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A rise in the price of clothing and food compared with the same time last year pushed inflation up to 3.5 per cent in March, showed official figures. The increase was forecast by City analysts, who claimed it was likely to be just a blip in a long-term fall over the remainder of the year [...]
(Read More)7th Mar 12
Shop prices fall as consumers reign in spending
by Harry Oldfield
Discounting from embattled retailers in February triggered deflation across large areas of the high street in the UK for the first time in over two years, revealed the British Retail Consortium (BRC) on Tuesday. The BRC’s most recent shop price index revealed a bleak outlook of cash-strapped consumers prepared to spend money on the essentials [...]
(Read More)15th Feb 12
UK inflation drops
by Harry Oldfield
The governor of the Bank of England, Sir Mervyn King, is expected to state today that he is ready to launch a second wave of quantitative easing, should the economy be unable to bounce back, following news that inflation in January fell sharply to 3.6 per cent. The Office for National Statistics revealed that the [...]
(Read More)30th Jan 12
New house buyers drop by 10.5 per cent
by Natasha Redman
There has been no respite for the struggling property market as the amount of new buyers fell by over 10 per cent in January compared with the previous month. Property analytics firm Hometrack’s latest monthly survey revealed that the amount of new buyers who registered with estate agents dropped by 10.5 per cent in January, on [...]
(Read More)30th Jan 12
Olympic Games will hit energy and transport plans
by Harry Oldfield
Companies have had to put investment plans on the backburner as the Olympics approach, the Bank of England has reported. The Olympics are set to disrupt key industry, transport and energy projects for as long as six months as construction companies are made to down tools and large equipmentcan’t be transported around England by road. [...]
(Read More)27th Jan 12
UK heading for double-dip recession
by Harry Oldfield
Britain is on course for its first double-dip recession since 1975 after the economy contracted in the last quarter of 2011 and analysts warned of a renewed threat to employment. The country shrank by 0.2 per cent during the three months to December, more than the 0.1 per cent which was expected, revealed Office for [...]
(Read More)9th Jan 12
Bank of England advised to expand quantitative easing
by Harry Oldfield
The Bank of England has been urged to not waste any time in issuing a further round of quantitative easing in order to help the struggling British economy. The British Chambers of Commerce (BCC) revealed that an announcement later in the week about expanding the Bank’s quantitative easing (QE) initiative would boost confidence and cool [...]
(Read More)2nd Jan 12
Virgin Money finalises Northern Rock deal
by Natasha Redman
The acquisition of Northern Rock by the financial arm of Sir Richard Branson’s Virgin empire has been completed. The bank was bailed out by the UK taxpayer three years ago after the credit crisis took hold. However, critics of the sale claim that it was sold by the government to Virgin Money for too low [...]
(Read More)27th Dec 11
Recessions draws closer as UK services shrink
by Adam Richards
Britain’s economy looks set to slip back into recession after October’s official figures revealed that the dominant service sector shrunk at its quickest pace since spring. A 0.7 per cent fall in services output, which accounts for roughly three-quarters of the economy, had been larger than many experts expected and revealed that the economy had [...]
(Read More)22nd Dec 11
300,000 Britons to face second Christmas on dole
by Adam Richards
Almost 300,000 people are due to spend their second Christmas in a row on the dole, showed a recent analysis. The TUC, which published the figures, warned that the number of people in the UK who have been jobless for at least one year has gone up by 35,000 during the last 12 months. Around [...]
(Read More)