GBP News

The U.K. budget surplus decreased in July despite higher corporation tax receipts, suggesting that the "Brexit" vote is likely to reduce the pace of improvement in public finances going forward. The public sector net borrowing, excluding public sector banks, was a surplus GBP 1 billion in July, data from the Office for National Statistics showed Friday.

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U.K. construction sector logged a sustained reduction in business activity in August, but the pace of decrease was only marginal, survey data from Markit showed Friday. The Chartered Institute of Procurement & Supply/Markit Purchasing Managers' Index for construction activity rose more-than-expected to 49.2 in August from July's 85-month low of 45.9.

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Like-for-like sales in the United Kingdom were down 0.9 percent on year in August, the British Retail Consortium said on Tuesday.

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The British manufacturing sector registered the biggest contraction in output in a year in July, while overall industrial production managed to expand on oil and gas extraction. Manufacturing output shrank 0.9 percent in July from June on a sharp decline in pharmaceutical production, data from the Office for National Statistics showed Wednesday. Economists had expected output to drop moderately b

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UK visible trade deficit narrowed in July from a year ago, broadly in line with economists' expectations, as exports rose and imports dropped, figures from the Office for National Statistics showed Friday.

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The Bank of England is unlikely to cut its key interest rate on Thursday, after reducing it to a record low last month, as recent data suggested that the economy is set to escape a recession after the initial 'Brexit' shock. The Monetary Policy Committee is expected to hold its key bank rate at 0.25 percent and the quantitative easing at GBP 435 billion in the policy meeting on September 15.

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The average asking price for a house in the United Kingdom was up 0.7 percent on month in September, property tracking website Rightmove said on Monday - coming in at 306,499 pounds.

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The U.K. budget deficit narrowed in August but the bigger-than-expected shortfall highlights the difficulty in achieving the targets set ahead of Brexit vote. Public sector net borrowing excluding interventions decreased by GBP 0.9 billion from prior year to GBP 10.5 billion in August, the Office for National Statistics reported Wednesday.

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More than three-quarters of UK chief executives are considering re-locating the company headquarters or some operations outside Britain because of the surprise "Brexit" vote in June, results of a survey showed Monday.

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The U.K. economy is currently experiencing a period of uncertainty and adjustment following the Britons' surprise vote in June to leave the European Union, but the longer term prospects are positive, Bank of England Governor Mark Carney said in an interview published Wednesday.

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