GBP News

The UK unemployment rose slightly in the third quarter ahead of the economy entering a prolonged period of recession. The ILO jobless rate rose slightly to 3.6 percent during July to September from 3.5 percent in three months to August. The rate was forecast to remain unchanged at 3.5 percent.

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The UK economy rebounded at a faster-than-expected pace in October with a strong contribution from the services activity, though economists and observers said the monthly figures mask the underlying recession. Later this week, the Bank of England is widely expected to shift the gear down on interest rate hikes.

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UK consumer prices rose at the slowest pace in three months in December largely driven by the easing of motor fuel inflation, figures from the Office for National Statistics revealed Wednesday.

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The Bank of England hiked its key rate for the eleventh consecutive session on Thursday as an unexpected rise in inflation outweighed concerns about the recent banking sector turbulence. The nine-member Monetary Policy Committee decided to lift the bank rate by 25 basis points to 4.25 percent. This was the highest rate since 2008.

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UK retail sales declined the most since early 2021 as consumers brought forward Christmas sales into November, and the high cost of living and interest rate hikes damped household spending. Retail sales declined 3.2 percent month-on-month in December, reversing the 1.4 percent increase in November, figures from the Office for National Statistics revealed Friday.

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