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The UK's output per hour worked rose 0.9% on a quarterly basis in the first quarter, following a revised 0.5% decline in the prior three-month period, preliminary data from the Office for National Statistics showed Tuesday.On a yearly basis, output per hour worked edged up 0.4%, against the revised 0.4% decrease previously.
The British job market unexpectedly softened in the three months to March while wages grew at the slowest pace since the pandemic, data from the Office for National Statistics showed Tuesday.The unemployment rate edged up to 5% in the three months to March, against market expectations that the jobless rate would align with 4.9% in the quarter to February. The UK employment rate was 75% during the quarter to March."Early estimates of the number of people on payroll in April point to further weakness," said Liz McKeown, director of economic statistics at the ONS. "However, at the start of the new tax year, these figures carry greater uncertainty and have often seen larger than average upward revisions."Meanwhile, regular pay in the UK, which excludes 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 reading matched consensus expectations and marked a step down from the 3.6% increase for the three months to February 2026.Across the public sector, growth in regular pay moderated to 4.8%, the softest since the quarter to December 2024, from 5.2% earlier. Meanwhile, private sector wage growth eased from 3.2% to 3%, the lowest since the three months to October 2020, with wholesaling, retailing, hotels, and restaurants showing the strongest regular annual growth of 3.6%.Including bonuses, annual average weekly earnings grew 4.1% to 749 pounds, higher than the revised 3.9% jump in the prior three-month period and the consensus forecast for a 3.8% gain."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.
Unemployment benefits claims in the UK rose by 26,510 in April, after a revised increase of 4,900 in March, data from the Office for National Statistics showed Tuesday.The consensus estimate for the month pointed to a growth of 23,100, according to Investing.com data.
Britain's unemployment rate stood at 5% in the three months to March, up from 4.9% in the prior three-month period, according to data from the Office for National Statistics published Tuesday.The consensus estimate for the period was 4.9%.Meanwhile, the UK employment rate was 75% during the quarter to March.
Britain's average weekly pay, including bonuses, increased 4.1% year over year in the quarter to March, following a revised 3.9% jump in the prior three-month period, the Office for National Statistics said Tuesday.The latest reading is above the consensus estimate of a 3.8% growth.Excluding bonuses, the growth in average weekly earnings was 3.4%, as expected, against the 3.6% earlier.
London's FTSE 100 closed 1.26% higher on Monday as the International Monetary Fund increased its 2026 growth forecast for the UK to 1% from 0.8%, while investors also monitored political developments surrounding Prime Minister Keir Starmer."In the UK, Labour's decision to let [Mayor of Greater Manchester] Andy Burnham seek a return to parliament sharpens the leadership crisis facing Prime Minister Keir Starmer after heavy local election losses, which have already prompted intensified calls for him to resign," Danske Bank said."The risk is that a new, further left, prime minister pursues policies that further add to business costs, eroding profit margins and putting upward pressure on inflation," according to Berenberg. "Were a new prime minister to water down or abandon fiscal tightening at the same time, the [Bank of England] would have to set higher interest rates to prevent excess demand and inflation. The resulting combination of higher interest rates and lower profits would result in an inadequate rate of return for companies to invest and hurt the UK's long-term growth prospects."Meanwhile, the UK government and the Gulf Cooperation Council are reportedly nearing a free trade agreement after years of talks, according to London's Financial Times. In an emailed statement to, a UK government spokesperson said negotiations are continuing and remain a priority for the government.In corporate news, mining major Anglo American (AAL.L) dropped 1.36% after agreeing to sell its Australian steelmaking coal mines to Dhilmar for up to $3.88 billion in cash.Pharmaceutical giant GSK (GSK.L) gained 0.75% as Japan's health regulator expanded the eligible age range for its respiratory syncytial virus vaccine, Arexvy, to include at-risk patients aged 18 to 49.Investors will also look ahead this week to UK unemployment data for March on Tuesday, April inflation figures on Wednesday, S&P Global PMI data for May on Thursday, and retail sales numbers on Friday.
The International Monetary Fund lifted its economic growth projection for the UK for 2026 but warned of downside risks, including a prolonged Middle East war and "domestic uncertainty."In a statement published Monday, the IMF said it now expects the British economy to grow 1%, up from its 0.8% forecast in April.Meanwhile, headline inflation in the country is expected to peak at just below 4% at 2026-end on the back of higher energy prices. This is then expected to ease in the second half of 2027 before returning to the Bank of England's 2% target by the end of that year.
