Philip Aldrick

London

Senior Editor at Bloomberg News

Senior economics reporter, Bloomberg @economics @bloomberguk

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Articles

Looming BOE Decision Casts £4 Billion Shadow Over UK’s Budget

1 week ago | bloomberg.com | Philip Aldrick |Greg Ritchie

(Bloomberg) -- A decision that the Bank of England has to make in the next few months is posing a £4.3 billion ($5.8 billion) threat to Chancellor of the Exchequer Rachel Reeves’ spending plans. By September, the BOE will announce the pace at which it will offload the gilts it owns next year under so-called quantitative tightening.
BOE’s Bailey urges closer EU trade to reverse Brexit damage

1 week ago | fortune.com | Philip Aldrick |Tom Rees |Irina Anghel |Francine Lacqua

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BOE’s Bailey Urges Closer EU Trade to Reverse Brexit Damage

1 week ago | news.bloombergtax.com | Philip Aldrick |Tom Rees |Irina Anghel

Bank of England Governor Andrew Bailey has urged the government to strike a deeper trade deal with the European Union to improve growth and “minimize negative effects” of Brexit. In the text of a speech to be delivered at the Irish Association of Investment Managers in Dublin later Thursday, Bailey said “the evidence on Brexit suggests that the changing trade relationship has weighed” on the UK economy by putting up barriers and hampering productivity.
BOE’s Bailey Urges Closer EU Trade to Reverse Brexit Damage

1 week ago | bloomberg.com | Philip Aldrick |Tom Rees |Irina Anghel |Francine Lacqua

Andrew Bailey, governor of the Bank of England (BOE), at the Monetary Policy Report news conference at the bank's headquarters in the City of London, UK, on Thursday, May 8, 2025. The Bank of England cut interest rates by a quarter point to 4.25% as Donald Trump’s global trade war weighs on UK growth, in a decision that split senior officials into three groups and was made before the US President hinted at an imminent deal to lower tariffs on British exports.
Why UK Inflation Is So High and Tough to Bring Down

1 week ago | bloomberg.com | Philip Aldrick |Tom Rees

Shoppers queue at a fruit and vegetable stall in Bexleyheath, Greater London. (Bloomberg) -- While a post-pandemic burst of inflation has abated across much of the developed world, Britain is still stuck with the highest price growth among big western economies. Granted, consumer price inflation (CPI) is now far below where it was in late 2022, when it maxed out at 11.1%.
IMF warns UK to keep budget in check or risk market revolt

1 week ago | financialpost.com | Philip Aldrick

Advertisement 1The IMF has welcomed the Bank of England's plan to make greater use of scenarios in its quarterly forecastsArticle contentUK Chancellor of the Exchequer Rachel Reeves must stick to her fiscal rules and keep spending under control or risk a market backlash that undermines the government’s economic plans, the International Monetary Fund (IMF) warned. Sign In or Create an AccountArticle contentWe apologize, but this video has failed to load.
IMF Warns UK to Keep Budget in Check or Risk Market Revolt

1 week ago | bloomberg.com | Philip Aldrick

Rachel Reeves(Bloomberg) -- UK Chancellor of the Exchequer Rachel Reeves must stick to her fiscal rules and keep spending under control or risk a market backlash that undermines the government’s economic plans, the International Monetary Fund warned.
BOE’s Pill Questions Prominence of Forecasts in Era of Shocks

2 weeks ago | news.bloomberglaw.com | Philip Aldrick |Irina Anghel

A combination of increasingly frequent economic shocks and unreliable data has made Bank of England forecasts less useful and the job of UK central bankers particularly “challenging” at the moment, Bank of England Chief Economist Huw Pill said.
BOE’s Pill Questions Prominence of Forecasts in Era of Shocks

2 weeks ago | bloomberg.com | Philip Aldrick |Irina Anghel

Huw Pill(Bloomberg) -- A combination of increasingly frequent economic shocks and unreliable data has made Bank of England forecasts less useful and the job of UK central bankers particularly “challenging” at the moment, Bank of England Chief Economist Huw Pill said.
UK Budget Deficit Widened in April Despite Employer Tax Hike

2 weeks ago | bloomberg.com | Philip Aldrick

The headquarters of HM Treasury in the Westminster district of London. Photographer: Hollie Adams/Bloomberg(Bloomberg) -- UK government borrowing increased in the first month of the new fiscal year, providing Chancellor of the Exchequer Rachel Reeves little relief from the difficult budget backdrop she has faced since taking office. The deficit in April was £20.2 billion ($27.1 billion), the Office for National Statistics said Thursday.