Tag: spending cuts

Survey reveals squeeze on households

Survey reveals squeeze on households

The British Retail Consortium’s (BRC) latest consumer confidence survey has revealed how consumer shopping habits have changed due to the Government spending cuts and the rise in the cost of living. According to the survey released by the BRC and Nielsen, almost one third of those questioned feel that they have no cash left over [...]

August 12, 2011 | 0 Comments More
Chancellor warns of tough and long recovery ahead

Chancellor warns of tough and long recovery ahead

Speaking in the House of Commons today, Chancellor George Osborne has warned that the UK can expect a long and tough recovery. His speech came as he defended the Government’s tough spending cuts, which many have been critical about – even suggesting they could push the UK back into recession. However, the Chancellor believes that [...]

August 11, 2011 | 0 Comments More
IMF: Italy must introduce spending cuts

IMF: Italy must introduce spending cuts

The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt. Its warning comes as there are fears that the euro zone’s third largest economy could be dragged into the euro zone’s debt crisis as it has the second highest sovereign debt ratio in the region. As a result, [...]

July 13, 2011 | 0 Comments More
Report suggests pension age will have to rise to 70

Report suggests pension age will have to rise to 70

A report by accountants PricewaterhouseCoopers (PwC) has waned that the pension age may have to rise to 70 by 2046 in order to deal with Britain’s debts. Current plans introduced by the coalition Government will see the state pension age lifted to 66 for both men and women by 2020. The pension age will then [...]

July 6, 2011 | 0 Comments More
Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]

June 29, 2011 | 0 Comments More
IMF provides assessment for UK economy

IMF provides assessment for UK economy

The International Monetary Fund (IMF) has today published its annual assessment for the UK economy and is estimating growth of 1.5% this year, down from 1.7% in April. The estimate is roughly in line with other forecasts for the UK economy with the British Chambers of Commerce expecting growth of 1.3%, the Organisation for Economic [...]

June 6, 2011 | 0 Comments More
Concerns for UK economy as many call for “Plan B”

Concerns for UK economy as many call for “Plan B”

Some of Britain’s top economists are calling for Chancellor George Osborne to come up with a plan B for the UK economy. It has been suggested that the Chancellor’s massive spending cuts are too harsh for the fragile economy and a plan B on economic policy is required. The comments come shortly after the OECD’s [...]

June 6, 2011 | 1 Comment More
Vince Cable talks of tougher laws for strike action

Vince Cable talks of tougher laws for strike action

Business Secretary Vince Cable is to address delegates at the annual conference of the GMB union today and is expected to warn them that co-ordinated strike action may lead to tighter union laws. The warning comes after union leaders said strike action could take place at the end of this month as 750,000 teachers, civil [...]

June 6, 2011 | 0 Comments More
M&S reports better than expected sales

M&S reports better than expected sales

British retailing giant Marks and Spencer (M&S) has today reported like-for-like sales, which strip out new store openings, grew 0.1% in the 13 week period to 2 April. The figures were marginally better than expected and sent shares up 13.3p today to 353.5p. The 127-year-old retailer which sells clothes, food and homewares said general merchandise [...]

April 6, 2011 | 0 Comments More
Halifax reports 0.1% rise in March house prices

Halifax reports 0.1% rise in March house prices

The Halifax has today revealed UK house prices crept up by 0.1% last month compared with February, when prices dropped 0.9%. The latest house price rise takes the average cost of a UK home to £162,912, the Halifax said. Meanwhile, in the three months to March, prices dropped 2.9% compared with the same period a [...]

April 6, 2011 | 0 Comments More
UK Q4 economic growth figures revised upwards

UK Q4 economic growth figures revised upwards

The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.5% in the October to December period – slightly better than the second estimate of 0.6% but unchanged from the first estimate. Economists had expected the figures to remain unchanged. Today’s estimate is the third and final reading and the GDP [...]

March 29, 2011 | 0 Comments More
Next warns of challenging times ahead

Next warns of challenging times ahead

Next, which is Britain’s second largest fashion retailer, has today said consumers are tightening their purse strings in the face of soaring inflation and Government spending cuts. The retailing giant announced record profits but has warned of challenging times ahead for the High Street. It shares jumped 5% earlier today after posting record profits of [...]

March 24, 2011 | 0 Comments More
Sainsbury’s hit by tough trading environment

Sainsbury’s hit by tough trading environment

March 23, 2011 | 0 Comments More
OECD cuts UK growth estimates

OECD cuts UK growth estimates

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has cut its forecast for UK economic growth. The Organisation estimated growth this year of 1.5%, down from its November prediction of 1.7%. The reduction was attributed to Government spending cuts, which will hamper growth. However, the OECD described the cuts as “ambitious and [...]

March 16, 2011 | 0 Comments More
CBI calls for economic growth focus

CBI calls for economic growth focus

The Confederation of British Industry (CBI) is urging Chancellor George Osborne to provide a “relentless focus” on economic growth and job creation when he presents his annual budget later this month. In a letter to the Chancellor, the business lobby group said action must be taken in order to boost the economic recovery. Over recent [...]

March 7, 2011 | 0 Comments More
UK unemployment rate remains unchanged at 7.9%

UK unemployment rate remains unchanged at 7.9%

The Office for National Statistics (ONS) has today revealed UK unemployment rose in the three months to December. The ONS said unemployment grew by 44,000 in the three month period to 2.49 million. The latest figures means the unemployment rate is unchanged from last month at 7.9% – in line with forecasts. In the meantime, [...]

February 16, 2011 | 0 Comments More
NIESR: UK economy recovered in January

NIESR: UK economy recovered in January

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 [...]

February 10, 2011 | 0 Comments More
Rics: Housing market remains sluggish

Rics: Housing market remains sluggish

The Royal Institution of Chartered Surveyors (Rics) has today revealed uncertainty surrounding the economy means buyers and sellers remain cautious. As a result, the housing market has got off to a slow start in 2011 as buyer demand remains weak and supply levels remain low. However, the Institution said new buyer enquiries picked up in [...]

February 8, 2011 | 0 Comments More
Personal insolvencies hit record high in 2010

Personal insolvencies hit record high in 2010

Figures published by the Insolvency Service have revealed personal insolvencies climbed to a new high in 2010. According to the Insolvency Service, there were 135,089 personal insolvencies in 2010 - a rise of 0.7% compared with 2009. This was also double the number of people declared insolvent in 2005 and represented the highest figure since [...]

February 4, 2011 | 0 Comments More
John Lewis reports further slowdown in weekly sales

John Lewis reports further slowdown in weekly sales

The slowdown in consumer spending looks set to continue after the John Lewis Partnership, which is regarded as a barometer of British retailing, reported a further fall in weekly sales. The renowned employee-owned chain said department store sales fell 0.9% o £49.5 million in the week to 29 January. In the week to 22 January, [...]

February 4, 2011 | 0 Comments More