British equities concluded the trading week in the red, with London's FTSE 100 down 1.72% on Friday's close, as investors assessed the latest corporate updates and the growing political uncertainty in the UK."Financial markets have responded to renewed UK political turmoil by ramping up bets on Bank of England tightening ... Almost three rate hikes are priced before year-end, almost identical to what's expected from the European Central Bank. We remain unconvinced. We're now forecasting one rate hike from the BoE in June, but only narrowly," ING said. "Though Prime Minister Keir Starmer is fighting on, investors are increasingly pricing a leadership contest that leaves Labour shifting left, loosening fiscal rules and increasing borrowing."In corporate news, Centrica's (CNA.L) British Gas subsidiary agreed to pay 20 million pounds sterling into a voluntary redress fund to settle a probe by the UK's Office of Gas and Electricity Markets, or Ofgem, into legacy prepayment meter practices. British Gas will also write off up to 70 million pounds in energy debt for customers in vulnerable situations as part of the settlement package. Centrica's shares lost 6.40% at closing."It is clear that British Gas fell short in its treatment of an unacceptable number of vulnerable customers who had a PPM installed without consent, and it's right that they've taken action to put things right. Because of our action customers will receive a substantial package of redress, compensation and debt write off," Ofgem Chief Executive Officer Tim Jarvis said.Meanwhile, Hiscox (HSX.L) jumped 12.32% to become the blue-chip index's top performer amid chatter that its Canadian peer Intact Financial Corp. is looking at potentially acquiring the London-listed specialty insurer, according to Insurance Post.The UK economic calendar was empty for the day, but the week ahead will see a barrage of private sector and economy-related data, including the April inflation rate figures, along with the S&P Global UK Manufacturing PMI data for May.
London's FTSE 100 closed 0.36% higher on Thursday as earnings from corporate heavyweights poured in, while the latest gross domestic product data surprised to the upside.The British economy expanded 0.3% month over month in March, following a revised 0.4% growth in February, the Office for National Statistics said. Analysts expected a 0.2% decline during the month."The UK economy's strong start to the year was probably part truth, part statistical illusion," Berenberg said. "Nonetheless, that gain alongside the pickup in surveys of economic activity suggest that the economy regained some momentum before the Iran war."In corporate news, Legal & General (LGEN.L) became the top gainer at 6.16% on the index after Chief Executive António Simões told the Financial Times that the financial services group was not engaged in sale talks despite growing market speculation over its future.National Grid (NG.L), up 1.14%, outlined its capital investment plans of 70 billion pounds sterling in five years through fiscal 2031, including 31 billion pounds for UK electricity transmission. The utility's attributable profit for fiscal 2026 rose year over year to 3.24 billion pounds from 2.90 billion pounds."NG reported solid FY25/26 results, in line with consensus. EPS guidance for 26/27 is 13-15%. The group reiterates longer term EPS and asset growth guidance," Barclays noted, raising its price target with a reiterated overweight rating.Meanwhile, 3i Group (III.L) was the worst performer on the blue-chip index, falling 12.76%, after reporting weaker trading at its main investment, Action, citing cautious consumers in France and lower traffic in Germany amid heightened Middle East tensions. The private equity and venture capital company also logged annual growth in profit and gross investment return for the 12 months ended March 31."3i reported FY25 results and gave a trading update on Action which will likely disappoint with deteriorating [like for like], weak France and Germany and margin compression," Bernstein said. "The only sweetener was the announcement of a GBP750m buyback (c. 3% market cap.; higher than the GBP500m expected)."
Business investment in the UK edged up 0.7% in the first quarter, following a revised 2.9% fall in the prior three-month period, according to provisional data from the Office for National Statistics published Thursday.Analysts expected a 1.1% gain for the quarter.On a yearly basis, business investment declined 1.8%, compared with the revised 1.8% increase previously.
The British economy grew in the first three months of 2026 as every output sector contributed to the quarterly gains, particularly the services segment.The UK's real gross domestic product edged up 0.6% in the quarter ended March, following a revised 0.2% expansion in the prior three-month period, according to preliminary data from the Office for National Statistics published Thursday. The latest figure matched the consensus estimate.On a yearly basis, the economy grew 1.1% in the quarter, compared with a 1% increase in the last three months of 2025 and the expected 0.8% gain."Growth picked up in the first quarter of the year, led by broad-based increases across the services sector. Within that wholesale, computer programming and advertising performed particularly well," ONS Director of Economic Statistics Liz McKeown said.ONS data showed that quarterly output in the services sector was up 0.8%, with 11 of the 14 subsectors contributing positively to growth. The production sector grew by 0.2%, primarily due to a 0.6% increase in electricity, gas, steam and air conditioning supply and a 0.8% gain in manufacturing. Meanwhile, construction output ticked up by 0.4%, supported by an increase in repair and maintenance, namely within private housing.In March 2026 alone, the UK's GDP rose 0.3% month over month, against the downwardly revised 0.4% growth a month before and the expected 0.1% decline, according to Investing.com data."Ever since 2022, the UK economy has grown much faster in the first quarter than in the rest of the year. And 2026 looks like it'll be no different," ING said in a note. "That brings us to the key point, which is that the direction of the UK economy this summer has clearly changed for the worse over the past few weeks. Admittedly, a strong GDP reading for March sets a decent base for the second quarter; growth is likely to come in around 0.2-0.3%, before likely turning negative in the third quarter."ING added that the data "won't change much" for the Bank of England, saying the central bank remains focused on the "impending inflation spike and the risk of it spilling into wage growth." ING expects a "one-and-done" rate increase in June.
