Andy Bruce

The Bank of England reported a sharp drop in the public's expectations for future inflation in August after it changed the company that conducts surveys for it.

British food price inflation is likely to climb to nearly 4% by the end of the year and exceed 6% by the middle ​of 2027 due to the ongoing impact of the U.S.-Iran war, drought ‌in Europe and the El Niño weather pattern, an industry body said on Wednesday.

British retail sales growth slowed to a four-month low in August as a surge driven by record-hot weather earlier ​in the summer faded, figures from the British Retail Consortium ‌trade body showed on Tuesday.

Britain's finance minister, John Healey, will use his first major speech since taking office seven weeks ago to set out how ​Prime Minister Andy Burnham's plan to devolve power away from central ‌government can help revive growth across the country.

British lenders approved the fewest mortgages for house purchase since ​January 2024 in July and consumer lending grew ‌more than expected, according to Bank of England data on Tuesday.

Britain is showing surprising signs ​of strength among businesses and consumers, in an early boost for new Prime Minister Andy Burnham, despite the country's vulnerability to high inflation ‌stemming from the Iran war.

Britain's services sector, the engine of its economy, perked up unexpectedly this month, according to a survey on Friday that added to signs of resilience despite the conflict ​in the Middle East.

Britain's government recorded an unexpected budget deficit last month, a reminder of the financial constraints facing new finance minister John Healey ahead of his October budget in spite of recent better news on the economy.

A jump in household energy bills pushed British inflation ​to a four-month high in July, matching forecasts, and it looks set to rise further as the war in Iran grinds ‌on with no end in sight.

Britain's labour market cooled further in the second quarter, marked by slowing earnings growth in ‌the private sector and the smallest number of vacancies in more than five years, official data showed on Tuesday.