Consumer prices in the United Kingdom jumped 0.7 percent in August, after remaining flat for the previous two months, according to the UK’s Office for National Statistics (ONS).
Bank of England
Business activity in the United Kingdom’s manufacturing sector continued to slip in April, after peaking in November of last year. The weakening in manufacturing activity was led by multiple factors, including a decline in business optimism
Consumer price inflation has remained a concern both in the eurozone and the United Kingdom. While in the UK, inflation has been lingering at the 3-percent mark for the last few months after climbing to 3.1 percent in November of last year
2017 was a banner year for cryptocurrencies. Bitcoin—the flagbearer of the cryptocurrency market—reached heights of 3,000-percent growth, turning droves of investors into overnight millionaires.
The Monetary Policy Committee (MPC) of the Bank of England voted by a 7-2 majority to raise key interest rates from 0.25 to 0.50 percent, following the penultimate MPC meeting of the year.
The pound sterling came under selling pressure versus the greenback and the euro this month, as mixed economic data from the United Kingdom and the ongoing departure negotiations with the 27 countries representing the European Union (EU) have remained grim. The UK is due to exit the European Union at the end of March 2019.
The Bank of England (BoE) left key interest rates unchanged following the conclusion of its monetary-policy meeting on September 13, 2017.
The UK economy is struggling in the aftermath of the historic Brexit referendum on June 23, 2016, in which the country voted to maintain its sovereignty and exit from the European Union.