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Britain’s economy is demonstrating resilienceThe UK economy unexpectedly grew by 0.4% in the three months to July, according to the latest data from the Office for National Statistics (ONS). The service sector made the largest contribution to growth in July, with output increasing by 0.6%. Growth was recorded in 11 out of the 14 subsectors, with the strongest contribution […]
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Across all the nations in the UK, we will support local leaders to deliver local growthOn Monday, John Healey delivered his first major speech as Chancellor. Speaking at the Manufacturing Technology Centre in Coventry, Healey said his central purpose is to boost growth across Britain. The Chancellor’s speech comes days after Bank of England Governor, Andrew Bailey, warned that the UK is currently facing “very, very substantial challenges.” In his […]
Market Commentary
Buyers have plenty of choice this autumn and will be able to make competitive bids for homesThe latest House Price Index from Zoopla indicates that buyers are regaining confidence and returning to the housing market. In August, home searches were up 7%, marking the strongest annual increase in 12 months. Sales agreed were still down 6% annually last month, but the rise in searches suggests more transactions could come in the […]
Market Commentary
Britain’s economy is resilientThe annual UK inflation rate reached 2.9% in July, up from a 15-month low of 2.6% in June. According to the Office for National Statistics (ONS), the increase can be largely attributed to Ofgem’s raised price cap, which has driven up the average annual gas and electricity bill by £221. This marks the largest increase […]
Market Commentary
The fastest growth in the G7 this yearThe UK economy grew by 0.4% between April and June, according to the latest figures from the Office for National Statistics (ONS). This followed growth of 0.6% in the first three months of the year, providing some welcome signs of resilience in the economy. Responding to the figures, Chancellor John Healey said the UK had […]
Market Commentary
I want every government department to be a growth departmentBusinesses bidding for government contracts will face new requirements designed to ensure public spending supports British jobs, skills and local communities. The market is worth around £90bn a year and organisations will be assessed on their commitment to create high-quality jobs, tackle local skills shortages and support young people into apprenticeships and work placements. Under […]
Market Commentary
The impact of the energy shock on the UK economy remains uncertainLast week, the Monetary Policy Committee voted to maintain Bank Rate at 3.75% for the fifth consecutive meeting. Six members voted to hold rates, while three opted for an increase to 4% – a slight shift from the previous meeting, which saw a majority of 7-2. The decision comes after the latest inflation statistics were […]
Market Commentary
I’m just as concerned about the cost of business as I am about the cost of livingIn his first week as Prime Minister, Andy Burnham got straight to work by making policy announcements aimed at offering financial support to individuals and businesses. This included a 20% cut in business rates for pubs, clubs and live music venues. The government expects that the cut, which comes into effect in April 2027, will […]
Market Commentary
People are looking for us to deliver and we willIt has been a dramatic week in Downing Street. Following Keir Starmer’s departure from Number 10, Andy Burnham was formally appointed Prime Minister on Monday and quickly set about naming his Cabinet. His arrival makes him the UK’s seventh Prime Minister in just ten years. Burnham officially became the leader of the Labour Party last […]
Market Commentary
Business disruption and economic uncertainty are becoming normalisedResearch from the Institute of Directors (IoD) found that confidence slipped among business leaders in June. The IoD Directors’ Economic Confidence Index, which measures economic sentiment, fell from -53 in May to -61 in June. Overall, the survey pointed to a weaker outlook for businesses, with revenue expectations dropping from +27 to +11 in June, […]
Market Commentary
Consumer confidence and measures of housing sentiment have weakenedThe latest data from Nationwide shows that house price growth ticked higher in June, with an annual increase of 2.2%, up from 1.7% in May. The month-on-month figures were flat, with no monthly growth in June, although this is an improvement on the decline of 0.6% seen in May. Promisingly, the regional house price data […]
Market Commentary
What’s happening around the world is compounding the UK’s low-growth storyThe Confederation of British Industry (CBI) has lowered its predictions for UK growth in its latest Economic Forecast. It is expected that UK GDP will grow by 1.1% in 2026 and 0.9% in 2027, down from the CBI’s previous projections of 1.3% and 1.5% respectively. These revised statistics take into consideration the economic uncertainty caused […]
Market Commentary
Countries need to lay the foundations for stronger growth and productivityThe latest Economic Outlook from the Organisation for Economic Co-operation and Development (OECD) has outlined how the Middle East conflict is driving inflationary pressures and impacting growth potential. The report speaks about the uncertainty around the extent and duration of the conflict, highlighting how the economic impact will be ‘felt for some time,’ especially when […]