GBP News

British households' finance outlook worsened in December, while their current financial pressures eased to the weakest in five months on muted inflation and labour market improvements, results of a survey by Markit Economics and financial information provider Ipsos Mori revealed Wednesday.

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Consumer confidence in the United Kingdom was up slightly in December, the latest survey from GfK revealed on Tuesday, with an index score of +2.

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UK house purchase approvals unexpectedly declined in November, after a rebound in the previous month, figures from the British Bankers' Association showed Thursday.

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The U.K. jobless rate fell to its lowest level since early 2006, while the employment rate hit a record high in the three months ended November, and wage growth remained subdued suggesting more time for the Bank of England to decide on a rate hike. In the three months to November, the ILO unemployment rate was 5.1 percent versus 5.8 percent in the same period the previous year.

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The British manufacturing sector expanded at the strongest pace in three months in January on robust output and domestic orders, survey data from Markit Economics showed Monday. Another report from Bank of England showed that mortgage approvals increased to a 4-month high reflecting buoyant housing market activity.

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The UK central bank should take action to tackle risks to financial stability sooner than later if lending starts to grow faster than national output, Bank of England Deputy Governor Jon Cunliffe said Tuesday.

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The surplus in the public sector net borrowing excluding banks came in below economists' expectations in January, figures from the ONS showed Friday.

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U.K. industrial production increased for the first time in three months in January as the expansion in manufacturing offset a sharp reduction in oil and gas extraction. Industrial output grew 0.3 percent on a monthly basis, reversing December's 1.1 percent decline, the Office for National Statistics reported Wednesday.

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The monthly house price balance in the United Kingdom climbed to 50 percent in February, the Royal Institution of Chartered Surveyors said on Thursday.

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The U.K. would benefit from staying in the European Union as there will be prolonged negative impact on the economy, if the country chooses to leave, Chancellor of the Exchequer George Osborne said Wednesday, as the growth forecasts were reduced drastically.

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