GBP News

The U.K. unemployment rate remained at the lowest level in more than six years and the employment rate hit the highest since 1971 during three months to January. Elsewhere, policymakers of the Bank of England in the March meeting observed that the strength in the pound raises the risk of a prolonged period of low inflation. The committee unanimously decided to keep the monetary policy unchanged

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The Bank of England kept its key rate unchanged at a historic low, as widely expected, amid fears that the threat of deflation looms ahead of the general election in May. The nine-member Monetary Policy Committee, led by Governor Mark Carney, decided to retain the key bank rate at 0.50 percent. The rate has been at the current 0.50 percent since March 2009.

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Job placements in the UK increased at a stronger pace in March, while salaries rose at the fastest rate in six months, data from a survey by Markit Economics and KPMG revealed Friday.

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The average asking price for a house in the United Kingdom was up 1.6 percent on month in April, property tracking website Rightmove said on Monday, coming in at a record 286,133 pounds.

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U.K. retail sales declined unexpectedly in March due to a fall in non-food store sales, data from the Office for National Statistics showed Thursday.

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Bank of England policymakers unanimously voted to keep the monetary policy stance unchanged at the meeting held early this month and suggested that next action would be a hike in interest rate, but such a move is unlikely until 2016. The Monetary Policy Committee voted 9-0 to hold the key interest rate at a record low of 0.50 percent and asset purchase programme at GBP 375 billion.

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UK mortgage approvals climbed for a fourth straight month in April to its highest level in ten months, data from the British Bankers' Association revealed Thursday. The number of loans approved for house purchase rose to a seasonally adjusted 42,116 from March's upwardly revised 39,203. Economists had predicted 39,300 approvals for April.

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British construction expansion quickened more-than-expected in May, underpinned by a post-election bounce in new orders, survey figures from Markit Economics showed Tuesday.

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British economic growth is set to sustain its solid growth momentum, but the country's high debt burden is likely to remain a weakness, which is unlikely to drop before 2017, Moody's Investors Service said in a report on Monday.

The rating agency forecast real GDP to increase 2.7 percent and 2.4 percent this year and next, respectively.

"However, the UK's economic growth pattern remains relatively unbalanced and mainly driven by domestic demand and the services sector, while exports and manufacturing remain subdued", Kathrin Muehlbronner, a Senior Credit Officer at Moody's, said.

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The U.K. economy grew at a faster pace in May than in April, latest estimates from the National Institute of Economic and Social Research showed Wednesday.

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