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Wednesday 19th of January 2011

News Tag: VAT rise

January 18, 2011

UK inflation surges to 8-month high in December

by Kay Murchie
”UK
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.7% in December, up from 3.3% in November. The figure was much higher than the 3.4% analysts had expected and inflation has now been above its target of 2% for over a year. Many leading business groups have suggested that inflation could ...



January 17, 2011

Think tank urges central bank to keep interest rates low

by Kay Murchie
’Think
Influential think tank, the Ernst & Young Item Club, is urging the Bank of England not to be pressurised into lifting UK interest rates as it could threaten the economic recovery. Interest rates have been at the historic low of 0.5% since March 2009 - when the economy was in the midst of recession. Despite some business groups urging ...



January 14, 2011

UK producer prices rise higher than forecast

by Kay Murchie
”UK
The Office for National Statistics (ONS) today revealed producer output prices increased 0.5% in November on the month, after October’s 0.4%. The forecast was for a rise of 0.4% and takes the annual rate to 4.2%. According to RBS economist Ross Walker, it will make “uncomfortable” reading for the Bank of England and will raise concerns about “how fast retail and consumer ...



John Lewis sees sales surge prior to VAT hike

by Kay Murchie
”John
The John Lewis Partnership, which is regarded as a barometer of British retailing, has revealed sales surged ahead of the VAT rise as shoppers rushed to buy big-ticket items. The renowned employee-owned department store said the bank holiday, on Monday 3 January, saw shoppers buy furniture and electrical goods as they looked to beat the VAT hike from 17.5% ...



January 12, 2011

BoE not expected to make a move on interest rates or QE

by Kay Murchie
’BoE
According to economists, the Bank of England is widely expected to keep interest rates on hold this month. The Monetary Policy Committee (MPC) commences its two-day meeting today and interest rates are expected to be kept at the historic low of 0.5% – where they have been for almost two years. In addition, analysts expect no movement ...



January 11, 2011

BRC reports 0.3% fall in December retail sales

by Kay Murchie
”BRC
The heavy snowfall which gripped most of the country last month was expected to impact negatively on retail sales. However, retail sales fell just 0.3% on a like-for-like basis, according to the British Retail Consortium (BRC)/KPMG retail sales monitor. However, total sales rose 1.5% against 6% growth the previous year - a sharp drop but again, not as bad as feared. The ...



January 10, 2011

UK motor industry set for a challenging few months

by Kay Murchie
”UK
The Society of Motor Manufacturers and Traders (SMMT) is expecting the UK’s motor industry to face a challenging few months amid "difficult conditions". The comments from the industry body come shortly after it announced sales of new cars in the UK rose by 1.8% in 2010, although volumes were still at their second-lowest in the past decade and almost ...



January 5, 2011

Next and HMV sales hit by heavy snowfall

by Kay Murchie
”Next
The heavy snowfall which gripped most of the country last month resulted in a fall in sales at Next - Britain’s second largest fashion retailer. The company today announced sales for the five months to Christmas Eve - at shops open at least a year - were down 6.1%. However, online sales were up 8.7% as shoppers opted to stay at ...



December 20, 2010

CBI revises UK economic growth forecast

by Kay Murchie
”CBI
Employers’ group, the Confederation of British Industry (CBI), has today revised down its economic growth forecast for the UK. The group said stubbornly high inflation and public sector job cuts will slow the economic recovery with growth falling to just 0.2% in the first quarter of 2011. However, it does not expect the UK fall back into recession and expects growth to rise ...



December 6, 2010

UK car sales continue downward trend in November

by Kay Murchie
”UK
The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales fell by 11.5% in November compared with the same month in 2009. It represents the fifth consecutive monthly fall and came despite the forthcoming VAT hike, which was expected to boost sales towards the end of the year. The SMMT said the number of new cars sold ...



December 5, 2010

BCC revises its forecast for UK economic growth

by Kay Murchie
”BCC
The British Chambers of Commerce (BCC) has revised its forecast for UK economic growth, in light of austerity measures, the euro zone debt crisis, the VAT hike and the weak housing market. Many experts and business organisations have said the tough austerity measures, introduced by the Government to trim the deficit, will undoubtedly hit growth. As a result, the BCC is ...



November 25, 2010

CBI reveals retailers fears for 2011

by Kay Murchie
”CBI
According to the latest Confederation of British Industry (CBI) distributive trades survey, retailers are optimistic about the Christmas period but have expressed their concerns for 2011. Many retailers share the same fear for next year as Government spending cuts kick in and the VAT rise takes effect on 1 January. The CBI’s survey established that the sales balance rose to +43 this month ...



November 24, 2010

Ireland unveils tough austerity measures

by Kay Murchie
”Ireland
Ireland’s Government has today, as expected, outlined its four-year austerity plan, in a move designed to bring down the country’s ballooning budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures include a reduction in the minimum wage - this was expected as Ireland’s minimum ...



November 22, 2010

High Street facing bleak Christmas

by Kay Murchie
”High
According to the latest Markit Economics survey, the UK looks set to be in for a bleak Christmas as households are squeezed amid higher consumer prices. The survey revealed that consumers' enthusiasm for buying "big-ticket" items has slumped to its lowest level since February 2009. The research comes despite optimism that consumers would opt to purchase big-ticket items ahead of the VAT rise, ...



November 18, 2010

October public borrowing rises to £10.3bn

by Kay Murchie
”October
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 rise in Government income through taxes and lower ...



November 10, 2010

Bank of England unveils Quarterly Inflation Report

by Kay Murchie
”Bank
Presenting today’s Quarterly Inflation Report, the Bank of England’s Governor, Mervyn King, said inflation will continue to stay high, while the economy will remain weak. The report stated that inflation will remain stubbornly high, as a result of the rising price of raw materials, higher energy bills and the decision to hike VAT to 20% next year will undoubtedly keep inflation ...



November 4, 2010

UK car sales continue downward trend

by Kay Murchie
”UK
The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales fell by 22.2% in October compared with the same month in 2009. It represents the fourth consecutive monthly fall but was expected due to the withdrawal of the scrappage scheme. The SMMT said the number of new cars sold in the month was 131,495. The Society has previously warned ...



October 28, 2010

UK retailers expecting Christmas boost

by Kay Murchie
”UK
According to the latest CBI distributive trades survey, retailers are optimistic - particularly about the run-up to Christmas. This is deemed positive after many reports have suggested consumers will rein in their spending after the Government’s massive spending cuts. However, shoppers are expected to buy big-ticket items - ahead of the VAT rise which will come into effect on 1 January 2011. The CBI’s ...



October 12, 2010

Retail sales growth slows in September

by Kay Murchie
”Retail
There is worrying news for the economy today after the British Retail Consortium (BRC) said retail sales growth eased in September. The BRC said consumers are holding off purchasing big-ticket items as they prepare themselves for massive spending cuts, introduced by the Government to slash the budget deficit. Many reports have suggested economic growth will be hampered as a result of the ...



October 6, 2010

UK car sales continue downward trend

by Kay Murchie
”UK
The Society of Motor Manufacturers and Traders (SMMT) has today announced UK car sales fell by 8.9% in September compared with the same month in 2009. It represents the third consecutive monthly fall but was expected due to the withdrawal of the scrappage scheme. It follows a 17.5% fall in August. The SMMT said the number of new cars sold in ...



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