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.
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".
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
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.
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.
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.
(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
"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
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
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
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.