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News Tag: recession

October 26, 2012

UK economy leads Europe

by Jan Harris
UK economy leads Europe
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. Olympic ticket sales are believed to have contributed 0.2 ...




October 10, 2012

UK out of recession economic research institute claims

by Jan Harris
UK out of recession economic research institute claims
The UK economy returned to growth in the third quarter according to the National Institute of Economic and Social Research (NIESR), marking an end to the double dip recession. The NIESR estimates that GDP grew by 0.8 per cent in the three months ending in September, building on an improvement seen in the three months ending in August, when GDP ...




September 21, 2012

Bank of England optimistic for economic growth

by Jan Harris
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Sir Mervyn King, the governor of the Bank of England, expects the UK economy to return to growth in the next quarter, marking an end to the double-dip recession. Speaking on Channel 4 News, Sir Mervyn warned that recovery would be slow and said that the continuing crisis in the eurozone creates uncertainty for British business. "I think we’re beginning to see a few signs now ...




July 25, 2012

Double-dip recession worst for 50 years

by Jan Harris
Double-dip recession worst for 50 years
The latest official figures reveal that the UK economy contracted by 0.7 per cent in the second quarter of 2012, significantly more than the 0.2 per cent fall in GDP expected by economists. It is the largest fall in quarterly UK economic outlook since the first three months of 2009 and means that the double-dip recession has extended into a third consecutive ...




July 17, 2012

Outlook improves for UK economy

by Jan Harris
Outlook improves for UK economy
The UK economy could recover more quickly than expected according to economic forecasting group the Ernst & Young Item Club. The Item Club expects the UK to return to growth in the second half of this year, marking an end to the double-dip recession. However this depends on a solution being found to the debt crisis in the eurozone. The UK economy contracted ...




July 11, 2012

Double-dip recession deepens

by Jan Harris
Double-dip recession deepens
The UK economy has contracted for three consecutive quarters according to new figures from the National Institute of Economic and Social Research (NIESR). NIESR estimates that GDP fell by 0.2 per cent in the 2012 second quarter, with the extra bank holiday for the Diamond Jubilee contributing to the fall. This follows a 0.3 per cent fall in GDP in the first quarter and a ...




June 27, 2012

Economic recovery could take until 2017

by Jan Harris
Economic recovery could take until 2017
Sir Mervyn King, the governor of the Bank of England, does not expect the UK economy to recover until 2017, three years later than his earlier estimate. The Governor made his gloomy prediction to MPs at a meeting of the Treasury Select Committee (TSC). “When this crisis began in 2007, most people did not believe we would still be here. “I don’t ...




June 19, 2012

Inflation falls to 2.8%

by Jan Harris
Inflation falls to 2.8%
Inflation fell to 2.8 per cent on the Consumer Prices Index in May, from 3 per cent in April, surprising economists who had not expected it to change. Inflation also fell on the Retail Prices Index, which includes housing costs, from 3.5 per cent in April to 3.1 per cent in June. Inflation is now at its lowest level for two ...




May 30, 2012

Credit card lending contracted in April

by Jan Harris
Credit card lending contracted in April
Credit card lending contracted in April, representing the fourth time it has contracted in the past six months and suggesting that consumer confidence remains low. Repayments exceeded new borrowing by £118m last month, marking the biggest monthly contraction since August 2006, according to the latest figures from the Bank of England. Other types of personal lending increased by £400 million in ...




May 15, 2012

Personal debt soared prior to credit crunch

by Jan Harris
Personal debt soared prior to credit crunch
Household borrowing soared in the decade leading up to the start of the financial crisis in 2008 according to a report by the National Institute for Economic and Social Research (NIESR) and the Resolution Foundation. Household spending, GDP and property prices all increased steadily between 1997 and 2007 but the report suggests that this growth was heavily based on borrowing. The study ...




