GBP News

Retail prices in the United Kingdom were down a seasonally adjusted 1.7 percent on year in December, the British Retail Consortium said on Wednesday.

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The Bank of England kept its key interest rate at a record low once again at the start of the year amid growing concerns about inflation falling below 1 percent in months ahead. The Monetary Policy Committee, governed by Mark Carney, decided to hold the key bank rate at 0.50 percent and the size of asset purchases at GBP 375 billion at the end of the two-day rate setting meeting on Thursday.

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The British economy expanded at a slower pace in the fourth quarter, results of a survey by the National Institute of Economic and Social Research, or NIESR, showed Friday.

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The average asking price for a house in the United Kingdom was up 1.4 percent on month in January, property tracking website Rightmove said on Monday.

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Technology companies should have "a sense of responsibility" for paying taxes, as the amount of tax paid by them is very small compared to the returns, the Bank of England governor Mark Carney told on Friday.

Speaking at a panel session at the World Economic Forum Annual Meeting in Davos, Carney said that "It should be recognised that some of the biggest firms to take the most advantage of international tax rules are technology companies."

"The amount of tax they pay is small in relation to the system. A sense of responsibility is needed," he added.

While hailing the European Central Bank's one trillion euro stimulus program, the BoE chief suggested that the governments and central banks must act further to reduce disparities.


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U.K. house prices continued to increase at a faster rate in December, data published by the Land Registry showed Thursday.

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U.K' s construction sector expansion quickened unexpectedly in January, survey data from Markit Economics showed Monday.

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U.K. industrial production declined more-than-expected in December as maintenance work in the North Sea fields dragged oil output, while the manufacturing sector managed to expand, albeit at a slower pace. Industrial production fell 0.2 percent from the prior month, after staying flat in November, the Office for National Statistics said Tuesday. It was expected to fall by 0.1 percent.

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The average asking price for a house in the United Kingdom continued to increase in January, albeit at a slower pace, the latest survey from the Royal Institution of Chartered Surveyors showed on Thursday with a score of +7.

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UK Lending for home purchases dropped in the three months ended in December, the Council of Mortgage Lenders reported Tuesday.

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