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 [...]
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 (NIESR) is joining many other leading think tanks by forecasting a slow recovery in the UK. The research body is expecting total UK Gross Domestic Product (GDP) to fall 4.3% this year before experiencing modest growth of 1% next year and 1.8% the year after. The forecasts [...]
The Office for National Statistics (ONS) today revealed a fall in British manufacturing output. According to the ONS, manufacturing output fell 0.5% in May compared with April. Analysts had forecast a fall of 0.2%. Meanwhile, on an annualised basis, output in May was down 12.7%, while market expectations had been for an annual drop of [...]
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. [...]
Britain’s largest employers’ group, the CBI, has warned today that even though Britain’s economy is showing signs of stability, recovery will not be until early 2010. According to the organisation, the economy will shrink by 3.9% over the course of this year before seeing a return to growth of 0.7% in 2010. CBI director general [...]
Britain’s recession may already have ended, according to a new report. Economic output in the UK re-entered growth during April and May, a government funded thinktank has revealed. Gross Domestic Product (GDP) grew 0.2% in April and 0.1% in May, the National Institute for Economic and Social Research (NIESR) claimed. If this growth continues through [...]
With suggestions that the UK recession may be coming to an end, sterling hit a 2009 high against the euro today. According to Reuters, sterling rose to 85.10 pence against the euro – its best performance since December. Sterling was also up against the US dollar, rising one cent to $1.6429. Sterling has been boosted [...]
The National Institute of Economic and Social Research (NIESR), the respected think tank, said the British economy is seeing signs of stability after the recent flurry of positive data. According to the NIESR, the economy grew in May by 0.1% and follows a similar rise in the previous month and was the first growth in [...]
The National Institute of Economic and Social Research (NIESR), an economic thinktank, is forecasting that the UK economy will contract by 4.3% this year, then grow by 0.9% in 2010. According to the NIESR, the current recession in the UK could be the worst since the early 1930s with “a real possibility that GDP could [...]
The influential think tank, National Institute of Economic and Social Research (NIESR), said that the current economic downturn is following a similar path to that of the early 1980s slowdown. While the figures have not yet reached those of the recession in the 1980s, the current economic decline is “very similar” to the one which [...]
An influential think tank believes that a cut in interest rates this week would not benefit the economy but said other moves such as the Bank of England purchasing corporate bonds would be better. The Bank of England’s Monetary Policy Committee begins its two-day rate setting meeting today and has aggressively cut rates since October [...]
The National Institute of Economic and Social Research (NIESR) has concluded that the outlook for the UK economy is deteriorating. Official figures show that the UK economy contracted by 1.5% in the final quarter of 2008 – representing the worst performance for 28 years. The figures come after the Office for National Statistics revealed on [...]
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 Bank of England’s Governor, Mervyn King, has issued a stark warning that the UK economy is on the verge of a prolonged recession. Mr King added that he is concerned about rising unemployment and tumbling house prices. Following his announcement, the pound plummeted to a five-year low against the dollar to $1.6331. Meanwhile, the [...]
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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BoE Governor: Growth to resume in Q3
The Bank of England’s Governor, Mervyn King, has said today that there are signs that the UK economy is expanding again. The announcement will provide hope that the UK will follow France and Germany and exit recession by experiencing positive growth. However, in comments made to the Treasury Select Committee, Mr King expressed caution and [...]