GBP News

New car registrations in the U.K. increased in June from a year ago, figures from the Society of Motor Manufacturers and Traders showed Friday.

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U.K 's leading index, a measure of perceptions on future economic conditions, increased at a stable rate in May, results of a survey by the Conference Board showed Friday.

The Conference Board leading economic index rose 0.5 percent month-on-month in May, the same as in April. The index came in at 111.0 in May.

Six among the seven sub-indices contributed positively to the rise in the overall index.

The Conference Board Coincident Economic Index, measuring the current economic activity, came in at 106.9 and was unchanged month-on-month in May. This follows the 0.3 percent increase in April and March.

"The six-month growth rate of the Leading Economic Index for the U.K has decelerated in each of the last five months, pointing to slower growth performance for the second half of 2014 compared to the first," Bert Colijn, senior economist at The Conference Board, said.

"The slowing growth outlook is partially exacerbated by concerns about the short-term weakness in growth in emerging markets and the Euro Area."

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The U.K 's current house prices sentiment rose in July, although at a slower pace than in June, results of a survey by Knight Frank and Markit Economics showed Friday.

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Bank of England Governor Mark Carney said on Wednesday that interest rate will have to start rising to maintain price stability as the economy normalizes. "As the economy normalizes, Bank Rate will need to start to rise in order to achieve the inflation target," Carney said in a speech in Glasgow, Scotland.

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The European Union is stronger today because of U.K 's contribution to it, European Central Bank's Jens Weidmann said in his speech at the annual dinner of the German-British Chamber of Industry & Commerce.

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British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.

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Shop prices in the U.K. declined at the fastest rate in survey-history in July, data from the British Retail Consortium showed Wednesday.

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Car registration in the U.K. increased for the twenty-ninth consecutive month in July, figures from the Society of Motor Manufacturers and Traders, or SMMT, revealed Wednesday.

The number of new car registrations rose 6.6 percent year-over-year to 172,907 in July. In the corresponding month of the previous year, the total number of car registrations were 162,228.

"July saw the new car market extend its record period of growth to a 29th month, as confident consumers took advantage of an array of new products and attractive finance deals on the latest fuel-efficient new cars." Mike Hawes, SMMT Chief Executive, said.

"The continued positivity has led to an uplift in the SMMT full year forecast to 2.45 million passenger car registrations, a rise of 8.1%. However, the more moderate growth of the last three months shows that overall demand is beginning to stabilise."

Registrations of alternative fuel vehicles, or AFV, increased the most, by 35.4 percent in July. Diesel and petrol car registrations increased 11 percent and 1 percent, respectively.

Ford Fiesta topped the list of bestsellers, with 8,854 units being sold in July. This was followed by Ford Focus and Vauxhall Corsa.

On a year-to-date basis, new car registration rose 10.1 percent year-over-year.

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The U.K. economy grew at a slower pace in the three months to July than in the the June quarter, the latest estimate from the National Institute of Economic and Social Research showed Wednesday.

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A leading index for the U.K. increased at a faster rate in June, results of a survey by the Conference Board showed Monday.

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