Recovery of the UK economy is to remain sluggish, with GDP slowing to 0.2% in the June to August period, the National Institute of Economic and Social Research (NIESR) predicts. This compares with a 0.6% rate in the three months to July. The influential think tank believes if the weakness continues, the Bank of England [...]
Recovery of the UK economy is to remain sluggish, with GDP growing by 1.4% in 2011 and by 2% in 2012, the National Institute of Economic and Social Research (NIESR) predicts. Growth this year will be constrained by government spending cuts and a squeeze on household finances resulting from higher taxes and rising inflation. According [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR), has today suggested the UK economy recovered in the first quarter of the year after bad weather conditions led to a shock contraction in the final quarter of last year. The economy contracted by 0.5% in the October to December period after the [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR), has today suggested the UK economy recovered in January after adverse weather conditions led to a shock contraction in the final quarter of last year. Last month, the Office for National Statistics (ONS) revealed the UK economy contracted by 0.5% in the October [...]
Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today said the global economic recovery is slowing faster and has therefore revised its growth forecast downwards for the G7 leading economies. However, the think tank has said a return to recession is unlikely but “great uncertainty” remains. It has therefore slightly revised [...]
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 [...]
The Office for National Statistics (ONS) is tomorrow expected to leave its estimate of GDP in the January to March unchanged at 0.3%. Gross Domestic Product (GDP), a key measure of economic growth, is closely watched by economists as an indication of the health of the economy. The figures were due to be released last [...]
The National Institute of Economic and Social Research (NIESR) is forecasting that the UK economy expanded by 0.7% in the three months to the end of June. Official figures for the period will be released later this month but the think tank believes most of the growth occurred over April and May. Growth is expected [...]
The Treasury has today announced Martin Weale will join the Bank of England’s Monetary Policy Committee (MPC). Mr Weale will assume his position in time for next month’s rate-setting meeting and replaces Kate Barker after her term ended on 31 May. Consequently, the Bank’s June meeting only comprised eight members but it will resume to [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR), believes taxes will increase sharply in the next ten years, in order to cut the UK’s budget deficit. According to a report by the Institute, taxes would have to rise by the equivalent of 6p on the basic income tax rate to bring [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR), said the UK economy avoided a double-dip recession in the first quarter of 2010 and is expected to see growth of 0.4%. However, official figures for quarter one GDP will not be published until April 23 but it appears many are optimistic for [...]
According to leading economic think tank, the National Institute of Economic and Social Research (NIESR), the UK economy grew by 0.3% in the December to February period and has expanded by 0.7% since last September’s slump. The NIESR’s latest predictions come just a few weeks after the Office for National Statistics (ONS) revealed the UK [...]
The Office for National Statistics (ONS) revealed UK factory output grew more than expected in December, boosting hopes of an upward revision to the initial estimate of fourth quarter GDP figures. According to the ONS, output increased by 0.9% in December after strong gains in the transport, paper and publishing and electrical and optical equipment [...]
A report by the Institute for Fiscal Studies (IFS) has said the Government needs to be ambitious in tackling the public finances but warned that economic recovery should not be put at “undue risk”. The Institute believes an extra £13 billion in tax hikes or spending cuts is required by 2015-16 in order to repair [...]
Leading economic think tank, the National Institute of Economic and Social Research (NIESR), is warning the Government that if it plans to halve the budget deficit over the next four years, much tighter spending controls are required. In his latest Pre-Budget Report, Chancellor Alistair Darling pledged to significantly reduce the UK’s soaring deficit over the [...]
Industry body, the EEF, has warned that UK manufacturers believe it will be 2011 before the industry returns to pre-recession levels. It was recently announced that manufacturing output remained flat for a second consecutive month in November. On an annual basis, manufacturing output declined by 5.4%, according to the Office for National Statistics (ONS). The [...]
Leading economic think tank, the National Institute of Economic and Social Research (NIESR), believes the UK economy exited recession in the fourth quarter of 2009 and has experienced growth of 0.3%. The prediction echoes many other reports forecasting that the economy has finally emerged from its worst recession in decades. The UK economy, which has [...]
According to influential think tank, the National Institute of Economic and Social Research (NIESR), the UK’s out of control debt will result in tax hikes, cuts in spending and a rise in the retirement age. The NIESR believes that the build up of Government debt could reach 93% of GDP by 2015. UK debt is [...]
Influential think tank, the National Institute of Economic and Social Research (NIESR) said today that Gross Domestic Product (GDP) grew 0.2% in the third quarter after a 0.3% fall in the April to June period. The NIESR specialises in estimating GDP prior to the release of figures from the Office for National Statistics. However, while [...]
The National Institute of Economic and Social Research is predicting that the UK housing market will only return to growth in 2012. The forecast, from Britain’s oldest independent economic research body, assumes that recent reports of “green shoots” are purely down to a lack of properties for sale, and will be short-lived. With mortgage approvals [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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