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The Confederation of British Industry distributive trade survey's retail sales balance improved to -46% in May from -68% in the prior month, according to data published Tuesday.The consensus estimate was -52% for the month, according to Investing.com.
The UK's shop price inflation edged up to 1.2% year over year in May from 1% in April, the British Retail Consortium said Tuesday.The latest reading exceeded the consensus estimate of 1.1%.As food inflation continued to soften, BRC attributed the increase in shop price inflation to rising shipping and raw material costs amid the Middle East conflict.
London's FTSE 100 ended the trading week 0.22% in the green as investors assessed the latest retail sales and borrowing data.UK retail sales fell 1.3% month over month in April, following a revised 0.6% rise in March, data from the Office for National Statistics showed. The decline was larger than the 0.6% fall expected by analysts."April 2026 will be remembered as the first month that the impact of the Middle East conflict first hit British consumers. We already saw consumer sentiment fall at its fastest rate for four years, and we now have evidence that this translated into shoppers buying less in stores," PwC UK head of retail Jacqueline Windsor said. "Overall, while retailers will be disappointed, April's performance was somewhat expected after a better than expected March, and against strong comparatives from this time last year."Also from the ONS, the country's borrowing reached 24.3 billion pounds sterling in April, 3.4 billion pounds more than the forecast by the Office for Budget Responsibility.In other economic news, GfK's consumer confidence index improved by two points to -23 in May, with four measures rising and one down."Consumers appear to be in a more generous mood in May, with a two-point increase in the headline score and improving perceptions of both personal finances and the wider economy," GfK consumer insights director Neil Bellamy said. "Inflation may have fallen in April, but with price pressures expected to rise again and continued uncertainty around interest rates, it's unlikely May marks the beginning of a sustained improvement."On the corporate front, AstraZeneca (AZN.L) was down 0.64% on Friday's close as its cancer drugs were recommended for approval in the European Union. The first recommendation involved the drugmaker's camizestrant in combination with a cyclin-dependent kinase 4/6 inhibitor for adults with breast cancer, while the second concerns Enhertu, co-developed with Daiichi Sankyo, for patients with previously treated HER2-positive metastatic solid tumors.AstraZeneca and Daiichi Sankyo's Datroway also secured approval from the US Food and Drug Administration for the treatment of adult patients with unresectable or metastatic triple-negative breast cancer who are not PD-1/PD-L1 inhibitor candidates.
Public sector net borrowing in the UK, excluding public sector banks, stood at 24.34 billion pounds sterling in April, up from the revised 11.48 billion pounds earlier, according to data from the Office for National Statistics published Friday.Analysts expected 20.7 billion pounds for the month, according to Investing.com data.
Britain's monthly retail sales decreased 1.3% in April after a revised 0.6% gain in March, according to data from the Office for National Statistics published Friday.Analysts expected 0.6% decline for the month.On a yearly basis, UK retail sales flatlined, against the revised 1.4% increase previously and the expected 1.3% gain.Excluding automotive fuel, retail sales were down 0.4% month over month and up 1.1% annually, following the revised growth of 0.1% and the revised 1.5% jump earlier, respectively. The figures compare with the consensus estimates of a 0.3% monthly dip and a 1.5% yearly rise.
Britain's consumer confidence indicator rose to -23 points in May from -25 points in April, market research company Growth from Knowledge said Friday.The consensus estimate for the month was -28 points.The reading reflects UK consumers' improved perception of their personal financial situation and the general economy, though the major purchase index fell to its lowest since January 2025.
