UK Pay Growth Slows


UK Pay Growth Slows

British workers’ pay growth has slowed to its weakest in six months despite record employment, challenging the Bank of England as it considers whether to raise interest rates next month for only the second time since the financial crisis. Average weekly earnings rose by 2.5 percent on the year in the three months to May, […]

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Key Vote In Parliament Today

Following last week’s Brexit White Paper, the Customs Bill heads back to the House of Commons today. Several amendments to the bill have been tabled, including four by hard-Brexiteer Jacob Rees-Mogg. Meanwhile, more pro-EU MPs have tabled an amendment aimed at keeping the UK in a customs union with the EU. Prime Minister Theresa May […]

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Government To Publish Brexit White Paper

Today’s attention is likely to centre on the UK government’s publication of its Brexit White Paper following last week’s Chequers meeting. The White Paper is expected to formalise the plan that ministers agreed last week and provide more detail on how the government intends to deliver on Brexit without crossing Theresa May’s red lines. While […]

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Industrial output and manufacturing data disappointed

Sterling rose from the day’s lows we reached yesterday afternoon though investors were wary of pushing it higher before data that may raise hopes of an interest rate hike in August and rising political uncertainty after the resignation of two top ministers. Boris Johnson followed Brexit minister David Davis in resigning in opposition to May’s […]

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70% chance of UK rate hike in August

In the UK, all eyes will be on Bank of England Governor Mark Carney’s speech at 11:00 am in Newcastle. Following the recent run of upbeat UK economic data releases and BoE chief economist Andy Haldane’s surprise shift last month to support an immediate hike in interest rates, market expectations for an August rate hike […]

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UK GDP Revised Up

As we head into day 2 of the EU summit a review of Brexit negotiations is expected to take place amid limited progress on the Irish border issue in recent months. The UK’s proposed solutions – a ‘customs partnership’ which involves collecting tariffs on behalf of the EU or ‘max fac’ which uses technology instead […]

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Carney speaking this morning – Financial Stability

The pound fell versus the dollar and Euro over the last 24 hours after an incoming Bank of England policymaker expressed caution over Britain’s readiness for higher interest rates and uncertainty over the impact of Brexit on the economy. Sterling fell as much as half a percent as economics professor John Haskel, whose views are […]

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Sterling hits a 5 day high

Sterling rose to a five-day high after British retail sales jumped for the second month in a row in May and far outstripped expectations. Sterling is likely to gain this year and by the time Britain leaves the European Union next March will have recouped a chunk of its losses since the June 2016 decision […]

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UK Retail Sales jump in May

Sterling rose a quarter of a percent this morning before any data, cementing some modest gains notched up this week. British retail sales jumped for the second month in a row in May, far outstripping expectations as a royal wedding and warm weather helped shoppers put a winter slump further behind them, data showed this […]

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Market Update

Today has a light data calendar with nothing of note in the UK. We have no further UK releases for the rest of this week. However, it should be noted that there are several important releases next week, ahead of the Bank of England policy announcement on 21st June. These include industrial production and construction […]

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