from 12. The bank also announced a series of steps to improve transparency practices.

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The average asking price for a house in the United Kingdom was down 3.3 percent on month in December, property tracking website Rightmove said on Monday - standing at 258,424 pounds.

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The U.K. unemployment rate fell less than expected in the August to October period, data from the Office for National Statistics showed Wednesday.

The jobless rate fell to 6 percent during August to October, down from 6.2 percent seen in the May to July period. Economists had forecast a rate of 5.9 percent.

During August to October, there were 1.96 million unemployed, 63,000 fewer than in the May to July period. This was the smallest quarterly decline since July to September 2013.

Compared with a year earlier, the number of unemployed people fell by 455,000.

The claimant count rate fell to 2.7 percent in November as expected, from 2.8 percent in October.

The number of people claiming jobseeker's allowance decreased by 26,900 from October, while economists expected a decline of 20,000.

Pay including bonuses was 1.4 percent higher than a year earlier, more than the 1.2 percent increase expected by economists. Excluding bonus, earnings climbed 1.6 percent from last year.



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House prices in the U.K. continued to grow in November though the increase in the last quarter slowed, property tracking website Hometrack said on Friday.

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British retail sales growth accelerated at its fastest pace in almost 26 years in December largely driven by "Black Friday" price cuts, survey data from the Confederation of British Industry showed Friday.

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U.K. mortgage approvals for house purchase declined for a fifth straight month in November to its lowest level in 18 months, figures from the the British Bankers' Association showed Tuesday.

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The strength of recovery in the U.K. construction sector moderated to the slowest since July 2013, survey data from Markit Economics showed Monday. The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index for the construction sector fell more-than-expected to 57.6 in December from 59.4 in November. The score was forecast to fall to 59 in December.

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British lenders expect a slight increase in secured lending demand for house purchases in the first quarter of 2015, the latest Credit Conditions Survey from the Bank of England showed Tuesday.

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