Fuel consumption in the United Kingdom has recorded its steepest decline in six years as rising energy prices linked to the US-Iran conflict continue to pressure households. Motorists have reduced travel and fuel usage as costs surge across transport and essential goods markets. According to official data released on May 22, petrol and diesel sales […]
UK economy
UK consumer borrowing jumps to highest in two years
UK consumer borrowing surged in November, marking the largest increase in two years, according to Bank of England data released Monday. Households added a net £2.08 billion ($2.79 billion) in borrowing, surpassing forecasts and October’s £1.713 billion rise. The annual growth rate of consumer credit reached 8.1%, the fastest since May 2024, signaling strong household […]
Sterling hits 12-week high as dollar weak
The British pound climbed to its highest level in nearly three months against the US dollar on Tuesday, supported by signs of resilience in the UK economy and a broad weak of the greenback. Sterling rose 0.42% to $1.3517, its strongest level since October 1, extending gains from last week. Read More: Rupee gains three […]
Bank of England cuts rates to 3.75% but signals caution
LONDON — The Bank of England (BoE) on Thursday lowered its benchmark interest rate to 3.75% from 4.0% after a narrow 5-4 vote by the Monetary Policy Committee (MPC). The move marks the fourth rate reduction this year but comes with a warning that further cuts could be limited as policymakers weigh the risks of […]
Pre-Brexit rush by factories boosts UK economy in early 2019
Britain’s economy got a sharp one-off boost in the first three months of 2019, official figures showed on Friday, as manufacturers rushed to deliver orders before a Brexit that never came. Gross domestic product grew at a quarterly rate of 0.5% in the first quarter of 2019 after a sluggish 0.2% in late 2018, in […]