GBP News

Mortgage approvals in the U.K. grew less than forecast in December, but the figure was the highest in six years, data released by the Bank of England showed on Thursday.

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U.K. manufacturing sector continued to expand in January, reflecting improvement in output and new orders, survey data from Markit Economics showed Monday. Although the pace of expansion eased from December, the survey indicates a strong start to the economy. The seasonally adjusted Markit/Chartered Institute of Purchasing & Supply Purchasing Managers' Index fell more-than-expected to 56.7.

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The British construction sector expanded at the fastest pace in nearly six-and-half years in January as strong order growth boosted activity across all sectors, with residential building rising to a ten-year high.

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The U.K.'s leading business group on Tuesday upgraded its growth projection as the economy is set to gain strength from business investment amid low borrowing cost and net trade poised to pick up this year. Nonetheless, the Confederation of British Industry expressed concerns about political uncertainty as the nation enters a lengthy election campaign.

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The Bank of England on Wednesday hinted that the interest rates are unlikely to rise anytime soon even as the unemployment rate fell faster than it estimated in August. In the quarterly Inflation Report, released Wednesday, the BoE's Monetary Policy Committee suggested that the interest rate is set to rise only in the second quarter of 2015, in line with current market expectations.

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The Bank of England will hike interest rate only when slack in the economy is used up, Governor Mark Carney said in an interview with the BBC.

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U.K. consumer price inflation fell below the 2 percent target for the first time since November 2009, giving room for the Bank of England to leave its record low interest rates unchanged for some more time and avoid any rate hike that risks economic recovery. Factory-gate inflation also moderated in January, reflecting decreases in petroleum and pharmaceutical products.

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•The percentage of people aged from 16 to 64 who were in work (the employment rate) was 72.1%. The employment rate is up 0.3 percentage points from July to September 2013 and up 0.6 from a year earlier. There were 30.15 million people in employment aged 16 and over, up 193,000 from July to September 2013 and up 396,000 from a year earlier. •The percentage of the economically active population aged 16 and over who were unemployed (the unemployment rate) was 7.2%. The unemployment rate is down 0.4 percentage points from July to September 2013 and down 0.6 from a year earlier. There were 2.34 million unemployed people aged 16 and over, down 125,000 from July to September 2013 and down 161,000 from a year earlier.

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U.K. jobless rate unexpectedly rose in December, the first increase in nearly a year, data released by the Office for National Statistics showed on Wednesday.

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British retail sales declined at the sharpest pace since April 2012 as food store sales weakened notably after Christmas, data from the Office for National Statistics showed on Friday. The budget surplus fell short of expectations in January and remained below last year's level due to a fall in income tax, another report revealed.

GBPUSD M5 : 58 pips price movement by GBP - Retail Sales news event :

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