UK economy overview

 

Interest rates - Official Bank Rate

Bank rate 0.75%
Quantative easing £435bn Total asset purchase. £10b corporate bond purchases and £435bn of UK government bond purchases.
Last decision September 2018. Unanimous.
Next decision October 2018
Last moved Aug 2018 (+0.25%)

 

Overview of minutes: See MPC Minutes on the Bank of England Website here 
More information: For further general information go to the official Bank of England website at www.bankofengland.co.uk

UK Inflation

CPI inflation 2.6% in year to July 2018 (CPIH was 2.3%) 
Government CPI target 2.0%
Upward factors Housing & household 0.55%, transport 0.71%, Recreation 0.38%, Restaurants and hotels (0.24%)
Downward factors Miscellaneous goods and services (0.08%). 
Scottish house Price inflation 4.8% (12 months to June 2018)  
UK house price inflation 3.0% (12 months to June 2018)

For more UK inflation information go to the ONS website here.

GDP 

Q1 2017 0.6% (Q2 2018)
Upward pressure GDP growth was driven by services with a strong retail trasde and wholesale growth and growth in construction. Construction grew to a record high.
Downward pressure Despite a large contribution from mining and quarrying, production slowed to 0.1% in July 2018.
Q2 2017 GDP 0.2%
Note Due. 
   

www.statistics.gov.uk

Retail Sales

Retail sales  0.7% increase when compared with the previous month, recovering from a decrease of 0.5% in Hune 2018. 
Online sales Online sales increased in July 2018 year on year by 16.9% and 4.9% on the month. Spending online continued to increase to reach a new record proportion of all retailing at 18.2%; with strong growth in department stores also reaching a record proportion at 18.2%.
 
 

 

 

 

 

Source: Office for National Statistics - retail sales