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News Tag: UK

October 31, 2011

ILO: Global economy on brink of jobs recession

by Kay Mitchell
”ILO:
The International Labour Organization (ILO) has warned that the world economy is heading towards a new jobs recession, which could trigger social unrest in some countries. The recent slowdown in the global economy is “dramatically” affecting labour markets and it is expected to take at least five years for employment in developed economies to return to pre-crisis levels, according to ...




October 18, 2011

UK inflation surges to 5.2% in September

by Kay Mitchell
”UK
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) accelerated to annual rate of 5.2% last month from August’s rate of 4.5%. The rate represented the highest since September 2008 and it has never exceeded this rate since the CPI measure was first calculated in 1997. Higher inflation continues to be led by rising energy costs. The ONS said in ...




October 17, 2011

Item Club warns of euro zone crisis impact

by Kay Mitchell
”Item
Leading think tank, the Ernst & Young Item Club, has warned that growth within the UK economy is “grinding to a halt” because of the euro zone debt crisis. The Item Club also warned that the quantitative easing (QE) measures, announced recently by the Bank of England, are unlikely to boost the recovery. Its comments come just a week after the ...




October 13, 2011

UK trade deficit narrows in August

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed the UK trade deficit narrowed in August as export values hit an all-time high and imports fell. The goods trade gap shrank to £7.77 billion in August from £8.15 billion the previous month, said the ONS. Total exports of goods reached £25.5 billion, led by fuels intermediate goods such as mechanical engineering products and ...




October 12, 2011

UK unemployment soars to 17-year high

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to August – rising to a 17-year high. The ONS said unemployment rose by 114,000 in the three month period to 2.57 million, taking the unemployment rate to 8.1% - higher than forecasts. In comparison, unemployment in the US stands at 9.1%, Japan’s unemployment rate is ...




October 11, 2011

Weak UK factory output suggests poor start to Q3

by Kay Mitchell
”Weak
The Office for National Statistics (ONS) has today revealed UK factory output fell 0.3% in August on a monthly basis. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. On an annual basis, meanwhile, factory output was 1.5% higher – representing the weakest ...




Rics: Economic fears hit housing market confidence

by Kay Mitchell
”Rics:
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market is suffering due to fears over the economy. However, the Institution said the number of enquiries from potential new buyers increased marginally in the month, with 3% more surveyors reporting a rise rather than a fall. First-time buyers, in particular, are struggling to get a foot onto ...




October 3, 2011

UK manufacturing activity recovers in September

by Kay Mitchell
”UK
The Chartered Institute of Purchasing and Supply (CIPS)/Markit manufacturing purchasing managers’ index (PMI) has today revealed UK manufacturing activity bounced back last month. The closely-watched CIPS/Markit manufacturing PMI rose to 51.1 in September from August’s reading of 49.4. Activity has contracted for the last three months and today’s survey means the index has moved back above the crucial 50 mark – ...




September 8, 2011

OECD lowers growth prospects for major economies

by Kay Mitchell
”OECD
The Paris-based Organisation for Economic Cooperation and Development (OECD) has revised its growth forecasts for major economies. The US, which is the world’s largest economy, is expected to see growth in the third quarter of 1.1% and 0.4% in the fourth – this is far lower than the previous estimates of 2.9% and 3%. However, an unexpected sharp downgrade comes ...




September 6, 2011

NBNK shares suspended amid merger talks

by Kay Mitchell
”NBNK
Shares in financial institution NBNK has had its shares suspended on AIM after it confirmed it is in merger talks. The bank, which is run by Gary Hoffman who is the former chief executive of crisis-torn Northern Rock, was established a year ago to make acquisitions and is set to build a significant presence in the UK as a retail bank. It plans ...




August 30, 2011

UK housing market in “crisis”

by Kay Mitchell
”UK
According to a new report by the National Housing Federation (NHF), the UK housing market is in “crisis” as private rents continue to surge and owner-occupier rates fall. The study suggests that home ownership will decline to around 64% by 2021 – the lowest level since the mid-1980s – as an entire generation is unable to get a foot on the property ladder. ...




UK Q2 economic growth figures unchanged, US revised down

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has revealed the UK economy grew by 0.2% in the April to June period – unchanged from a previous estimate published last month. A third and final estimate will be available next month. However, growth for the second quarter slowed from the 0.5% growth posted in the first quarter. On an annual basis, meanwhile, there ...




August 26, 2011

Thaw in private sector pay rises

by Gill Montia
Thaw in private sector pay rises
UK pay settlement levels are stable, according to the latest analysis from employment research specialist, Incomes Data Services (IDS). The average settlement for the three months to the end of July stood at 2.5%, having remained constant since January, and with pay settlements in manufacturing continuing to lead the way, typically at 2.9%. In addition, no pay freezes were recorded at private ...




August 17, 2011

UK unemployment rate and claimant count up

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed UK unemployment rose in the three months to June. The ONS said unemployment rose by 38,000 in the three month period to 2.49 million. The latest figures take the unemployment rate from 7.7% to 7.9%. Economists had expected the rate to stay flat at 7.7% Meanwhile, the number of Britons claiming jobseeker’s allowance ...




August 16, 2011

UK inflation jumps to 4.4% in July

by Kay Mitchell
”UK
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.4% last month after easing to 4.2% in June. Analysts had expected the figure to rise slightly to 4.3%. Higher inflation continues to be led by rising food costs – which grew by 6.2% in July, while clothes prices increased by 3.1% - the most ...




August 10, 2011

Bank of England lowers economic growth forecast

by Kay Mitchell
...




August 9, 2011

UK trade deficit widens in June

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed the UK trade gap widened to £8.8 billion in June – the biggest deficit since December 2010 and higher than expectations of £8.1 billion. The figures come on the same day the ONS revealed UK factory output fell by 0.4% in June after rising by 1.8% in May. The reading surprised economists who had ...




August 3, 2011

UK service sector grows at stronger pace

by Kay Mitchell
”UK
Growth in the UK’s closely-watched service sector grew at the strongest pace in 4 months in July, figures have revealed today. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) surged to 55.4 last month from June’s reading of 53.9. The rise was unexpected after analysts had expected the index to fall to 53.2. Meanwhile, the index continues to remain ...




August 2, 2011

IMF provides assessment for UK economy

by Kay Mitchell
”IMF
In its latest assessment of the UK economy, the International Monetary Fund (IMF) has said growth will be around 1.5% this year. The Washington-based Fund warned that stubbornly high inflation continues to be a threat to the economy and is forecasting inflation to remain well above the 4% mark in 2011 before falling to 2% by the end of 2012 – returning ...




August 1, 2011

CBI revises UK growth prospects

by Kay Mitchell
”CBI
The Confederation of British Industry (CBI) has today revised its growth prospects for the UK Economy. The employer’s group is now forecasting growth of 1.3% this year, down from its May forecast of 1.7%. Meanwhile, it is still expecting growth of 2.2% in 2012 – unchanged from its previous forecast. The CBI has also suggested the Bank of England will keep interest rates at the ...