GBP News

The Bank of England unveiled new set of rules to supervise branches of foreign investment banks operating in the U.K.

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The British construction sector expanded notably in February, but the pace of expansion eased since January as adverse weather conditions disrupted activity, survey data from Markit Economics showed Tuesday.

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Shop prices in the United Kingdom were down 1.4 percent on year in February, the British Retail Consortium said on Wednesday.

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The Bank of England's monetary policy meeting is likely to be a 'non-event', with policymakers expected to pledge a low interest rate regime and refrain from any action that risks recovery. The nine-member rate-setting committee is expected to retain the interest rate at a historic low 0.50 percent and its quantitative easing programme unchanged at GBP 375 billion.

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Bank of England Governor Mark Carney said there may be more slack in the economy than the bank estimated in February.

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The average asking price of a house in the United Kingdom was up 1.6 percent on month in March, property tracking website Rightmove revealed on Monday - slowing from the 3.3 percent gain in February.

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U.K. Chancellor George Osborne has named Ben Broadbent as the Bank of England's deputy governor for monetary policy, replacing Charles Bean, and appointed Nemat Shafik, an International Monetary Fund official, as deputy governor responsible for markets and banking, a newly created role.

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British unemployed as well as those claiming unemployment benefits decreased as the number of people in work reached a new record during the three months to January, with economic recovery gaining momentum. The Bank of England early this month kept its monetary policy unchanged after all members thought it inappropriate to tighten, or to loosen, the stance of monetary policy.

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U.K. budget deficit exceeded expectations in February as expenditure increased more than revenues, official data revealed Friday. Public sector net borrowing excluding interventions increased to GBP 9.3 billion in February compared to GBP 9.2 billion registered a year ago, the Office for National Statistics said. The budget deficit was seen at GBP 8.6 billion.

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British high street sales grew less than expected in March but sales are forecast to rebound strongly next month, a closely watched survey showed Tuesday.

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