News & Insight

Market Commentary

Last week, positive news came in the form of the latest UK gross domestic product (GDP) data from the Office for National Statistics (ONS) which showed the economy grew by 0.1% in February. This extends the economic recovery after growth in January was revised up to 0.3% from 0.2%. Economic growth in February was led […]

Market Commentary

New data from the British Retail Consortium (BRC) has revealed that shop price inflation has reduced to its lowest level in over three years. Recordings for the first week of March show an easing in annual price growth to 1.3%, a considerable reduction on the February reading of 2.5%, and well below the three-month average […]

Market Commentary

New data from the Society of Motor Manufacturers and Traders (SMMT) has revealed that UK car production increased by 14.6% in February, marking the six consecutive month of growth in the sector and the best February performance since 2021. Almost 80,000 units were manufactured in February, driven by output for the domestic market, which surged […]

Market Commentary

Food prices were cited as one of the largest downward contributors to the monthly change, with the annual rates for most types of food products easing between January and February. The largest effect came from price reductions in bread and cereals. Following the data release, Prime Minister Rishi Sunak commented, “We have turned a corner […]

Market Commentary

New UK growth statistics released from the Office for National Statistics (ONS) last week showed that monthly real gross domestic product (GDP) is estimated to have increased by 0.2% in January, following a 0.1% contraction in December. Main contributors to growth in the month were services output and construction, which grew by 0.2% and 1.1% […]

Market Commentary

Chancellor Jeremy Hunt delivered his Spring Budget last week, during which he provided an economic update from the Office for Budget Responsibility (OBR). The latest projections showed the rate of inflation is expected to fall below the Bank of England’s 2% target level in “a few months’ time.”  The OBR expects economic growth of 0.8% […]

Budget Updates

On 6 March, Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget to the House of Commons declaring it was “a Budget for long-term growth.” The fiscal update included a number of new policy measures, such as a widely-anticipated reduction in National Insurance, abolition of the non-dom tax status and new savings products designed […]

Market Commentary

House price data released last week from Zoopla highlighted that the number of homes on the market has increased by 21% year-on-year, as pent-up demand provides a boost. Buyer demand has also picked up, with an 11% increase on the year, while sales agreed are 15% higher than this time last year. The average house […]

Market Commentary

Last week, Bank of England (BoE) Governor, Andrew Bailey, indicated that the UK recession may already be over, citing “distinct signs of an upturn.” Comparing current conditions to historical downturns, Mr Bailey commented, “If you look at recessions going back to the 1970s, this is the weakest by a long way.”  He added his opinion […]

Market Commentary

Data released last week from the Office for National Statistics (ONS) showed that UK gross domestic product (GDP) shrank by 0.3% in Q4 2023. Following a 0.1% contraction in Q3, the data shows that the UK slipped into a technical recession in the second half of 2023, measured by two consecutive quarters of GDP contraction. […]

Market Commentary

Last week the latest data from the Halifax House Price Index for January showed that the average house price increased by 1.3% in the month, the fourth consecutive monthly rise. The average home in the UK now costs £291,029. The pace of annual growth is up 2.5%, representing the highest rate since January 2023. From […]

Market Commentary

Last week, during their first meeting of 2024, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to retain Bank Rate at 5.25% by a majority of six to three. Two members of the committee preferred to increase the rate by 0.25 percentage points, to 5.5%, with one member voting to reduce the rate […]