UK income tax receipts reach surplus in July

A record month for income tax receipts helped the government achieve its first July surplus on the public finances for three years, according to official figures.

UK interest rate rises - waiting for lift-off

With prominent members of the Bank of England’s monetary policy committee (MPC) – not least the governor – lining up in recent weeks to talk up the prospect of rate rises at some point in the coming months, this week’s meeting has already sparked another burst of speculation about when the first hike in eight years will happen.

Bank of England: Gertjan Vlieghe named as new MPC member

Chancellor George Osborne has announced that Gertjan Vlieghe, a senior economist at hedge fund Brevan Howard, will replace David Miles on the Bank of England’s monetary policy committee.

Is the government still behind the banking ringfence?

The general election was only10 weeks ago and already the big banks have scored two major lobbying triumphs. In round one, chancellor George Osborne revamped the bank levy in a way that will save HSBC about £700m a year.

Greece debt crisis: Global stock markets slide

Stock markets in Europe and the US have fallen after Greece closed its banks and restricted cash withdrawals.

UK tax policy dictated by companies not ministers says leading treasury expert

The UK’s tax policy is effectively dictated by companies and not ministers, according to a leading barrister and adviser to the treasury on its recent “Google tax”.

UK inflation rate turns positive

Transport costs helped the UK's inflation rate turn positive in May after one month of negative inflation. Inflation, as measured by Consumer Prices Index (CPI), rose to 0.1% in May, up from -0.1% in April.

Carney Holds U.K. Bankers to Account in Conduct Overhau

Mark Carney and George Osborne are making it personal. Seven years after the U.K. bailed out some of its biggest lenders, the Bank of England governor and chancellor of the Exchequer have turned their focus to the behavior of individuals.

Osborne is misleading over cuts needed to balance books, says IFS

The Institute for Fiscal Studies has warned that the government has given a misleading impression of the size of the cuts required for George Osborne to meet his pledge to balance the books over the next three years.

UK economic growth slows to 0.3%

The rate of economic growth halved in the three months to the end of March, official figures show, marking the slowest quarterly growth for two years.

'Quick fix' Labour plans a cause for concern, experts warn

A Labour government would introduce "quick fixes" and interventionist policies, hindering job growth and sending a signal that Britain was no longer open for business, experts have warned. Business groups gave a lukewarm reception to Ed Miliband's unveiling of the Labour manifesto.

Britain records biggest budget surplus in seven years in January

Britain posted its biggest budget surplus since before the financial crisis in January, as stronger tax receipts put Chancellor George Osborne firmly back on track to meet the Government's borrowing target this year.

Shop prices fell in every month of 2014 as deflation continues

Prices in UK shops fell in every month of 2014, according to an industry group that predicts tumbling oil prices will continue the deflationary pattern this year.

Government’s deficit target still off course despite strong October

The chancellor’s plan to cut the deficit this year still looks out of reach as he prepares to deliver the autumn statment next month, despite a surprise improvement in the public finances in October.

UK interest rates remain at record low of 0.5%

The Bank of England has held UK interest rates at a record low of 0.5% for another month. It has also decided not to extend its quantitative easing programme, designed to stimulate lending in the economy, beyond the £375bn already spent.

George Osborne questions impact of regulations from Bank of England

George Osborne is calling on the Bank of England to consider the impact on lending to business and households as it toughens the regime to bolster the financial strength of the banking sector.

Ed Balls told to take clearer line on budget deficit

Shadow cabinet members are privately expressing concern that Ed Balls needs to adopt a more clearly defined position on the budget deficit after recent statements that have left many of them confused.

Biggest fall in UK shopping since 2008

The weakest underlying performance by high street and online stores since the depth of the 2008-09 recession provided fresh evidence on Tuesday of a slowdown in the economy.

George Osborne faces backlash after branding charities ‘anti-business’

George Osborne has triggered a backlash from charities after he urged companies to defend the economy against their “anti-business views” and those of pressure groups and trade unions.

Osborne and Carney to miss G20 summit for Scottish referendum result

The chancellor, George Osborne, and the governor of the Bank of England, Mark Carney, are to miss next weekend's meeting of G20 central bank governors and finance ministers to ensure they are in the UK for the outcome of the Scottish referendum.