With interest rates minimal and income stagnating, British consumers are digging into their savings.
Britain's central bank has done what it avoided doing for the past 10 years. It's hiked interest rates to curb inflation caused by a steep drop in the pound's value. But the marginal rise is of a rather symbolic nature.
The Bank of England has warned retail lenders to bulk up capital reserves by the end of 2018. As UK household indebtedness grows, the bank's governor warned lenders against "forgetting the lessons of the past."
French car group PSA has put industry veteran Stephen Norman in charge of managing a turnaround for its Opel/Vauxhall operations in Britain and Ireland, saying key to the brand's survival is a pick-up in UK sales.
The German government has raised its growth outlook for 2017. It said strong domestic consumption would increase growth and bring down a much-criticised trade surplus logged by Europe's powerhouse for years on end.
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