London's FTSE 100 closed 0.11% higher on Thursday, despite fresh data showing Britain's private sector slipped into contraction territory in May for the first time in over a year."The belated drop in the UK PMIs in May [signals] an abrupt end to the economy's reported outperformance in April. The slump in the composite PMI from 52.6 in March to 48.5 in April was a major negative surprise (Bloomberg consensus 51.6). If sustained, it would point to [gross domestic product] growth collapsing from 0.6% qoq in Q1 to minus 0.2% qoq in Q2," Berenberg said. "We expect the [Bank of England] to remain on hold not only in June, but for much of the year. If energy prices recede, its next move will probably be to cut.""The UK economy is facing a perfect storm, as rising political uncertainty adds to the growing impact from the war in the Middle East. Businesses are reporting falling output, surging inflation, supply shortages and job cuts in May," S&P Global Chief Business Economist Chris Williamson said. "Things could well get worse in the coming months, as we have been seeing some support to manufacturing from precautionary stock building which will inevitably fade once warehouses are full."Meanwhile, in a statement to Parliament, Chancellor Rachel Reeves said the government remains focused on restoring economic stability and supporting growth, while acknowledging that the conflict in the Middle East poses a material challenge to the global and domestic outlook, particularly through higher energy costs.In corporate news, ConvaTec Group (CTEC.L) declined 4.95% after logging a 4.8% annual gain in organic revenue excluding InnovaMatrix for the four months ended April 30. The medical products and technologies company confirmed its 2026 guidance for group organic revenue growth of 5% to 7% and double-digit growth in adjusted EPS.On the upside, private equity company ICG (ICG.L) climbed 2.89% after fiscal 2026 profit attributable to equity holders of the parent increased year over year to 478.4 million pounds sterling from 451.2 million pounds amid higher revenue."We are experiencing clear demand from institutional allocators globally for our strategies, and are unaffected by challenges being faced by certain evergreen vehicles in the US. I believe ICG is well positioned to continue generating compounding long-term shareholder value," Chief Executive Officer Benoît Durteste said.
British Chancellor of the Exchequer Rachel Reeves said Thursday that she intends to change tax regulations governing profits of oil and gas companies' foreign branches."Currently, some oil and gas groups that operate overseas through foreign branches have structured their tax affairs in a way which ensures they pay little or no Corporation Tax on their UK energy trading profits," according to Reeves. "Today we are putting an end to that practice," she added.The changes are part of broader reforms that aim to raise hundreds of millions of pounds sterling per year.
Total new orders in the UK manufacturing sector dropped to -41% in May from -38% in April, the Confederation of British Industry's industrial trends survey showed Thursday.Analysts expected the reading to stand at -40%.
Britain's private sector economy slipped into the contraction territory for the first time since April 2025, as a steep downturn in services, the sharpest since January 2021, outweighed a robust acceleration in manufacturing production.The S&P Global Flash UK PMI Composite Output Index hit a 13-month low of 48.5 in May, compared with 52.6 in the previous month and the consensus of 51.6, flash data from S&P Global showed Thursday.Meanwhile, the manufacturing PMI held steady at 53.7, against the expected 52.9, according to Investing.com data. On the services side, the PMI came in at a 64-month low of 47.9, against the previous 52.7 and the market forecast of 51.7.
The UK's newly secured free trade agreement with the Gulf Cooperation Council is projected to inject 3.7 billion pounds sterling per year into the British economy.The British government also expects the deal, which is a first between the GCC and a G7 nation, to boost bilateral trade by 19.8%, potentially adding 15.5 billion pounds annually to UK-Gulf trade in the long run, according to a Wednesday release. The member states of the GCC include Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar.Under the trade pact, tariffs on food exports, medical equipment and advanced manufacturing will be reduced or cut completely. British services, which account for 80% of the UK economy and half of the country's exports to the GCC, will get guaranteed market access.In a GCC first, the deal also ensures the "free flow of data," allowing UK companies to legally store and process business and financial data outside the Gulf. The GCC also committed to a simpler and more efficient customs process, with standard goods cleared within 48 hours and perishable shipments released within six hours.Once fully implemented, tariffs on 93% of UK exports to GCC are expected to be eliminated, cutting annual duties by 580 million pounds, with 360 million pounds of tariffs to be removed on the first day the agreement takes effect. To implement the deal, the UK and the GCC must finalize the legal text, officially sign the treaty and complete their respective ratification processes.Jasem Albudaiwi, the GCC's secretary general, said the conclusion of the talks will add to "cementing the economic pathways of both regions for generations to come." Meanwhile, British Prime Minister Keir Starmer said the agreement is a "huge win for British business, and for working people who will feel the benefits in the years ahead through higher wages and more opportunities." The UK expects wages to rise by 1.9 billion pounds annually over the long term as a result of the deal.The British Chambers of Commerce Qatar Chairman Emad Turkman expects the deal to generate new business for companies in sectors such as financial services, construction, energy, professional services, hospitality, education and technology.HSBC (HSBA.L) Group Chief Executive Georges Elhedery said the GCC represents a region of "growing strategic importance and long-term opportunity." Elhedery added that the bank, with a footprint spanning the UK and all six Gulf states, sees "first-hand the opportunity this agreement can unlock" and is prepared to help businesses invest and grow.
