Lee Sue Ann, an economist at UOB Group, assesses the latest BoE event, where the “Old Lady” raised the policy rate by 25 basis points. Key comments “The Bank of England (BoE), at its March meeting, voted by a majority of 8-1 to raise the bank rate by 25 basis points to 0.75%. This is […]
Tag: United Kingdom
Sunak warns UK faces £70bn hit from EU ban on Russian oil and gas – FT
“An immediate EU-wide embargo on Russian oil and gas imports would send economic shock waves across Europe and would cause at least £70bn of damage to the British economy”, said the UK Chancellor of the Exchequer, Rishi Sunakaccording to the Financial Times (FT). His warning comes after Prime Minister Boris Johnson urged Western allies to […]
GDP rises 0.8% in January, bettering expectations of 0.2%
The Gross Domestic Product (GDP) of the United Kingdom for the month of January rose to 0.8% from -0.2% in December, showing its highest growth since June 2021. The result improves market expectations, whose consensus predicted a 0.2% increase. UK industrial production grew by 0.7% in the same period, above the previous 0.3% and the […]
UK to phase out import of Russian oil and oil products by the end of 2022
According to a statement issued by the UK government, The UK will phase out its imports of Russian oil and oil products by the end of 2022, Reuters reported on Tuesday. This transition will give the market, businesses and supply chains more than enough time to replace Russian imports, which currently account for 8% of […]
Final services PMI revised down to 60.5 in February
UK Final Services PMI is revised down to 60.5 in February. GBP/USD remains below 1.3400 after upbeat UK data. The focus is on US jobless claims and the ISM Services PMI ahead of the Russia-Ukraine peace talks. The UK service sector activity expanded less than expected in Februaryas confirmed on Thursday by the final report […]
We are ready for a protracted crisis – Boris Johnson
British Prime Minister Boris Johnson said on Tuesday that they will do more to exclude Russian banks from the SWIFT system and freeze their assetsas reported by Reuters. Additional comments “The odds have always been heavily stacked against the Ukrainian military.” “It’s already clear that Putin will finally fail in Ukraine”. “Must prepare for an […]
UK to ban anyone from carrying out financial transactions involving the Russian central bank
The UK Chancellor of the Exchequer, Rishi Sunak, together with the Governor of the Bank of England (BoE), Andrew Bailey, announced the intention of the UK government to take further restrictive economic measures in response to Russia’s invasion of Ukraine pointing to the Central Bank of the Russian Federation (CBR). Key comments “We will prevent […]
immediate freeze of assets in all major Russian banks
UK Prime Minister Boris Johnson announced a series of new sanctions against Russia in the UK parliament: The UK imposes an asset freeze against all major Russian banks, including an immediate asset freeze against VTB. The UK will introduce legislation to prohibit the Russian state from increasing sovereign debt. UK on Tuesday to introduce legislation […]
Russian companies will be prevented from clearing in GBP and USD – Boris Johnson
British Prime Minister, Boris Johnson announced on Wednesday that the UK would prevent Russian companies from clearing in GBP or USD on UK markets.as reported by Reuters. Johnson has added that the UK will soon provide more military support to Ukraine in the form of lethal defensive weapons. Unity on the sanctions to be imposed […]
Preliminary services PMI rises to eight-month highs in February
The UK services PMI index rose sharply in February’s preliminary reading to 60.8 from 54.1 points in January, its best figure in eight months, specifically since June 2021. The result improves market expectations, which foresaw an increase to 55.5. The manufacturing PMI has remained unchanged at 57.3, one tenth above the 57.2 estimate. February PMI […]
