Tag: double dip

NIESR: UK economic recovery to remain sluggish

NIESR: UK economic recovery to remain sluggish

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 [...]

September 8, 2011 | 0 Comments More
Halifax reports 1.2% fall in August house prices

Halifax reports 1.2% fall in August house prices

The Halifax has today revealed UK house prices fell by 1.2% in August on a monthly basis – reversing the gains noted in the previous three months. The latest fall takes the average cost of a UK home to £161,743, the Halifax said. However, on an annual basis, prices are 2.6% lower, said the lender, [...]

September 7, 2011 | 0 Comments More
Stocks fall as Morgan Stanley downgrades global GDP

Stocks fall as Morgan Stanley downgrades global GDP

US banking giant Morgan Stanley today downgraded its forecast for global economic growth, sending stock markets falling throughout the world. The American bank lowered its expectations for world growth for the 2011 year to 3.9% from 4.5%, while also downgrading 2012 growth to 3.8% from 4.5%. The downgrade sent shockwaves through stock markets as double-dip [...]

August 18, 2011 | 0 Comments More
US house prices on “downward spiral”

US house prices on “downward spiral”

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in March – the ninth consecutive monthly decline. According to the closely watched report, house prices were 0.2% lower in March on a monthly basis – albeit in line with forecasts. The index fell to 138.16, dipping below the 139.26 seen in April 2009 [...]

May 31, 2011 | 0 Comments More
Rightmove: asking prices up 3%

Rightmove: asking prices up 3%

House sellers coming to market in February increased asking prices by 3.1%, compared with January, Rightmove reports. The typical home is currently for sale at £230,030 or 0.3% more than this time last year, but the bulk of vendors could face disappointment in today’s “three-tier” market. The property portal warns that lenders are focused on [...]

February 21, 2011 | 0 Comments More
Cameron continues to defend “necessary” spending cuts

Cameron continues to defend “necessary” spending cuts

At the World Economic Forum in Davos, Switzerland, British Prime Minister David Cameron is expected to say later today that the UK economy is making “progress”. His speech will come just days after official figures revealed the UK economy contracted by 0.5% in the October to December period. The figures shocked economists who had expected [...]

January 28, 2011 | 0 Comments More
UK consumer confidence hit by VAT hike

UK consumer confidence hit by VAT hike

A survey conducted between December and January revealed a sharp fall in consumer confidence. According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence plunged by 8 points to -29, the biggest fall since the last recession in 1992. The research company highlights that the figure was the lowest since [...]

January 28, 2011 | 0 Comments More
US house prices continue to fall

US house prices continue to fall

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in November - the fifth consecutive monthly decline, albeit a smaller drop than expected. According to the index, house prices were 0.5% lower in November on the month and followed October’s decline of 1%. November’s level was just 1.2% higher than the 90-month low [...]

January 25, 2011 | 0 Comments More
UK economy sees shock 0.5% contraction in Q4

UK economy sees shock 0.5% contraction in Q4

The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.5% in the October to December period. The figures shocked economists who had expected growth of between 0.2-0.5% following growth of 0.7% in the third quarter and 1.1% in the April to June period. Meanwhile, economic growth rose by 1.7% on [...]

January 25, 2011 | 0 Comments More
Scottish manufacturers see strong rise in production

Scottish manufacturers see strong rise in production

Official figures revealed Scotland’s manufacturing sector grew in November at its fastest rate since August. The rise was attributed to a strong rise in new export orders for Scottish manufacturers, the Bank of Scotland’s Purchasing Managers’ Index (PMI) revealed today, boosted by demand from China and the US. The Bank of Scotland’s chief economist, Donald [...]

December 13, 2010 | 0 Comments More
OBR revises UK growth prospects

OBR revises UK growth prospects

The Office of Budget Responsibility (OBR), which was established in May, has today revised its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, has lifted its economic growth forecast from 1.2% to 1.8% - slightly higher [...]

November 29, 2010 | 0 Comments More
OBR expected to revise UK growth, Osborne to give update

OBR expected to revise UK growth, Osborne to give update

The Office of Budget Responsibility (OBR), which was established in May, is today expected to revise its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, is expected to revise its growth forecast to 1.7% from the [...]

November 29, 2010 | 0 Comments More
Spanish unemployment rate falls below 20% mark

Spanish unemployment rate falls below 20% mark

Spain’s statistics office has revealed that the country’s unemployment rate has finally fallen - to 19.8% in the July-September period. It was the first fall in unemployment in three years but the rate still remains the highest in Europe. Spain’s jobless rate is almost double the 10% for the euro zone as a whole with [...]

October 31, 2010 | 0 Comments More
Fears for Japanese economy as yen strengthens

Fears for Japanese economy as yen strengthens

Concern has been raised for Japan’s recovery today after the Cabinet Office said the economy is at a standstill, attributed to the rising yen, which is weakening demand for exports. As a result of a rising yen, the Bank of Japan (BoJ) intervened to stem the currency against the US dollar – the first time [...]

October 19, 2010 | 0 Comments More
Former MPC member believes UK still at risk of double dip

Former MPC member believes UK still at risk of double dip

Professor David Blanchflower, a former member of the Bank of England’s Monetary Policy Committee (MPC), has once again said massive spending cuts introduced to deal with the budget deficit could push the UK back into a recession. In June, and again last month, Mr Blanchflower warned the coalition Government that tough spending cuts could pose [...]

October 18, 2010 | 0 Comments More
Think tank: Double dip unlikely but tough times ahead

Think tank: Double dip unlikely but tough times ahead

Respected economic forecaster, the Ernst & Young Item Club, has today warned of a gloomy outlook for consumers but a double-dip recession is unlikely. The think tank said economic growth will be hampered due to massive spending cuts - introduced by the Government to tackle the budget deficit. The Ernst & Young Item Club is [...]

October 18, 2010 | 0 Comments More
Rics anticipating house price falls

Rics anticipating house price falls

A high level of properties on the market continues to outnumber buyer demand, and this will impact negatively on house prices, according to the Royal Institution of Chartered Surveyors (Rics). This echoes many reports, which all suggest house prices are heading for a double dip. House prices slumped by around one fifth between autumn 2007 [...]

October 12, 2010 | 1 Comment More
IMF warns of further correction in UK housing market

IMF warns of further correction in UK housing market

The International Monetary Fund (IMF) has suggested the UK property market could experience a double dip. In its latest World Economic Outlook, the IMF highlighted that despite Government efforts to boost the housing market and encourage first-time buyers, UK house prices could still be in line for “further correction”. The IMF was referring to the [...]

October 7, 2010 | 1 Comment More
Halifax reports 3.6% fall in house prices in September

Halifax reports 3.6% fall in house prices in September

The Halifax has today revealed UK house prices fell by a record 3.6% in September compared with August. The latest house price fall takes the average cost of a UK home to £162,096, the Halifax said. According to the lender, the monthly decline was the biggest since records began in 1983. However, it is still [...]

October 7, 2010 | 0 Comments More
Northern Foods to reduce headcount

Northern Foods to reduce headcount

Northern Foods, which supplies ready meals to Marks & Spencer and Aldi, has revealed it will trim its workforce by 500 in a bid to cut costs. The job losses, which are set to be at management-level, are the result of reducing the business from five divisions to two. However, the announcement comes despite strong [...]

October 6, 2010 | 0 Comments More