Bank of England

Rachel Reeves, a former children’s chess champion and Bank of England economist, is expected to become Britain’s first female Chancellor of the Exchequer.

Following Labour’s landslide victory, Reeves is expected to take over the ministry after being the party’s shadow finance minister in opposition.

“ND is not in crisis,” Deputy Finance Minister Nikos Papathanasis replied on the SKY’s “Disparate” program in response to the explosive atmosphere that prevailed at the party’s Central Committee meeting, adding that “this is the healthy process and it should be done in all parties.”

In May, British annual inflation eased to 2.0% from 2.3% in April, marking a return to the Bank of England's target level for the first time since July 2021. This data, released by the UK's Office for National Statistics (ONS), aligns with expectations from the market, reflecting a diminishing impact of the COVID-19 pandemic and the ongoing conflict in Ukraine.

The European Central Bank on Thursday made its first interest rate cut since 2019, reducing borrowing costs from record highs, but the path ahead remains unclear with inflation volatile.

The key deposit rate was lowered a quarter point to 3.75 percent. Rates had been on hold since October, after an unprecedented streak of hikes starting mid-2022 to tame runaway consumer prices.

Britain's Levelling Up, Communities and Housing Secretary Michael Gove arrives at 10 Downing Street, central London, on May 22

Britain's annual inflation rate dropped to a near three-year low in April as energy prices cooled further, official data showed Wednesday, easing a cost-of-living crunch and stoking rate cut expectations.

Britain exited recession with stronger-than-expected growth in the first quarter of 2024, official data showed Friday, in a boost to embattled Prime Minister Rishi Sunak ahead of this year's election.

In a recent interview with BTA, Kristalina Georgieva, Managing Director of the IMF, emphasized the importance for Bulgaria to seize the opportunity to adopt the euro, stressing that it is achievable with the right political will.

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession."

The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices, official figures showed yesterday, a welcome development for hard-pressed households struggling during the cost of living crisis.

Britain's economy expanded slightly over the second quarter thanks to strong output in June and despite inflation remaining high, official data showed on Aug. 11.

Gross domestic product grew 0.2 percent in the April-June period after output expanded 0.1 percent in the first quarter, the Office for National Statistics said in a statement.