May 10, 2012

BoE holds interest rates and stops quantitative easing

by Jan Harris
BoE holds interest rates and stops quantitative easing
The Bank of England is holding the base rate at 0.5 per cent and has decided not to extend its quantitative easing (QE) programme following a £50bn boost to the economy in February. The UK interest rate has now remained at 0.5 per cent for three years, despite high levels of inflation. Consumer Prices Index inflation currently stands at ...




May 3, 2012

Opinions divided over Olympic effect on economy

by Jan Harris
Opinions divided over Olympic effect on economy
While research by the Alliance Trust suggests that an economic boost generated by the Olympics will help Britain out of recession, rating agency Moody’s is warning that any benefit will only be short term. Alliance Trust suggests that ticket sales for the event and other consumer spending on Olympic related retail products will cause a surge in economic growth. Tickets to the ...




April 25, 2012

UK economy back in recession

by Jan Harris
UK economy back in recession
Provisional figures from the Office for National Statistics (ONS) show that the UK economy has contracted for two consecutive quarters, which means it has fallen back into recession. The economy shrank by 0.3% in the fourth quarter of 2011 and the latest figures show a contraction of 0.2% in the first three months of 2012 after construction output fell sharply. Production output fell ...




April 4, 2012

UK may avoid double-dip recession

by Jan Harris
UK may avoid double-dip recession
News that the UK's service sector grew more than expected last month has generated optimism that the economy could avoid falling back into recession. The Markit/CIPS Purchasing Managers Index (PMI) for the service industry increased to 55.3 in March, from 53.8 in February, with a reading of above 50 representing growth. Growth in the service sector during the first quarter reached its ...




March 29, 2012

OECD says UK falling back into recession

by Jan Harris
OECD says UK falling back into recession
The UK economy is expected to contract by 0.4 per cent on an annualised basis in the first three months of 2012, according to the Organisation for Economic Co-operation and Development (OECD). This represents a contraction of 0.1 per cent compared with the final quarter of 2011 and means that the UK is returning to recession. UK output declined at ...




February 1, 2012

UK economy needs fiscal boost

by Jan Harris
UK economy needs fiscal boost
The UK economy needs a fiscal boost of £10 billion to £20 billion in order to avoid another recession, a leading think tank said today. In its annual Green Budget, The Institute for Fiscal Studies calls for Chancellor George Osborne to include a short-term fiscal stimulus in his budget. This would buffer the UK economy against the eurozone crisis and the possibility ...




January 23, 2012

Gap between rich and poor cities to widen

by Jan Harris
Gap between rich and poor cities to widen
The economic gap between cities doing relatively well during the economic downturn and those that have been hard hit by the recession, is expected to widen. A report by the Centre for Cities, a research and policy organisation focused on improving the economic performance of UK cities, suggests that a combination of weak growth in the private sector and ...




January 17, 2012

Inflation falls to 4.2%

by Jan Harris
Inflation falls to 4.2%
The rate of Consumer Prices Index (CPI) inflation fell to 4.2 per cent in December, from 4.8 per cent in November, according to the latest figures from the Office for National Statistics (ONS). This is the third consecutive month that inflation has fallen and December’s figures represents the biggest monthly fall since April 2009. Inflation is now at its lowest level since June ...




January 10, 2012

UK faces stagnation but may escape recession

by Jan Harris
UK faces stagnation but may escape recession
Britain's economy stagnated in the final quarter of 2011 and is "very likely" to contract in the first half of 2012 according to the British Chambers of Commerce (BCC). The euro zone debt crisis caused the economy to stagnate in 2011 and it has failed to improve this year, with the survey suggesting that one or two quarters of ...




December 12, 2011

Economists forecast deeper UK recession

by Jan Harris
Economists forecast deeper UK recession
The UK economy is expected to contract by 1.3 per cent in 2012, according to respected economists at Standard Chartered bank. Growth of 0.6% had been predicted but Standard Chartered’s latest survey, of 350 companies, points to a sharp recession in the face of the ongoing eurozone crisis. The eurozone economy is expected to contract by 1.5 per cent next year. Three factors ...