Economy News

Bank of England Governor Andrew Bailey said on Thursday that risks to Britain's economy were "very much on the downside" and that the central bank was ready to use its policy firepower to limit the impact of a second wave of COVID cases.

Does a cancelled gym membership spell financial disaster?

Financial services firms in Britain turned more optimistic for the first time this year as a drop in business bottomed out, but big uncertainties remained about COVID-19 and a post-Brexit trade deal, according to a survey published on Thursday.

A post-lockdown boom in Britain's housing market pushed a gauge of house prices to an 18-year high last month but the outlook is darkening fast ahead of an expected jump in unemployment, a survey showed on Thursday.

Britain's labour market perked up in September after a torrid few months but the outlook is worrying as the COVID-19 pandemic intensifies again and the government prepares to close its job subsidy scheme, a survey showed on Thursday.

British house prices rose last month at the fastest annual pace since June 2016 in the latest sign of a post-coronavirus lockdown surge in the housing market, data from mortgage lender Halifax showed on Wednesday.

Criminals may have made billions of pounds by exploiting a government loan scheme to help British businesses hit by the coronavirus, while large losses are expected from firms unable to repay, the country's spending watchdog said on Wednesday.

Britain's construction industry unexpectedly picked up speed in September, helped by a post-lockdown bounce in the housing market, a survey showed on Tuesday.

Britain will prioritise trying to save jobs over tax rises while the COVID-19 pandemic batters the economy, though record borrowing and a $2.6 trillion debt pile cannot be sustained for ever, finance minister Rishi Sunak said on Tuesday.