Suban Soraia Abdulla

British retail sales volumes unexpectedly rose by 1.0% in monthly ​terms in June, according to ‌official figures published on Friday.

British firms reported the first rise in activity in three months in July, helped ‌by a brief respite in the Iran war, while consumers grew in confidence and spent more, according to data that may only offer only a short-lived boost to new Prime Minister Andy Burnham.

Activity in Britain's dominant services sector contracted for a second month running in June and by the most since early 2023 as the fallout from the Iran ​war continued to weigh on companies, a closely watched survey showed on ‌Friday.

British annual house prices rose by less than expected in June, but softening expectations for interest rate hikes ​by the Bank of England are likely to improve affordability, mortgage lender ‌Nationwide said on Wednesday.

Bank of England Chief Economist Huw Pill said on Monday that the central bank's shift in communications to focus on multiple ​scenarios rather than a single forecast makes it harder for rate-setters to ‌reach a collective viewpoint, echoing concerns among other policymakers.

British lenders approved the fewest mortgages since December 2023 in May ​and consumer lending grew less than expected, according to Bank ‌of England data that laid bare the impact of higher borrowing costs caused by the U.S.-Israeli war on Iran.

British retail sales rose more than expected in May, boosted by good weather and promotions from retailers, despite concerns ​about the war in Iran pushing up the cost of living, official ‌data showed on Friday.

UK consumers remain subdued as they brace for tougher times, GfK survey shows

British businesses expect to increase prices less quickly in the year ahead ​than they did in April as some of the initial energy price ‌shock caused by the Iran war fades, according to a survey published by the Bank of England on Friday.

British services firms ‌suffered a small fall in activity in May as the strains of the Iran war pushed up their costs sharply and hit optimism, a survey showed on Wednesday.