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India

Andy Bruce

BoE's Vlieghe sees lower rates if Brexit delayed again

15 Oct 2019

LONDON The Bank of England will probably need to cut interest rates if Brexit is postponed again, rate-setter Gertjan Vlieghe said on Tuesday, adding to the debate at the central bank about the right response to another delay.

Gilt yields record biggest jump since 2015 after UK-Ireland Brexit talks

10 Oct 2019

LONDON British 10-year government bond yields recorded their biggest one-day rise in nearly four years on Thursday after Irish Prime Minister Leo Varadkar said Brexit talks with his British counterpart Boris Johnson had been "very positive".

UK retailers suffer worst September on record, BRC says

07 Oct 2019

LONDON British retailers endured their worst September since at least the mid-1990s as people spent money on entertainment instead, according to surveys that painted a muted picture of household demand ahead of Brexit. | Video

UPDATE 2-UK retailers suffer worst September on record, BRC says

07 Oct 2019

LONDON, Oct 7 British retailers endured their worst September since at least the mid-1990s as people spent money on entertainment instead, according to surveys that painted a muted picture of household demand ahead of Brexit.

Households helped to limit hit to UK economy as it shrank in second quarter - ONS

30 Sep 2019

LONDON Households helped to limit the damage to Britain's economy as it shrank in the second quarter ahead of Brexit, according to new data that also showed their financial health was less fragile than previously thought.

UK borrowing plans thrown off target by higher spending and student loans

24 Sep 2019

LONDON The British government's plan to keep its budget deficit under 2% of national income was thrown off course on Tuesday when statisticians sharply revised up borrowing figures and highlighted rising public spending.

UPDATE 1-UK factory output expectations plunge to 10-year low -CBI

24 Sep 2019

(Adds reaction, graphic) By Andy Bruce LONDON, Sept 24 British factories' expectations for output fell in September to their lowest in more than 10 years, according to a survey that showed Brexit and a global slowdown weighing on manufacturing. The Confederation of British Industry's (CBI) monthly manufacturing order book balance fell to -28 in September from -13 in August, below expectations in a Reuters poll for a reading of -18. The survey's gauge of output expectations for the next three months dropped to -19 from -1, its lowest since April 2009, as stocks of finished goods piled up at the fastest rate since the 2008-09 financial crisis. The figures chimed with a slew of dismal manufacturing data across Europe, after a survey on Monday showed German factories were at their lowest ebb last month in more than 10 years. Trade conflict between the United States and China and a global downturn in the automotive sector have hammered manufacturers all over the world. The escalating Brexit crisis has additionally dampened investment in British manufacturing, which accounts for 10% of economic output. "The survey does little to suggest that the manufacturing sector have been of much help to UK growth in the third quarter," economist Howard Archer from the EY ITEM Club consultancy said. "The very real risk that a no-deal Brexit could yet occur on Oct. 31 could well fuel near-term concerns over manufacturers' supply chains and ability to meet future demand." Earlier on Tuesday, the Supreme Court ruled that Prime Minister Boris Johnson's decision to shut down the British parliament for five weeks in the run-up to Brexit was unlawful, a humiliating rebuke to him. Capital Economics, a consultancy, put the odds of a no-deal Brexit at 40% on Tuesday. "Each day of Brexit uncertainty sees firms forced to withhold key investment and recruitment decisions that make a huge difference to communities across the country," said Tom Crotty, group director of energy and chemicals company Ineos and chair of the CBI manufacturing council. "It is therefore crucial that no more time is wasted in ending the Brexit deadlock, and that a damaging no-deal cliff-edge is avoided at all costs." (Reporting and graphic by Andy Bruce; Editing by Steve Orlofsky)

UK inflation falls to lowest since 2016 in pre-Brexit boost to consumers

18 Sep 2019

LONDON Consumer prices in Britain rose last month at the slowest rate since December 2016, a pre-Brexit boost to the spending power of households who are also seeing the fastest wage growth in 11 years. | Video

UK economy shows unexpected strength in July, dampening recession fears

09 Sep 2019

LONDON Britain's economy picked up more than expected in July, data showed on Monday, dampening fears that it will succumb to its first recession since the financial crisis as the Brexit crisis escalates. | Video

Former UK PM Major calls on Johnson to fire top advisor Cummings

05 Sep 2019

LONDON British Prime Minister Boris Johnson should fire Dominic Cummings, the advisor behind his high-stakes Brexit strategy that resulted in an dramatic purge of his own lawmakers this week, former prime minister John Major said on Thursday.

World News

White House acknowledges strings attached in Trump withholding Ukraine aid

President Donald Trump's withholding of $391 million in military aid to Ukraine was linked to his request that the Ukrainians look into a claim - debunked as a conspiracy theory - about the 2016 U.S. election, a senior presidential aide said on Thursday, the first time the White House acknowledged such a connection.