The latest consumer credit data released by the Bank of England signalled a further slowdown in borrowing 1.51pm GMT German inflation for the final month of 2019 came in at 1.5% year on year, according to preliminary figures. That marks an acceleration from 1.1% in November and is higher than economist predictions for a reading of 1.4%. The price increases for consumer goods should be of particular interest to the European Central Bank. For the time being, this increase could be related to special Christmas factors, with retailers and producers trying to use the festive season for significant mark-ups. 12.52pm GMT It is still unclear how the general election and the upcoming 31 January Brexit date will end up affecting consumer behaviour across the UK. Howard Archer, chief economic advisor to the EY ITEM Club has weighed in following the consumer credit data release:There had been signs in the latter months of the year that consumers had become more concerned by the combination of a struggling domestic economy as well as heightened domestic political and Brexit uncertainties. Up until then, consumers had seemingly been prepared to brush off Brexit and other uncertainties and keep spending at a reasonable pace – helped by improved purchasing power and recent record high employment.The fundamentals for consumers may well have peaked around mid-2019, although they are likely to remain relatively decent. The latest Bank of England’s credit condition survey indicated that lenders reduced the amount of unsecured credit available to consumers in the third quarter of 2019 for an 11th successive quarter. It was expected to decline further in the fourth quarter.Bank of England data show annual growth in unsecured #UK #consumer #credit growth slowed to 5.7% in November, weakest since June 2014; small rise in #mortgage approvals for #house purchases https://t.co/y9THo3102n Continue reading…
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