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The Guardian - UK
The Guardian - UK
Business
Richard Partington, Mark Sweney and Hilary Osborne

UK economy shows signs of steadying amid pause in interest rate rises

Economy United Kingdom Nationwide Bank of England Housing Market
a row of to let and for sale signs in a London street
Nationwide said the Bank of England’s pausing of its cycle of interest rate rises meant mortgage costs were likely to drop, fuelling more activity in the housing market. Photograph: Yui Mok/PA

The UK economy is showing signs of beginning to stabilise from the economic slowdown triggered by soaring inflation and ever-higher interest rates, amid hopes that a peak in borrowing costs has been reached.

Figures on the housing market and manufacturing on Friday showed steadying levels of activity, amid a modest decline in mortgage costs for households and rising confidence among industrial firms.

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