London's FTSE 100 closed 0.99% higher on Wednesday as investors digested a faster-than-expected decline in inflation and earnings updates from corporate heavyweights."The larger fall in CPI inflation than forecasters expected, from 3.3% yoy in March to 2.8% yoy in April (consensus and Berenberg: 3.0%) suggests that inflation would have dropped to within a hair's breadth of the Bank of England's (BoE's) 2% target without the Iran war," Berenberg said. "In the months ahead, the upward pressure on prices from the Iran war will spread from petrol and diesel to goods and food and likely lift inflation to over 3.5% in H2. Nonetheless, if the services prices that the BoE can influence most continue to behave, the central bank need not raise interest rates in response."Meanwhile, Wood Mackenzie's Horizons report said a prolonged shutdown of the Strait of Hormuz would represent the most significant threat to global energy markets in decades. "The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie.In corporate news, British retailer Marks and Spencer Group (MKS.L) rose 6.64% to top the blue-chip index after profit attributable to owners of the parent for fiscal 2026 declined to 259.4 million pounds sterling from 295.7 million pounds year over year, while revenue jumped to 17.27 billion pounds from 13.82 billion pounds earlier."M&S has released its FY26 results this morning with FY26 Food profits ahead of expectations, but Fashion, Home & Beauty below. We think Food is likely to have continued its momentum into FY27 so far, but store clothing sales have been somewhat weather impacted and are likely to be seeing a more volatile trend. As such we view the results as more of a positive read for the UK grocers and NEXT (online) than Primark," RBC Capital Markets said.On the flip side, Experian (EXPN.L) dropped 2.95% to become the worst performer on the FTSE 100 even as profit and revenue for fiscal 2026 increased year over year. The data and technology company also commenced a program to repurchase up to $1 billion of shares."FY26 demonstrated robust execution with 11% constant [currency] growth and 8% organic growth including 9% in Q4. Benchmark margins increased 60 [basis points] - ahead of the medium term framework and driving 13% constant fx EPS growth. Growth was stable across the quarters and broad based across geographies and verticals," BofA Global Research said.
UK Chancellor of the Exchequer Rachel Reeves is expected to announce further reforms designed to accelerate critical energy and infrastructure projects by reducing the exposure from judicial review, according to a Wednesday release.Under the headline proposal, the parliament can designate and approve the "most important" clean energy projects as being of "Critical National Importance," shielding them from judicial review except on human rights grounds.For all other nationally significant infrastructure, a fixed legal challenge window would be introduced, after which the planning consent would be updated to address any legitimate concerns.
The European Commission remains committed to its sanctions on Russian oil and gas imports, chief spokesperson Paula Pinho said during a Wednesday press briefing.When asked about the US and UK easing sanctions on Russian oil imports, Pinho declined to comment on other countries' policies and reiterated "the call for Russians not to be benefiting" from the ongoing war in the Middle East.
House prices in the UK declined 0.4% on average in March compared with the previous month's revised 0.5% increase, according to government data published Wednesday.The house price index was steady on an annual basis, with the average property price at 268,132 pounds sterling.
