Bank of England Governor Andrew Bailey called for the world's financial powers, led by the United States and China, to avoid economic nationalism in a speech released three days before Donald Trump is due to be sworn in as U.

The disappointing retail data adds to the dim economic picture in the U.K. and to the challenges facing Finance Minister Rachel Reeves.

Mark Carney was the first non-British person to become governor of the Bank of England in its more than 300-year history when he took the job in 2013. He had previously worked at the investment bank Goldman Sachs, and served as the governor of the Bank of Canada, the country's central bank.

The Bank of England said on Friday it would delay the implementation of tougher bank capital requirements by one year until January 2027, amid an aggressive pushback against the stricter global standards in the United States.

No decision will be made for at least a couple of years on whether Britain will go ahead with a central bank digital currency for the general public, the Bank of England said on Tuesday, pushing back the timeline for the project.

London was the only UK region to see house price falls in the year to November, according to the latest figures from the Office of National Statistics (ONS). Property prices in the capital dropped 0.1 per cent to an average of £511,000 in November, a slight improvement on the 0.4 per cent fall recorded in October.

There's good news for Chancellor Rachel Reeves in response to bad signs for economic growth - the market turbulence that piled pressure on her stewardship of the economy has reversed.

In a historic partnership, the New York Department of Financial Services (DFS) and the Bank of England (BOE) are launching the Transatlantic Regulatory Exchange (TRE), an initiative to strengthen collaboration on financial regulation.

The Transatlantic Regulatory Exchange programme, as it is known, will start with the exchange of experts in emerging payment platforms and digital assets. Secondments will be for a minimum of six months, but could be extended to up to one year.