David Milliken
Reuters Top News
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Past articles by David:
Bank of England hikes rates to 5% in surprise move to tackle stubborn inflation
By David Milliken and Suban Abdulla LONDON, June 22 (Reuters) - The Bank of England raised interest rates by a bigger-than-expected half a percentage point on Thursday after it said there had been "significant" news suggesting British inflation would take longer to fall. The BoE's Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5% from 4.5%, its highest since 2008… → Read More
Bank of England poised to raise rates after inflation shock
The Bank of England is set to raise interest rates for a 13th time in a row on Thursday, a day after inflation data came in higher than expected once again, with investors split on just how big the new hike will be. → Read More
UK's stubborn inflation fails to fall, turning up heat on BoE
Inflation defied expectations putting more pressure on the Bank of England a day before it is predicted to raise interest rates for the 13th time in a row. → Read More
Bank of England set to raise rates to 4.75% as inflation slow to fall
The Bank of England looks set to raise interest rates by a quarter point to a 15-year high of 4.75% on June 22, its 13th straight rate rise as it fights unexpectedly sticky inflation that risks making it a global outlier. → Read More
IMF says UK no longer heading for a recession in 2023
The International Monetary Fund said on Tuesday that it no longer expects Britain's economy will fall into a recession this year, upgrading forecasts that it published last month, but it also warned that the outlook remains subdued. → Read More
Making the four-day week work for Britain
Two workers glide between a computer screen and a stainless steel vat making face cream, a scientist in a white coat mixes a formula and a colleague sticks labels on bottles. → Read More
UK economy grows in Q1 but March drop underscores fragility
Britain's economy grew by 0.1% in the first three months of 2023, a period that was once expected to be part of a long recession, but an unexpectedly sharp 0.3% drop in March underscored how fragile its recovery remains. → Read More
Bank of England raises rates and Bailey promises to "stay the course"
The Bank of England raised its key interest rate by a quarter of a percentage point to 4.5% on Thursday and Governor Andrew Bailey said the British central bank would "stay the course" as it seeks to curb the fastest inflation of any major economy. → Read More
UK retailers report record food inflation but see falls ahead
Food prices at British supermarkets rose 15.7% in the year to April, the biggest annual increase in records going back to 2005, but lower prices are on horizon, the British Retail Consortium (BRC) said on Tuesday. → Read More
Britain's early retired resist calls to work, despite higher living costs
In their fifties and deciding there was more to life than work, Liz and Ian Woodbridge quit stressful jobs during the pandemic - part of a cohort of British early retirees now resisting a government call to return, despite rising living costs. → Read More
Another BoE rate rise isn't inevitable, Bailey says
Bank of England Governor Andrew Bailey said on Wednesday it was possible the central bank had already come to the end of its rate-rising cycle, leading financial markets question whether a rate rise this month is as clear-cut as they thought. → Read More
UK's Hunt has extra 30 bln pounds to play with in March budget -IFS
British finance minister Jeremy Hunt may have a 30 billion-pound ($36 billion) windfall at next month's budget, but this will be too short-lived to fund permanent tax cuts or public-sector pay rises, the Institute for Fiscal Studies (IFS) said on Tuesday. → Read More
Bank of England's Mann says it is too soon to stop raising rates
Bank of England interest rate-setter Catherine Mann said on Thursday that it was too soon to say the risks posed by the surge in inflation last year had eased and that the central bank should continue to raise borrowing costs. → Read More
UK government unlikely to tempt retirees back to work: report
Britain's government is unlikely to be able to tempt back to work people who retired early during the COVID-19 pandemic, as most are better-off and few people return to work after lengthy periods out of the labour force, a think-tank said on Tuesday. → Read More
UK economy shows zero Q4 growth, narrowly avoids recession
Britain's economy showed zero growth in the final three months of 2022 - enough for it to avoid entering a recession for now - but faces tough prospects in 2023 as households continue to wrestle with double-digit inflation. → Read More
Bank of England hints rates near peak after 10th hike
The Bank of England signalled the tide was turning in its battle against high inflation after it raised interest rates on Thursday for the 10th meeting in a row, prompting investors to prepare for the end of its run of higher borrowing costs. → Read More
Bank of England raises borrowing costs to 4%, hints rates near peak
The central bank raised interest rates for the 10th time in a row. → Read More
UK house prices fall in January for fourth month in a row
British house prices dropped by a bigger-than-expected 0.6% in January and are now 3.2% below their peak in August, following a surge in borrowing costs and broader inflation pressures, mortgage lender Nationwide Building Society said on Wednesday. → Read More
UK shop price inflation hits record 8% in January: BRC
Prices in British shops in January were 8.0% higher than a year before, the biggest annual increase since at least 2006 when comparable records started, figures from the British Retail Consortium (BRC) showed on Wednesday. → Read More
Drop in business activity flags UK recession risk
British private-sector economic activity fell at its fastest rate in two years in January, a survey showed on Tuesday, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown. → Read More