News And Announcements
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Ofcom fines BT £2.8m for knowingly breaching contract info rules
Ofcom announced on Wednesday that it has fined BT Group £2. 8m, for failing to provide more than one million customers with clear and essential contract information before signing up for services with its subsidiaries EE and Plusnet.
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UK consumer price inflation falls to 2.3% in April
Consumer price inflation fell less than expected in April, according to figures released on Wednesday by the Office for National Statistics, dashing hopes of a summer rate cut.
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M&S FY profits, sales jump as turnaround efforts bear fruit
Marks & Spencer posted a jump in full-year sales and profits on Wednesday as the retailer’s turnaround efforts bore fruit.
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Manufacturing output volumes rise for first time since Nov 2022 - CBI
Output volumes in the UK manufacturing sector rose in the three months to May for the first time since November 2022, according to the latest Industrial Trends survey from the Confederation of British Industry.
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Regulator probes lack of competition to Visa, Mastercard
The Payment Systems Regulator (PSR) said in an interim report on Tuesday that Mastercard and Visa, the UK’s two dominant payment card schemes, did not face effective competition in the supply of scheme and processing services to acquirers.
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IMF upgrades UK growth forecast, warns against tax cuts
The International Monetary Fund (IMF) revised its growth forecast for the UK economy on Tuesday, projecting a “soft landing” with a faster-than-expected recovery following last year's mild recession.
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UK grocery price inflation eases to lowest since October 2021 - Kantar
UK grocery price inflation fell for the fifteenth month in a row in the four weeks to 12 May, to 2. 4%, its lowest level since October 2021, according to data released on Tuesday by Kantar.
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BoE's Broadbent says interest rate cut 'possible' in summer
Bank of England deputy governor Ben Broadbent said on Monday that it was "possible" that interest rates could be cut this summer.
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UK house prices hit record high in May - Rightmove
The average UK house price hit a new record of £375,131 in May, driven by pent-up demand and momentum from the Spring selling season, according to data released on Monday by Rightmove.
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Eurozone inflation to fall faster than forecast - EU
Eurozone inflation is set to fall faster than initially expected this year, the European Commission forecast on Wednesday.
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Eurozone GDP edges higher in first quarter
Eurozone economic growth ticked higher in the first quarter of 2024, official data showed on Wednesday.
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IEA cuts forecasts for oil demand in 2024
The International Energy Agency (IEA) has slashed its oil demand forecast for 2024 as a result of poor industrial activity and mild winter temperatures, which have sapped gasoil consumption so far this year.
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Investor morale hits two-year high in Germany
German investor sentiment kicked higher in May, a closely-watched survey showed on Tuesday, reaching a two-year high.
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Biden administration to hike tariffs on $18bn of Chinese goods
The Biden administration announced significant tariff increases on $18bn worth of Chinese imports overnight on Monday, targeting sectors such as electric vehicles (EVs), solar panels, steel, aluminium, and more.
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BoE rate cut on the cards this summer, says Huw Pill
The Bank of England's chief economist has said it's "not unreasonable" to expect an interest-rate cut from the central bank this summer, as data showed that tightness in the UK labour market may be easing.
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Unemployment edges higher as job market cools - ONS
Unemployment nudged higher in March, official data showed on Tuesday, in line with expectations, despite wages continuing to grow.
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Treasury reportedly planning significant sale of NatWest stake
The Treasury is finalising plans for a significant sale of its remaining stake in NatWest Group, it was reported on Monday, in a bid to expedite the bank's privatisation and stimulate retail investment in the UK.
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Heathrow passenger numbers grow in April
Britain's busiest airport Heathrow saw a 4. 8% year-on-year increase in passenger traffic during April, with 6. 7m travellers passing through its gates.
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UK no longer in recession as Q1 GDP grows 0.6%
The UK is no longer in recession, according to data released on Friday by the Office for National Statistics.
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Bank of England stands pat on interest rates
The Bank of England stood pat on interest rates on Thursday at 5. 25%, as widely expected, but suggested cuts could be on their way.