House prices in the United Kingdom rose at a faster pace in July, figures from the Office for National Statistics showed Tuesday.
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House prices in the United Kingdom rose at a faster pace in July, figures from the Office for National Statistics showed Tuesday.
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Bank of England Governor Mark Carney said on Thursday that the U.K. economic outlook has improved and the central bank may be getting closer to raising interest rates. Speaking at an actuaries' conference in Wales, Carney said, "With many of the conditions for the economy to normalize now met, the point at which interest rates also begin to normalize is getting closer."
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The U.K. economy grew more than estimated in the second quarter and the current account deficit widened from the first quarter, the Office for National Statistics said Tuesday. Gross domestic product grew 0.9 percent sequentially, up from the prior estimate of 0.8 percent. The annual growth was confirmed at 3.2 percent.
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Car registrations in the U.K. recorded the fastest September rise in a decade, figures from the Society of Motor Manufacturers and Traders, or SMMT, revealed Monday.
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The British economy revealed a steady pace of expansion in the three months to September and the central bank may raise interest rates in the first quarter of 2015, the National Institute of Economic and Social Research said Tuesday.
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U.K. manufacturing and exports growth slowed in the third quarter, sounding the first "alarm bell" for the economy, the British Chambers of Commerce, BCC, warned Thursday.
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The Bank of England maintained its key policy rate at its historic low once again as policymakers await more concrete signs to suggest that the economic recovery is becoming sustainable amid slowing inflation. The nine-member Monetary Policy Committee decided on Thursday to retain its key rate at a record low 0.50 percent and the asset purchase programme at GBP 375 billion.
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Attachment 10193
Sounding a more dovish note on monetary policy than he has in recent months, the governor of the Bank of England said in a rare interview with CNBC on Saturday that global weakness, lower inflation and troubles in European economies would influence policy at the bank's meeting next month.
Mark Carney didn't signal any overt change in policy ahead of the November meeting, but he was clear that the BOE would incorporate recent economic developments, which have included a downgrade to the global economy by the International Monetary Fund and recent negative growth numbers from Europe.
"There is weakness, more broadly in EMs (emerging markets) and certainly in Europe, and Europe is the largest trading partner of the UK,'' Carney said. "We have to account clearly for a more modest global recovery, particularly if that is the case in Europe. In addition, we really are concentrating on the labor markets which will be as important as external developments for the path of monetary policy."
Carney's comments were in line with other leading global central bankers at the annual meeting of the International Monetary Fund about the potential impact of global weakness on monetary policy. Federal Reserve Vice Chairman Stanley Fischer said on Saturday, "If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise."
But for Carney, the comments represent a shift. He has been saying for several months that the time for rate hikes is drawing closer. But in the CNBC interview, Carney said, "There is weaker global demand, relative to global potential. That is producing a very benign global inflationary environment and that is something that we do certainly take into account."
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Attachment 10218
The UK unemployment rate has dropped to 6% in the three months to August – its lowest level since 2008, according to the official figures.
The Office for National Statistics (ONS) said that the jobless rate fell from 6.2% in the three months to July as the number of people out of work dropped by 154,000 1.97 million.
The research body also revealed that the UK's employment rate climbed to 73.0%.
The ONS also said that the country's youth unemployment rate (for 16 to 24 year olds) dropped to 16% in the three months to August, down from 16.6% in the three months to July.
The data also showed that pay including bonuses for employees in the UK was 0.7% higher than a year earlier and wages excluding bonuses for employees in UK was 0.9% higher than last year.
In comparison, Consumer Prices Index inflation grew by 1.2% in the year to September 2014.
The figures mean that average total pay (including bonuses) for employees in UK was £479 ($762, €601) per week before tax and other deductions from pay.
"This morning's UK unemployment figure has once again surprised to the downside with the rate falling to 6.0%, below the expected decline to 6.1% and is welcome news but is unlikely to sway any more MPC members to vote for rate hikes beyond the existing two that have," said Angus Campbell, Senior Analyst at FxPro.
"We wait to see what the release of next Wednesday's minutes reveal but with inflation tumbling, key business and confidence surveys also coming off the boil and wage inflation still subdued, rate expectations for the BOE have been pushed right back. Cable (GBP/USD) initially rallied 30 points or so on the back of the figures just now, but already that move higher has fizzled out, showing what the market now thinks, which is rates lower for longer."
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Bank of England Chief Economist Andrew Haldane said the U.K. interest rates could remain lower at a record low for a longer period than he expected three months ago. If there is a genuine uncertainty about the path of the economy, the optimal policy response may be to avoid the worst outcomes, he told local business leaders in Kenilworth, central England, Friday.
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The average asking price of a house in the United Kingdom was up 2.6 percent on month in October, property tracking website Rightmove said on Monday, to 271,669 pounds.
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U.K. mortgage approvals declined in September to its lowest level in more than a year and came in below expectations, figures from the British Bankers' Association showed Thursday.
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The U.K. economy grew at a slower pace in the third quarter in the face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7 percent from the second quarter, when it grew 0.9 percent.
GBPUSD M5: 45 pips price movement by GBP - GDP news event :
Attachment 10404
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The British manufacturing sector growth accelerated at its fastest pace in three months in October on domestic demand, survey results from Markit Economics and the Chartered Institute of Purchasing and Logistics, or CIPS, showed Monday. The seasonally adjusted manufacturing Purchasing Managers' Index rose to a three month high of 53.2 in October from a seventeen month low of 51.5 in September.
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House prices in the U.K. grew at the slowest pace since May 2013 in the three months ended October, results of a survey by the Royal Institution of Chartered Surveryors showed Thursday.
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The average asking price for a house in the United Kingdom slipped 1.7 percent on month in November, property tracking website Rightmove said on Monday - standing at 267,127 pounds.
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The U.K. economy registered robust growth as estimated in the third quarter as strength in consumer spending offset the weakness in exports and business investment. Gross domestic product grew 0.7 percent sequentially in the third quarter, unrevised from the previous estimate published on October 24, second estimates from the Office for National Statistics showed Wednesday.
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Consumer confidence in the U.K. stagnated at depressed levels in November, the results of a survey by the GfK Institute showed Friday. The consumer confidence index remained unchanged at -2 in November, in contrast to expectations for a modest improvement to -1.
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U.K. manufacturing sector grew at the fastest pace in four months in November, exceeding economists' expectations, as robust domestic demand offset a subdued trend in export orders leading to creation of more jobs, survey data from Markit Economics and the Chartered Institue of Procurement & Supply showed Monday.
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U.K. mortgage approvals for house purchase declined for the fourth consecutive month to the lowest level in 16 months, figures from the Bank of England revealed Monday.
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UK construction sector continued its strong expansion in November, but the overall pace of growth eased to its slowest level in 13 months, ˙results 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.
Attachment 11369
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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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.
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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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