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News Tag: household spending

December 18, 2012

Monthly incomes £22 lower in 2012

by Jan Harris
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE reported. The survey, which was published by ...




October 22, 2012

Improvement seen in consumer finances

by Jan Harris
Improvement seen in consumer finances
Two separate surveys have reported an improvement in household finances, bolstering optimism that the recession is coming to an end. Although Markit, the financial information services company, reported a worsening in consumer finances in October, it was the smallest deterioration in the past two years. The Markit Household Finance Index, which is designed to accurately anticipate changing consumer behaviour, increased from 38.4 ...




September 3, 2012

Raising a child costs £8,000 a year

by Jan Harris
Raising a child costs £8,000 a year
The average cost of raising a child up to the age of 11 increased to £8,307 a year in 2011, according to the Halifax. The figure represents a 15 per cent increase over the last five years and means that it now costs more than £90,000 to raise a child to secondary school age. Inflation, as measured by the Retail Price Index, ...




August 20, 2012

Households more optimistic about their finances

by Jan Harris
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly increase and the slowest deterioration of household finances since ...




July 31, 2012

Households’ disposable income falls

by Jan Harris
Households’ disposable income falls
In the 2012 first quarter, individuals’ disposable income fell to the lowest level since 2003, according to new figures from the Office for National Statistics. Spending power is being eroded because wages are failing to keep up with inflation causing the average disposable income in the first quarter to fall to £273. Disposable income including tax and benefits fell by 1 per cent ...




May 26, 2011

CBI: UK service sector firms show cautious optimism

by Kay Mitchell
”CBI:
A survey by the CBI has revealed consumer service firms have been hit by a cut back on spending. According to the CBI, firms such as hotels, bars and restaurants, saw evidence of weak demand but are optimistic about future prospects as conditions are not expected to be as challenging in the coming quarter. Meanwhile, business services firms, which include accountancy ...




May 25, 2011

UK Q1 economic growth figures remain unchanged

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.5% in the January to March period – unchanged from the first estimate last month. The figure is in line with market forecasts but is behind Chancellor George Osborne’s forecast of 0.8%. The reading suggests the recovery of the UK economy remains sluggish as households remain under pressure ...




January 5, 2011

US Fed to proceed with QE2

by Kay Mitchell
’US
Minutes from the December 14 policy meeting have revealed that US central bank, the Federal Reserve, will press ahead with its $600 billion (£385 billion) stimulus programme. The fresh round of stimulus comes despite improvements in the world’s largest economy, the minutes revealed. Many economists suggested that the strengthening recovery would result in the Fed scaling back the QE2 programme. However, the Fed noted ...




October 25, 2010

PM to deliver speech about the economy

by Kay Mitchell
”PM
David Cameron is to deliver a speech today at the CBI's annual conference and is expected to defend the recent spending cuts, while pledging to create a "new economic dynamism" in Britain. The Prime Minister intends to boost business confidence and growth and is expected to say: "This is an incredible opportunity for Britain - for new start-ups to flourish, for ...




October 1, 2010

Japan continues its battle with deflation

by Kay Mitchell
Japan continues its battle with deflation
Official figures today revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been in deflation. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters consumers and businesses from spending in expectation ...




April 30, 2010

BoJ elects to hold interest rates at 0.1%

by Kay Mitchell
BoJ elects to hold interest rates at 0.1%
After a two-day policy board meeting, the Bank of Japan (BoJ) has elected to keep interest rates at 0.1%, as widely expected. Interest rates in the world’s second largest economy have been at the low level since December 2008 in a bid to fight off deflation. Deflation remains a problem for the economy. Japanese core consumer prices fell 1.2% in March ...




August 13, 2009

US Fed holds interest rates and is optimistic for the future

by Kay Mitchell
”US
The US Federal Reserve has yet again unanimously kept interest rates on hold at between 0% and 0.25% - as widely expected. The US Central Bank said that the current low levels of interest rates will likely continue "for an extended period" to aid the continuing recovery of the world‘s largest economy. The Fed also talked of ...




March 31, 2009

Fears for Japan as unemployment rate hits 4.4%

by Kay Mitchell
”Fears
There is more bad news for Japan today after the statistics bureau in Tokyo announced that the unemployment rate has risen to a 3-year high of 4.4%, up from 4.1% in January. The Government said that the number of people out of work in Japan last month stood at 2.99 million, up by 330,000 from the previous year. The export-dependent economy, ...