The UK is set to decide early next year on the continuation of releasing key economic data before financial markets open, a practice traders argue increases volatility affecting the real economy. The statistics regulator will announce its verdict in early 2025 after reviewing evidence from the Office for National Statistics. Currently, data is released at 7 a.m. in London, just before the opening of sterling interest-rate markets and UK government bonds.
Britain's banks are increasingly setting aside funds to cover potential bad loans due to uncertainty surrounding the country's unreliable labor market data. The UK’s Office for National Statistics has faced criticism for its inability to provide accurate employment trends, complicating lenders' efforts to assess default risks based on key economic indicators.
UK government borrowing in October reached £17.4 billion, significantly exceeding the £13.3 billion forecast by economists, marking the second-highest deficit for the month on record. This brings total borrowing for the first seven months of the fiscal year to £96.6 billion, which is £1.1 billion higher than the same period last year.
UK private rental inflation has surged to 8.7% in October, marking the first increase in seven months and pushing rent prices in the capital back into double digits. This rise, which includes a 0.9% monthly increase—the highest since February—continues to exert pressure on tenants amid ongoing cost-of-living challenges.
The UK’s new Labour government faces significant challenges as housing starts in England plummeted to fewer than 88,000 in the year through June, the lowest figure since 2009. This sharp decline from over 190,000 the previous year highlights the urgent need for a construction revival.
The UK government recorded a borrowing of £79.6 billion ($103.6 billion) from April to September, exceeding forecasts by £6.7 billion. September's deficit stood at £16.6 billion, slightly better than expected but marking the third-highest borrowing for the month, intensifying pressure on Chancellor Rachel Reeves to consider tax increases and additional borrowing in the upcoming budget.
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