Economic Review – August 2024
BoE starts to cut rates In early August, the Bank of England (BoE) sanctioned the first reduction in interest rates since March 2020 and economists expect a second cut to be announced before the end of this year. The closely-run decision was announced on 1 August following the latest meeting of the Bank’s Monetary Policy […]
News in Review
“We can get through this together” In a speech from the Downing Street Rose Garden on Tuesday, the Prime Minister told an audience of voters he met along the campaign trail that, while his government may not get everything right, everything it does will be with them in mind. Keir Stamer said he intends to […]
Commercial Property Market Review – August 2024
Latest from RICS The commercial property market remained relatively flat in Q2 of this year, according to the latest Royal Institution of Chartered Surveyors (RICS) survey. Tenant and investor demand were both largely stable as headline occupier demand stayed at a net balance of +4% – the same reading as the previous quarter. Investment enquiries […]
News in Review
“The UK economy has now grown strongly for two quarters” The UK’s economy grew by 0.6% between April and June, according to the latest gross domestic product (GDP) figure released by the Office for National Statistics (ONS) on Thursday. After slipping into recession at the end of last year, analysts now say the UK economy […]
News in Review
“The construction sector appears to be in the early stages of a strong recovery” The release last week of a closely watched construction survey offered optimism for the sector and further evidence of the UK’s economic recovery. The S&P Global UK Construction Purchase Manager’s Index, a seasonally adjusted measure of activity in construction, jumped to […]
News in Review
“Inflationary pressures have eased enough that we’ve been able to cut interest rates” Last week, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted by a narrow majority of 5 – 4 to reduce Bank Rate by 0.25%, to 5%. Four committee members expressed a preference to maintain it at 5.25%. This is the […]
Economic Review – July 2024
UK growth stronger than expected Figures released last month by the Office for National Statistics (ONS) showed the UK economy grew faster in May than had been predicted, while survey evidence points to a more recent post-election pick-up in business activity. The latest gross domestic product (GDP) statistics revealed that economic output rose by 0.4% […]
News in Review
“Last Week’s Kings Speech… has the potential to give businesses the confidence they need to grow, invest and drive economic growth” Although the latest Confederation of British Industry (CBI) Business Trends Survey showed manufacturer optimism tempered slightly in July, there is an expectation that output is set to increase over the next quarter, with overall […]
News in Review
“I am determined to create wealth for people up and down the country” The government’s legislative agenda was set out in the King’s Speech last Wednesday. Delivered at the State Opening of Parliament, the government set out a package of bills it intends to introduce to Parliament in the coming sessions and months, in addition […]
Commercial Property Market Review – July 2024
A report from Carter Jonas indicates some growth in commercial markets recently According to MSCI, annual retail rental growth was 0.9% in May – the highest annual growth rate since 2016. While rental values have grown modestly since 2022, values are still 17% lower than the peak seen in 2018. In the retail warehouse subsector, […]