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UK household inflation expectations steady despite BoE concerns

Finland inflation highest since Sep-2014

LONDON: British households are not expecting a major upsurge in inflation over the next 12 months, despite growing rancour within the ranks of the Bank of England over rising prices, according to a survey of consumers. Citi’s latest poll of British household inflation expectations over the next 12 months inched up just 0.005 percentage points to 2.62 per cent – ... Read More »

UK media sector “robust” with £96bn revenues

revenues

LONDON: Deloitte’s Media Metrics report has revealed that the UK media sector is continuing to grow, with the combined revenue from the country’s top 100 companies reaching £96.3bn. That marks an 11% increase from 2016, as television production and distribution generated £40bn in revenue, while the social media sub-sector showed the fastest growth over the last 3 years. The sector ... Read More »

British families paid a record £5bn in inheritance tax last year

New Zealand meat, wine exports to face uncertainty on U.S border tax

LONDON: Inheritance tax paid by British families has topped £5bn a year for the first time in history, the final data before new allowances were introduced in April reveals. A record number of middle-class families are being dragged into the tax as a result of soaring house prices in the South and stamp duty discouraging elderly people from downsizing, experts ... Read More »

UK budget deficit narrows in May, bringing brief respite to Hammond

budget dificit

LONDON: Britain’s budget deficit narrowed last month, helped by a recovery in value-added tax receipts, giving Chancellor Philip Hammond some respite ahead of an expected increase in borrowing later this year. The deficit in May stood at 6.7 billion pounds, down nearly 5 percent compared with the same month last year, the Office for National Statistics said, citing figures that ... Read More »

UK Inflation no longer in stealth mode

Finland inflation highest since Sep-2014

LONDON: Inflation at 2.9% and wage growth lagging behind has meant household consumers in the UK are under intense pressure from rising living costs. The IHS Markit Index and Survey measures how people feel about their current situation. The June reading changed from 43.8 from 42.6, indicating that households are the most pessimistic about their finances than they have been ... Read More »

UK active funds could see OCFs increase by 0.25%

INCREASES

LONDON: The average active funds in the IA UK All Companies sector could see their Ongoing Charge Figures increase by 0.25 per cent if the FCA stipulates asset managers must include transaction fees in the OCF, Fitz Partners warns. Currently, 77 per cent of active funds in the UK All Companies sector show OCFs under 1 per cent in their ... Read More »

UK Oil & Gas Investments issues drilling update

uk oil & gas

LONDON: UK Oil & Gas Investments has now begun conventional coring operations at its 100% interest Broadford Bridge-1 (BB-1) exploration well. The first coring point was called at a measured depth of 4013 feet situated just above Kimmeridge Limestone 4 (KL4), the first reservoir target. Downhole natural gas levels increased steadily throughout the Kimmeridge section, with the onset of wet ... Read More »

UK households turn gloomier as inflation bites

inflation

LONDON: Households in Britain have become more worried about the outlook for their finances in the 12 months ahead as rising inflation puts a squeeze on their spending power, a survey showed on Monday. IHS Markit said its index measuring how households feel about their personal finances fell to 45.8 in June from 47.1 in May, the most pessimistic in ... Read More »

UK retail sales dive sparks biggest FTSE 250 fall since last summer

sales fall

LONDON: A worse-than-expected decline in retail sales volumes has sparked the biggest daily fall in the FTSE 250 since last summer, with shares in retailers, housebuilders, restaurant chains and car dealers all going into reverse. The index lost 2.1% after the grim retail data was published. Sales volumes fell by 1.2% in May– their slowest rate for four years – ... Read More »

UK Govt pays Shell £112m tax rebate despite oil giant making blns in profits

tax

LONDON: The UK Government handed Shell a £112m tax rebate last year, despite the oil giant making billions of pounds in profits. Most of the payment from HM Revenue and Customs is a contribution towards Shell’s costs for decommissioning its North Sea oil and gas fields. It follows a similar payment of £85m in 2016. The figures highlight how the ... Read More »

