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04/10/2001
UK interest rate receives further cut
The UK interest rate has been cut for the sixth time as economies around the world attempt to stem the effects of the current global climate of uncertainty.
On Thursday October 4, the Bank of England’s Monetary Policy Committee announced a further 0.25 per cent cut, a move which brings the UK base rate down to 4.5 per cent, its lowest level in nearly 40 years.
In a statement describing the decision, the Bank said that it believed the domestic economy of the UK would be less adversely affected than the US by the recent downturn in worldwide economic performance.
“But the weaker world outlook and increased uncertainty have set UK back business and consumer confidence – and may – for a time, restrain business and household spending,” the statement warned.
Recent reports on UK economic sectors have produced conflicting indications of the relative performance of various sectors of the economy. A report from the CBI on the retail supply sector indicted that this market had performed well, but a report on the UK service sector indicated that this area of economic activity had declined for the first time in three years.
A report on Wednesday from the Halifax showed that house prices had stalled last month, and the Halifax predicted that house prices would slowdown further in the next few months.
However, one of the main factors standing in the way of a cut in the interest rates is the UK inflation figure has risen above the government’s 2.5 per cent target, in August the inflation rate hit 2.6 per cent.
On Tuesday the US Federal Reserve announced the second 0.5 per cent rate cut in the wake of the terrorist attacks on the US. The US base rate now stands at 2.5 per cent. (SP)
On Thursday October 4, the Bank of England’s Monetary Policy Committee announced a further 0.25 per cent cut, a move which brings the UK base rate down to 4.5 per cent, its lowest level in nearly 40 years.
In a statement describing the decision, the Bank said that it believed the domestic economy of the UK would be less adversely affected than the US by the recent downturn in worldwide economic performance.
“But the weaker world outlook and increased uncertainty have set UK back business and consumer confidence – and may – for a time, restrain business and household spending,” the statement warned.
Recent reports on UK economic sectors have produced conflicting indications of the relative performance of various sectors of the economy. A report from the CBI on the retail supply sector indicted that this market had performed well, but a report on the UK service sector indicated that this area of economic activity had declined for the first time in three years.
A report on Wednesday from the Halifax showed that house prices had stalled last month, and the Halifax predicted that house prices would slowdown further in the next few months.
However, one of the main factors standing in the way of a cut in the interest rates is the UK inflation figure has risen above the government’s 2.5 per cent target, in August the inflation rate hit 2.6 per cent.
On Tuesday the US Federal Reserve announced the second 0.5 per cent rate cut in the wake of the terrorist attacks on the US. The US base rate now stands at 2.5 per cent. (SP)
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18 June 2002
UK inflation rate falls below two per cent
Official figures from the Office for National Statistics (ONS) has revealed that the UK inflation rate fell sharply last month to 1.8% in May from 2.3% in April.
UK inflation rate falls below two per cent
Official figures from the Office for National Statistics (ONS) has revealed that the UK inflation rate fell sharply last month to 1.8% in May from 2.3% in April.
22 February 2002
UK economy is slowly climbing out of recession
Amid recent gloomy economic news emanating from UK, the latest reports from the Confederation of British Industry (CBI) and the Office of National Statistics (ONS) suggest that the economy will turn around during the next year. The CBI's first economic report published in 2002 stated that the economy's annual growth rate may slow to 1.
UK economy is slowly climbing out of recession
Amid recent gloomy economic news emanating from UK, the latest reports from the Confederation of British Industry (CBI) and the Office of National Statistics (ONS) suggest that the economy will turn around during the next year. The CBI's first economic report published in 2002 stated that the economy's annual growth rate may slow to 1.
16 January 2002
Northern Ireland sees rise in unemployment
While the number of people without work in the UK has risen by 15,000 in the last three months, Northern Ireland has seen a more modest increase in unemployment - by only 0.3 per cent on the previous quarter. In addition, the increase in benefit claimants was lower than had been expected both nationally and locally.
Northern Ireland sees rise in unemployment
While the number of people without work in the UK has risen by 15,000 in the last three months, Northern Ireland has seen a more modest increase in unemployment - by only 0.3 per cent on the previous quarter. In addition, the increase in benefit claimants was lower than had been expected both nationally and locally.
15 January 2002
Inflation rate rises but still below government target
UK inflation rose by 0.1 per cent last month to an annual rate of 1.9 per cent - but has remained at one of its lowest levels since records began. The rate was also still below the government's target of 2.0-2.5 per cent. The headline rate of inflation meanwhile, which includes the cost of home loans, fell by 0.2 percentage points to 0.
Inflation rate rises but still below government target
UK inflation rose by 0.1 per cent last month to an annual rate of 1.9 per cent - but has remained at one of its lowest levels since records began. The rate was also still below the government's target of 2.0-2.5 per cent. The headline rate of inflation meanwhile, which includes the cost of home loans, fell by 0.2 percentage points to 0.
08 January 2002
HBOS reveal further evidence of house price rises
The UK’s largest mortgage lender, HBOS has revealed that house prices in the UK rose at their fastest rate for two years in the last month of 2001. The group, which includes the Halifax Bank, said that the price of a UK home rose by just under three per cent in December and year on year, the rate of increase hit 15.5 per cent.
HBOS reveal further evidence of house price rises
The UK’s largest mortgage lender, HBOS has revealed that house prices in the UK rose at their fastest rate for two years in the last month of 2001. The group, which includes the Halifax Bank, said that the price of a UK home rose by just under three per cent in December and year on year, the rate of increase hit 15.5 per cent.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
