uk-economy
TradingSterling Falls Ahead of UK Budget, While Volatility Gauge Jumps
BusinessUK Retailer Next Expects to Join 1 Billion Pound Profit Club
InvestingSterling Traders Race to Hedge Risk Ahead of UK Budget, US Election
TradingMorning Bid: From GDP Data to Tech Earnings, a Lot to Chew On
UK Raises Minimum Wage by 6.7% in Boost for Workers, Despite Employer Unease
Date: October 30, 2024
By Andy Bruce (Reuters) – Britain’s minimum wage for most adults will increase by 6.7% from April next year, a boost for low-paid workers but a concern for employers who are finding it harder to implement such rises. Finance minister Rachel Reeves announced the increase on the eve of delivering her first budget, which...
Santander CEO Says More Than 1,400 UK Bank Jobs Being Cut
Date: October 29, 2024
MADRID (Reuters) – Santander will have cut more than 1,400 jobs from its British business by the time it completes an ongoing cost-cutting round, the Spanish bank’s CEO Hector Grisi said on Tuesday. Grisi did not give an exact timeline of when the previously announced round of lay-offs had been carried out, but said “1,425...
UK Median Full-Time Pay Rises 6.9% to 37,430 Pounds, Ons Says
Date: October 29, 2024
LONDON (Reuters) – The median full-time annual salary in the United Kingdom reached 37,430 pounds ($48,603) in April 2024, up 6.9% on a year earlier, according to the country’s most comprehensive annual survey of employee earnings. Pay rose fastest in the accommodation and food services sector, up 9.8%, while earnings rose by 7.7% for...
UK Mortgage Approvals Hit Highest Since Before 2022 ‘mini-Budget’
Date: October 29, 2024
LONDON (Reuters) -British lenders approved 65,647 mortgages in September, the Bank of England said on Tuesday, the highest number since August 2022, shortly before the country was hit by the “mini-budget” bond market crisis under former Prime Minister Liz Truss. The figure was slightly higher than the median forecast of 65,000 in a Reuters...
UK Budget to Give Health Service Huge Boost, Reeves Says
Date: October 29, 2024
LONDON (Reuters) – Britain’s finance minister Rachel Reeves will announce billions of pounds in funding for the National Health Service (NHS) in Wednesday’s budget that will go towards buying new equipment for hospitals and increasing the number of operations. Prime Minister Keir Starmer has said tax rises will be necessary to rebuild Britain’s public...
Bank of England to Cut Bank Rate to 4.75% on Nov. 7: Reuters Poll
Date: October 29, 2024
By Shaloo Shrivastava BENGALURU (Reuters) – The Bank of England will cut its Bank Rate by a quarter-point on Nov. 7 to 4.75%, according to all 72 economists polled by Reuters, but a near-two-thirds majority expect no move in December, suggesting the BoE will stick to a cautious approach. British inflation plunged to a three-year...