UK food bank usage at record high

food bank

LONDON: Food bank usage in the UK has reached an all-time high, with a record 1.2 million emergency food parcels handed out by the Trussell Trust, the largest food bank charity. The 2016-2017 period marks the ninth successive year in which demand has risen. According to the Trussell Trust, 436,938 of its food parcels went to children. This report comes ... Read More »

UK inflation rate at near four-year high

INFLATION

LONDON: The rising cost of foreign package holidays and imported computer games helped to push the UK inflation rate up to 2.9% last month from 2.7% in April. The latest inflation rate is the highest since June 2013, and above the Bank of England’s 2% target. The Office for National Statistics said food and clothing also went up in price ... Read More »

UK business confidence dips as S&P sounds warning

business confidence

LONDON: The current political instability in Britain is likely to impact the country’s economic growth this year, said Standard & Poor’s chief economist for the European, Middle East and Africa. “For the time being, the outlook remains negative,” S&P economist Jean-Michel Six told the AJEF association of financial journalists in Paris. “In terms of the outlook for growth, it’s clear ... Read More »

UK tractor sales increase by 4.1%

SALES

LONDON: The Agricultural Engineers Association (AEA) has released May’s agricultural machinery sales figures, showing a 4.1 per cent increase. UK registrations of agricultural tractors (over 50hp) remained ahead of last year for the month of May, showing a marginally smaller year-on-year increase than April at 4.1%. Every month of the year to this point has seen a rise, and the ... Read More »

UK economy struggles as production disappoints

ECONOMY

LONDON: The UK economy grew by only 0.2 per cent over the latest three months, a leading think-tank has estimated, and manufacturing output has once again disappointed. The National Institute of Economic and Social Research cited “weakness in the production sector, offset by a mild rebound in services” as it estimated UK gross domestic product had grown by 0.2 per ... Read More »

UK industrial output limped into Q2, even before new political chaos

INDUSTRIAL OUTPUT

LONDON: Britain’s economy appears to have struggled even before Friday’s inconclusive election result, with data on Friday showing industrial output rose less than expected in April after falling in the previous three months. Industrial output rose 0.2 percent on the month in April, much weaker than a forecast 0.8 percent, and contracted over a three-month period for the first time ... Read More »

Philip Green’s Arcadia suffers 7% fall in UK revenues

fall

LONDON: Philip Green has suffered a 7 per cent decline in UK revenues at his Arcadia Group fashion empire, hit by pickier shoppers and the closure of hundreds of concessions following the demise of department store chain BHS. Revenues at his flagship Topshop label, which is one-quarter owned by Los Angeles-based fund manager, Leonard Green, fell nearly 2 per cent ... Read More »

UK man, fake woman officer cheat nurse of Rs7 lakh over customs fees

customs export

LONDON: The Sakinaka police recently booked two unidentified persons for allegedly duping a 47-year-old Bombay hospital nurse of Rs7 lakh. No arrests have been made. The woman, who is a resident of Asalfa village in Sakinaka, paid the amount towards customs duty for a gift which was sent by a man from London,said an officer. She befriended him on Facebook. ... Read More »

U.K. engine output down 14.5% in April

ENGINE

LONDON: U.K. engine production fell 14.5% in April to 198,090 units, but the year-to-date build remained up 4.7% at 942,238. The Society of Motor Manufacturers and Traders says the April result was impacted by the Easter break. Production for the domestic market fell 12.2% for the month to 86,995 units for a 4-month total up 3.6% at 402,288. Export orders ... Read More »

Britain’s economy picks up pace after slow start to year despite election fears

economy-2014

LONDON: Britain’s economy has picked up pace after a slow start to the year despite worries about the general election, the latest figures show. The economy is on course to expand by 0.5 per cent in the second quarter of the year, up from growth of 0.2 per cent in the first quarter, according to a report by IHS Markit. ... Read More »