LONDON — Britain’s economy shrank more than expected at the end of 2012 with a North Sea oil production slump, lower factory output and a hangover from London’s Olympics pushing it perilously close to a “triple-dip” recession.
The country’s gross domestic product fell 0.3% in the fourth quarter, the Office for National Statistics said on Friday, sharper than a 0.1% decline forecast by analysts.
As was expected by the consensus of economists, and facilitated by the recent surge of positive economic data out of the UK, moments ago the BOE did not surprise, when it kept its interest rate at 0.25% after a unanimous 9-0 vote, which also included keeping the BOE's government bond and corporate bond purchases unchanged at GBP 435 and 10bn, respectively.
Best-buy savings accounts are disappearing rapidly ahead of the expected cut to base rate by the Bank of England on Thursday, reports The Guardian.
Data provider Moneyfacts said that in July 13 best buy savings deals were withdrawn from the market and have yet to be replaced.
The Bank of England could cut interest rates and inject billions of pounds into the financial system as early as Thursday as policymakers seek to prevent Britain sliding into recession after the EU referendum, reports The Guardian.
Valletta (AFP) - The European Central Bank looks set to keep its key rates steady and refrain from any additional stimulus measures at a meeting in Malta on Thursday, despite concern about chronically weak inflation, analysts said.