Category archives: News in Review

‘A resilient financial sector’ Interest rates in the UK will need to stay higher for longer than previously forecast to tackle inflation, the International Monetary Fund (IMF) warned last week, despite improvements in the country’s economic outlook since the start of 2023. With cheaper energy, better relations with the European Union and calmer financial markets, […]

“Inflation is falling and stands at its lowest level since last March” Last week, official data released by the Office for National Statistics (ONS) revealed that inflation in the UK fell further than expected in June to settle at 7.9%, down from 8.7% a month earlier and its lowest point since March 2022. The ONS […]

“Our plan will work, but we must stick to it” Official figures released last week by the Office for National Statistics (ONS) showed that UK gross domestic product (GDP) contracted by 0.1% in May. Analysts pointed to the additional bank holiday for the coronation as a key factor in this decline. By falling into reverse, […]

“British pensioners should benefit from British business success”  Chancellor Jeremy Hunt announced a package of reforms designed to boost pensions and increase investment in British businesses, in his first Mansion House speech which took place on Monday evening. He stated that the Mansion House Reforms aim to secure the best possible outcome for pension savers, […]

“These measures should offer comfort to those who are anxious about high interest rates” Last week, around 85% of lenders operating in the UK’s mortgage market signed a government Mortgage Charter agreeing to support borrowers, following a meeting with the Chancellor to discuss the impact of rising mortgage rates on homeowners.  The Charter includes allowing […]

“If we don’t raise rates now, it could be worse later” Last Thursday, the Bank of England (BoE)’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 5%, a half percentage point rise that caught many economists by surprise. After a thirteenth consecutive rise, Bank Rate is now higher than at any point since […]

“The Atlantic Declaration sets a new standard for economic cooperation” Rishi Sunak made his first trip to the White House as Prime Minister last week. His whirlwind two-day visit was meeting-filled, with US President Joe Biden saying that “important and positive discussions” had taken place “to deepen our bilateral economic relationship and expand our cooperation […]

“The return to single digit inflation suggests the UK has turned a corner” Official data released by the Office for National Statistics (ONS) last week revealed that inflation returned to single digits in April, following seven consecutive months residing above 10%. The Consumer Prices Index (CPI) increased by 8.7% in the 12-month period to April, […]

“The sky’s the limit for British and Japanese businesses and entrepreneurs” Rishi Sunak attended the G7 Summit in Hiroshima on Thursday, stopping off in Tokyo to agree new defence and economic deals; a UK business summit for Japanese corporations in the capital has resulted in a reported £18bn investment in UK property, windfarms and other […]

“We have to stay the course” As widely expected, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to increase Bank Rate by a quarter of a percentage point to 4.5%, at its meeting last week. Seven members of the committee voted to raise the rate, while two members favoured maintaining Bank Rate at […]