Tag: public sector

Thaw in private sector pay rises

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, [...]

August 26, 2011 | 0 Comments More
UK public sector borrowing higher than forecasts in June

UK public sector borrowing higher than forecasts in June

The Office for National Statistics (ONS) has today revealed UK public sector borrowing rose last month. According to the ONS, public sector net borrowing rose to £14 billion last month compared with £13.6 billion June 2010. The figure was higher than analysts’ expectations and was attributed to a fall in income tax receipts. The figure [...]

July 21, 2011 | 0 Comments More
UK borrowing falls in May

UK borrowing falls in May

The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month. According to the ONS, public sector borrowing fell to £15.15 billion last month compared with £16.46 billion in May last year. The figure was lower than analysts’ expectations of £15.75 billion and was attributed to an increase in [...]

June 21, 2011 | 0 Comments More
Public sector strikes to go ahead on 30 June

Public sector strikes to go ahead on 30 June

The Public and Commercial Services (PCS), which is Britain’s largest civil service union, has said 290,000 of its members will take strike action later this month, protesting against pension reforms. They will join hundreds of thousands of teachers, meaning around 750,000 public sector workers will strike at the end of the month. The co-ordinated action [...]

June 15, 2011 | 0 Comments More
UK unemployment rate falls further to 7.7%

UK unemployment rate falls further to 7.7%

The Office for National Statistics (ONS) has today revealed UK unemployment fell further in the three months to March. The ONS said unemployment fell by 36,000 in the three month period to 2.46 million. The latest figures means the unemployment rate has fallen to 7.7% from 7.8% in February. In the meantime, the number of [...]

May 18, 2011 | 0 Comments More
UK economic recovery to remain sluggish

UK economic recovery to remain sluggish

Recovery of the UK economy is to remain sluggish, with GDP growing by 1.4% in 2011 and by 2% in 2012, the National Institute of Economic and Social Research (NIESR) predicts. Growth this year will be constrained by government spending cuts and a squeeze on household finances resulting from higher taxes and rising inflation. According [...]

May 6, 2011 | 0 Comments More
UK public sector finances see surplus in January

UK public sector finances see surplus in January

The Office for National Statistics (ONS) has today revealed UK public sector net borrowing switched to a surplus in January - boosted by a sharp increase in income tax receipts and corporation tax inflows. According to the ONS, public sector net borrowing registered a surplus of £3.735 billion - representing the biggest surplus since July [...]

February 22, 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
UK public sector net borrowing falls in December

UK public sector net borrowing falls in December

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.3 billion in December - lower than forecasts of £18.1 billion and a fall from November‘s record high. However, it was slightly above December 2009′s total of £14.3 billion. The fall was attributed to the cost of Government support for Royal [...]

January 25, 2011 | 0 Comments More
Think tank predicts rising jobless levels

Think tank predicts rising jobless levels

Think tank, the Institute of Public Policy Research (IPPR), has warned that “unemployment will reach new highs for this economic downturn.” Its gloomy assessment comes as the Office for National Statistics (ONS) today revealed UK unemployment rose in the three months to November. The ONS said unemployment grew by 49,000 in the three month period [...]

January 19, 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 November. The ONS said unemployment grew by 49,000 in the three month period to 2.498 million. The latest figures means the unemployment rate is unchanged from last month at 7.9% - in line with forecasts. In the meantime, [...]

January 19, 2011 | 0 Comments More
CIPD: Unemployment to hit 2.7 million

CIPD: Unemployment to hit 2.7 million

The Chartered Institute of Personnel and Development (CIPD) has provided a gloomy assessment for UK unemployment, suggesting it could hit a 17-year high of 2.7 million next year. The latest figures from the Office for National Statistics (ONS) show UK unemployment at just over the 2.5 million mark - at a rate of 7.9%. However, [...]

December 29, 2010 | 0 Comments More
November public borrowing hits record high

November public borrowing hits record high

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £23.3 billion in November – a record high for the month. Not only did it exceed the monthly record of £21.1 billion that was set in December 2009 - it represented the highest level since monthly records began in 1993. The [...]

December 21, 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
October public borrowing rises to £10.3bn

October public borrowing rises to £10.3bn

The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £10.3 billion in October – a record high for the month. However, the figure was roughly in line with expectations of a £9.6 billion figure but is up from the £10.1 billion in October last year. The increase comes despite a [...]

November 18, 2010 | 0 Comments More
HSBC to double pay of top bankers

HSBC to double pay of top bankers

Banking giant HSBC is proposing to raise the basic salaries of its senior investment bankers, in an attempt to beat the crackdown on bonus payouts. However, the move is likely to trigger unrest among the public sector, which is faced with savage cuts, as the Government attempts to bring down the budget deficit. Furthermore, the [...]

November 17, 2010 | 0 Comments More
Banks understood to be cutting bonus payments

Banks understood to be cutting bonus payments

A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the [...]

November 15, 2010 | 0 Comments More
CIPD estimating thousands more UK job losses from spending cuts

CIPD estimating thousands more UK job losses from spending cuts

The Chartered Institute of Personnel and Development (CIPD) has said the private sector will be hit severely hard as a direct result of the Government’s spending cuts. Last month, Chancellor George Osborne unveiled his Comprehensive Spending Review – in what has been described as the most savage spending cuts since the Second World War. The [...]

November 2, 2010 | 0 Comments More
Osborne to unveil Comprehensive Spending Review today

Osborne to unveil Comprehensive Spending Review today

Chancellor George Osborne will today reveal the Comprehensive Spending Review. He is set to provide details of how he intends to slash spending by £83 billion by 2014 as he endeavours to bring down the spiralling budget deficit. The cuts have received mixed responses; many have been critical of them warning that slashing the deficit [...]

October 20, 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