UK economy overview


Interest rates - Official Bank Rate

Bank rate 0.75%
Quantative easing The committee voted unimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10 billion. The committee also voted unanimously to maintain the stock of UK governmemnt bond purchases at £435bn.
Last decision 18 December 2019. Voting was 7-2.
Next decision January 2020
Last moved 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

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.


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.

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