The latest official figures from the Office for National Statistics (ONS) show that inflation fell to 3.4 per cent in February, from 3.6 per cent in the previous month, according to the Consumer Prices Index (CPI). Using the Retail Prices Index (RIP) measurement, which includes housing costs such a mortgage interest and council tax, inflation [...]
The UK’s Gross Domestic Product (GDP) increased by only 0.2% in the second quarter of 2011, following an increase of 0.5% in the preceding three months. However, the Office for National Statistics (ONS) highlights special events that could have curbed growth, including the additional April bank holiday, the royal wedding and the after effects of [...]
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.3% in the January to March period – unchanged from the previously estimated figure, but marginally higher than the first estimate of 0.2%. Analysts had expected GDP to remain unchanged in the first quarter but many economists believe that economic growth [...]
Hopes that the recession has finally come to an end emerged today after the Institute of Chartered Accountants in England and Wales (ICAEW) said confidence among British businesses has jumped to a six-year high. According to The Times newspaper, the Business Confidence Monitor survey grew to a reading of 24.6 for the fourth quarter, up [...]
The Bank of England’s latest quarterly inflation report, published today, has revealed a much better outlook for the UK economy than its previous report in August. The Bank increased its forecast for economic growth over the next two years predicting that gross domestic product (GDP) should rise above 4% early 2011 before slowing to 3% [...]
There are tentative signs that the manufacturing sector in the euro zone may be emerging from recession after a rise in industrial orders has been reported for the month of June. According to Eurostat, the European statistics agency, new orders (a key indicator of industry’s future growth) rose by 3.1% during the month when compared [...]
The National Institute of Economic and Social Research (NIESR), the influential think tank, has forecasted that gross domestic product (GDP) fell 0.4% in the three months to June - the fifth consecutive quarter of decline. Official GDP figures for the April to June period are due to be released at the end of this month. [...]
The Office for National Statistics (ONS) has today revealed that UK public sector borrowing has soared to the highest level since ONS records began over 15 years ago. Public sector net borrowing reached a record level of £19.9 billion in May and has already hit £30.5 billion for this financial year - more than double [...]
The National Institute of Economic and Social Research (NIESR) has published its latest predictions for the UK economy, stating that it expects the economy to enter into a deep recession in the final quarter of the year. The independent institute estimates that Gross Domestic Product (GDP) fell by 1% in the three months to the [...]
The world’s largest economy is officially on the verge of recession after figures from the Commerce Department show that the economy shrank at an annual rate of 0.3% in the three months to September. The fall follows growth of 2.8% in the previous quarter. Meanwhile, consumer spending, which accounts for about 70% of the US [...]
A year has passed since the government replaced Child Trust Funds with Junior ISAs (JISAs) but more than half of parents are unaware that they exist, according to research by friendly society Family Investments Children born between 1 September 2002 and 2 January 2011 were eligible to open a Child Trust Fund and to receive [...]
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the [...]
Bonfire Night worst day for burglaries warns Aviva
Insurance group Aviva is warning households to be vigilant over security at this time of the year, as burglaries tend to increase signficantly between Halloween and Bonfire Night. On Bonfire Night the number of burglaries increases by around 25 per cent compared with an average day, according to the company’s research. Aviva also reported a [...]
Consumer confidence hits six-month low
Although the UK has officially emerged from recession, consumer confidence fell to -30 in October from -28 in September, according to market researcher company GfK NOP. This is the lowest level of consumer confidence since April when the UK was in an economic slump. Analysts had expected the index to remain stable at -28. Respondents [...]
100,000 mortgage holders escape negative equity trap
New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small [...]
Banking commission appoints counsel to cross-examine witnesses
The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This [...]
Mortgage approvals increased in September
An increase in the number of mortgage approvals in September suggests that the ‘Funding for Lending’ scheme, launched by the Treasury and the Bank of England, may be starting to give the property market a boost. According to Bank of England figures, the number of loans approved for house purchase increased by 2,103 to 50,024 [...]
Five million paid less than living wage
Five million people in the UK are paid less than the ‘living wage’ of £7.20, or £8.30 in London, according to a new report by KPMG. In Northern Ireland, 24 per cent of workers receive less than they require in order to pay for essentials and the situation is little better in Wales where 23 [...]
Commission calls for radical change in housing market
A new study by the Future Homes Commission suggests that the way homes are built in the UK is dysfunctional and needs a radical overhaul. The organisation, which was established by the Royal Institute of British Architects, believes that 300,000 extra homes could be built every year without any input from Government funding. Instead, the [...]
The UK economy emerged from recession yesterday and now leads the way in Europe according to research group Capital Economics. Gross Domestic Product (GDP) grew by one per cent in the third quarter from July to September, the biggest rise for five years, the latest official figures from the Office for National Statistics (ONS) show. [...]
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