ECONOMY

Minutes on the meeting for the Interest Rate decision revealed today show the BoE voted 7-1 in favour of holding rates at 0.5 pct.

Yesterday's Emergency Budget by Chancellor George Osborne has been welcomed by business as "convincing" and "sensible" while Unions have condemned it as "hammering the poor" and "vintage Thatcher".

The new Coalition government of UK has set out its plans to cut the huge structural deficit that it faces since coming to power in the General Elections that took place earlier this year on 6th May.

The new Coalition government of UK has set out its plans to cut the huge structural deficit that it faces since coming to power in the General Elections that took place earlier this year on 6th May.

Join our live coverage of the first 'Emergency Budget' in a decade as Chancellor George Osbourne seeks to establish Britain's growth in a series of austere measures at taking away the taxing burdens of the UK's structural deficit as fast as possible.

Once the full extent of the financial crisis in Greece became apparent, the governments of the EU, the European Commission and the European Central Bank, set about putting together a rescue package which eventually also took account of money market pressures against Portugal and Spain. Owing to several delays in getting this massive project under way, the money markets rapidly lost confidence in any determined action from the EU and Eurozone countries and had started to concentrate, not simply ...

The rate at which banks are writing off bad debts are falling according to the Bank of England, although demand for new loans remains slow.

Car production rose by 54 per cent in May and was up 62.6 per cent in the year to date, according to the latest figures from the Society of Motor Manufacturers and Traders.

Macro-prudential regulation has returned to its maker, today after the Government announced it would be restoring the UK's Central Bank - the BoE as the chief regulator of the financial system.

Retail sales have risen 0.6 pct in May, month-on-month, after predominantly food sales growth came in at one percent, whilst non-food sales showed no change, held up by strong electrical sales up 1.7 pct.

UK Unemployment has increased 0.1 pct with the jobless rate at 7.9 pct for the three months to April 2010.

In 1971, the Bretton Woods Gold-Dollar exchange rate system broke down, bringing in an era of floating exchange rates with all their uncertainty. Governments, especially the USA's and UK's may have been relieved of defending a particular parity by having to take deflationary action but this simply passed the burden on to trade and industry. As rates of exchange might vary at any time, both exporters and importers feared exchange rate losses, so increasing risk and uncertainty in the busi...

The rate of inflation dropped slightly in May, according to the Office for National Statistics, but is still well above the Bank of England's official target of two per cent.

The British Retail Consortium has welcomed the revised growth forecasts provided by the newly created Office of Budget Responsibility, saying the new forecasts "better reflect reality".

The UK's Office for Budget Responsibility has set out its forecast for economic growth after the previous forecasts were too optimistic.

The newly formed Office for Budget Responsibility is set to make its first foray into public life tomorrow when it revises the growth forecasts provided by the previous Labour government.

A survey by the Bank of England on public attitudes to inflation found that respondents believed the rate of inflation over the coming year will be 3.3 per cent, the highest since August 2008 and up from 2.5 per cent reported in February.

The Bank of England has kept interest rates at a record low of 0.5% for the 13th consecutive month.

UK's trade deficit has widened again as imports rose slightly ahead of exports by 0.1 billion.

The economic recovery is likely to be short on new jobs as the new coalition gets stuck into the task of cutting Britain’s debt, racked up by increased spending and borrowing under the previous Labour government.

When The Bank of England's (BoE) Monetary Policy Committee meets later this week, they are certain to maintain the same low benchmark rate of 0.5% that they've had since March 2009.

The British Retail Consortium, which publishes its figures today say that May was a 'good' month for sales, with clothing and DIY helping total sales to rise 3 pct amongst its retailers.

Manufacturing seems to have been on the up in the second quarter of the year, according to a survey published by manufacturer's organisation EEF and BDO LLP.

House prices fall for a second consecutive month as Halifax reports their latest Price Index.

New car registrations increased 13.5 per cent last month, according to the latest figures released by the Society of Motor Manufacturers and Traders. The rise is the eleventh monthly increase in a row.

House prices rose 0.5 per on a month on month basis in May, taking prices to less than 10 per cent below the peak of the housing boom in 2007, according to the latest House Price Index released by Nationwide Building Society.

Mortgage approvals rose in April whilst net mortgage lending remained down as the Bank of England released its latest set of data Wednesday.

Manufacturing was stable in May, being unchanged from the figure recorded in April, which was the highest for 15 years.

Britain's retailers were given a surprise after volumes of retail sales were found to have dropped from the previous year, according to the Quarterly Distributive Trades Survey conducted by the Confederation of British Industry.