Britain's services output rose 0.3% month over month in March, following a 0.5% increase in February, according to data from the Office for National Statistics published Thursday.On a yearly basis, the index was 1.5% higher, consistent with the revised 1.5% jump earlier.
Construction output in the UK rose 1.5% month over month in March, following a revised 0.5% gain in February, the Office for National Statistics said Thursday.Analysts expected a 0.5% decline for the month, according to Investing.com data.On a yearly basis, construction output was 0.3% lower, compared with the revised 1.6% decrease earlier and the market forecast of 2.5% contraction.
UK industrial production edged down 0.2% month over month in March, following a revised 0.3% uptick in February, the Office for National Statistics said Thursday.The reading is consistent with the consensus estimate from Investing.com.On a yearly basis, UK industrial output flatlined, against the revised 0.5% decrease earlier and the consensus estimate of a 0.2% gain.
The UK's monthly manufacturing production grew 1.2% in March, following a revised 0.2% drop in the prior month, the Office for National Statistics said Thursday.Analysts expected a 0.2% decline for the month.On a yearly basis, British manufacturing output also jumped 1.2%, compared with the revised 0.8% decrease earlier and the consensus estimate of no change.
Britain's goods and services trade deficit rose by 4.5 billion pounds sterling to 7 billion pounds in the three months to March, the Office for National Statistics said Thursday.The UK's goods trade deficit increased by 3.8 billion pounds to 59.3 billion pounds, while the services trade surplus dropped by 700 million pounds to 52.3 billion pounds.
The UK's gross domestic product expanded 0.3% month over month in March, following a revised 0.4% growth in February, the Office for National Statistics said Thursday.Analysts expected 0.1% decline during the month, according to Investing.com dataOn a yearly basis, the British economy grew 1.2%, against the prior 1% expansion and the market forecast of a 0.7% gain.
The UK's quarterly gross domestic product rose 0.6% in the first quarter of 2026, following a revised 0.2% uptick in the prior three-month period, preliminary data from the Office for National Statistics showed Thursday.The latest reading matched the consensus estimate for the month.On a yearly basis, the British economy expanded 1.1% in the quarter, compared with the 1% increase earlier and the expected 0.8% growth.For 2025, the UK's annual GDP growth was unrevised at 1.4%, against a downwardly revised 1% in 2024.
The UK Royal Institution of Chartered Surveyors house price balance stood at -34% in April, down from the revised -25% in the previous month, according to residential market survey data released Thursday.The latest reading missed the consensus estimate of -25% and was the weakest since November 2023.For the next three months, house price expectations improved to -38% from -45%, suggesting a potential ease in downward pressure on prices.
London's FTSE 100 closed 0.35% higher on Wednesday as investors assessed political developments in the UK, including King Charles III's Speech and cabinet resignations, while awaiting gross domestic product and other economic data due on Thursday."During yesterday's cabinet meeting, PM Starmer reiterated his call that he would stay on despite the number of [members of parliament] wanting Starmer to quit crossing the 81 required to mark a leadership challenge if they coalesced around a candidate. It's important to note that any calls or letters for Starmer to resign don't trigger anything unless MPs explicitly back an alternative candidate. So even as four ministers resigned from government yesterday, it does look increasingly possible that he will see this through for now, with Polymarket odds of Starmer leaving by June 30 down to 33% this morning from as high as 80% on Monday night," Deutsche Bank Research said.In parliament, the King's Speech outlined the government's legislative agenda for the parliamentary session, including stronger ties with the European Union and measures focused on economic growth, housing, energy security, and public sector reform.In corporate news, assurance, testing, and certification company Intertek Group (ITRK.L) halted its strategic review as it plans to facilitate Swedish private equity giant EQT with confirmatory due diligence ahead of a final takeover agreement. The stock closed at one of the top spots on the blue-chip index, gaining 5.28%."Since we cannot be certain that a firm offer will follow the confirmatory due diligence set to occur through the [put up or shut up] period (likely now extended to 11th June), we lower our rating to Sector Perform [from outperform]," RBC Capital Markets said.Meanwhile, Spirax Group (SPX.L) was down 1.74% after maintaining its 2026 guidance for organic growth in group revenue while flagging a "weak [industrial production] environment." For the first four months ended April 30, the British thermal energy and fluid technology company logged mid-single-digit organic growth in group revenue, in line with expectations.Next, investors await GDP numbers for March, which are widely expected to show a yearly ease in economic growth to 0.7% from 1% in February and a monthly contraction of 0.2% after a 0.5% rise previously.
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