The UK's annual inflation rate dropped more than expected in April, driven by lower household gas and electricity bills after the UK's Office of Gas and Electricity Markets lowered its energy price cap.Consumer prices rose 2.8% year over year in April, down from 3.3% a month before, according to data from the Office for National Statistics released Wednesday. The latest figure was below the consensus estimate of 3%."There was a notable fall in annual inflation led by lower electricity and gas prices. This was due to the government's energy bill support package reducing variable and fixed tariffs, along with lower global wholesale energy prices before the conflict in the Middle East, which fed through to the reduction in the Ofgem cap," ONS Chief Economist Grant Fitzner said. Electricity and gas prices fell by 8.4% and 4.4% respectively, reversing the prior year's increases of 2.9% and 7.5%.Excluding energy, food, alcohol and tobacco, the annual inflation rate edged down to 2.5% from the prior month's 3.1%, just below the consensus estimate of 2.6% and marking the lowest core inflation reading since July 2021.In response to the latest inflation print, the Confederation of British Industry noted that inflation was expected to moderate in April due to smaller annual price adjustments relative to last year's figures."However, the data does not yet fully capture the inflationary impact of developments in the Middle East. While fuel prices rose again through much of the month, higher global energy costs have yet to feed through more broadly into energy-intensive parts of the inflation basket, particularly food and household utility bills. As a result, inflation is likely to rise again in the months ahead, potentially peaking around the turn of the year," said Alpesh Paleja, deputy chief economist at the CBI, noting that amid a "very different" economic backdrop, headline inflation should remain "far below" the double-digit peaks of 2022 and 2023.Meanwhile, ING believes the "benign" UK inflation data lowers the chances of a June rate hike from the Bank of England. "Yes, UK inflation is set to rise again later this year, having dipped below 3% in April. But the data should reassure the Bank of England that last year's food price spike hasn't triggered a wave of second-round effects across the inflation basket. Like yesterday's jobs numbers, the data questions the need for aggressive rate hikes," ING wrote.During its April 30 meeting, the central bank held its key rate at 3.75% while flagging that energy price hikes caused by the Iran war are threatening to drive inflation higher. The Monetary Policy Committee said in the minutes of that meeting that it is closely monitoring the situation and remains prepared to intervene to ensure inflation stays on track to meet its 2% medium-term target.
The UK's retail prices rose 3% year over year in April, following a 4.1% increase in March, data from the Office for National Statistics showed Wednesday.The reading is below market expectations of a 3.6% increase.On a monthly basis, the index was 0.7% higher, against the prior 0.8% gain and the expected 1.4% jump.
Britain's annual inflation rate fell to 2.8% in April from 3.3% in March, according to data from the Office for National Statistics published Wednesday.Analysts expected a 3% rate for the month.On a monthly basis, consumer prices were 0.7% higher, unchanged from the previous month and compared with the market forecast of 0.9% growth.Meanwhile, the UK's annual core inflation rate was 2.5%, compared with the prior 3.1% and expected 2.6%. Month over month, core consumer prices gained 0.7%, against the previous reading of a 0.4% uptick and the consensus estimate of a 0.8% increase.
Producer input prices in the UK increased 7.7% year over year in April, following a revised 5.3% gain in March, data from the Office for National Statistics showed Wednesday.The consensus estimate for the month was a 5.9% growth.Meanwhile, producer output or factory gate prices climbed 4% annually, against the revised 3% rise earlier and the expected 2.8% jump.On a monthly basis, producer input prices grew 2.4% in April, compared with the revised 4.3% increase previously and the forecast of a 1% rise. Monthly factory gate prices edged up 1.4%, consistent with a revised 1.4% rise earlier, and above the projected 1% growth.
London's FTSE 100 edged up 0.07% on Tuesday's closing as investors assessed Britain's cooling labor market data and the possibility of future Bank of England interest rate cuts.The unemployment rate edged up to 5% in the three months to March 2026, against market expectations that the jobless rate would align with 4.9% in the quarter to February 2026. Meanwhile, regular pay in the UK, excluding bonuses, gained 3.4% year over year in the quarter to March 2026 to 693 pounds sterling per week, representing the smallest pickup since the three months to October 2020."The latest UK jobs report, which features rising unemployment, sharply lower payrolls and tumbling wage growth, is a reminder that the economy is much less susceptible to 'second round' effects from the incoming energy shock. We're still forecasting a rate hike in June, but that is far from guaranteed," economic and financial analysis publication ING said, adding that a lot will also depend on the inflation report due Wednesday.In corporate news, IG Group (IGG.L) climbed 10.53% to the top of the blue-chip index after upgrading its 2026 forecast for organic total revenue growth to between 10% and 15%. The British derivatives trading company's first-quarter revenue grew to 339.9 million pounds sterling from 280 million pounds a year ago.Diploma (DPLM.L) also raised its expectations for fiscal 2026 after attributable profit and revenue for the first half ended March 31 rose year over year. The British distribution group, which closed 3.17% higher, declared a higher interim dividend."The recently upgraded FY guidance is upgraded again with DPLM now expecting FY organic growth of 12% (vs 9% previously), Acquisitions to date to add 6% to growth (vs 3% previously) with EBITA margins of c.25% (as previously). This should translate into EBITA growth of over 30% and DPLM believes it is a 6% upgrade to consensus. Overall, continued excellent execution and momentum in the existing business and scope for further M&A, although clearly the stock has had a strong run YTD," RBC Capital Markets said.
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