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Unemployment in the UK has dropped unexpectedly, but economists have warned that the return to recession is likely to hit business confidence and trigger job cuts in the coming years. The number of individuals out of work declined by 45,000 to 2.63m in the first quarter of the year, revealed official figures. Meanwhile, the jobless [...]
(Read More)18th Apr 12
UK inflation up to 3.5%
by Harry Oldfield
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)29th Mar 12
UK growth slows as GDP shrinks by 0.3%
by Adam Richards
Fears of a double-dip recession for the UK increased after statisticians revealed that the economy’s growth over nine months of 2011 was less than previously thought. The UK economy contracted by 0.3 per cent during the final quarter of last year, rather than the 0.2 per cent which was previously stated, according to the Office [...]
(Read More)26th Mar 12
Empty shops hit record high
by Adam Richards
The number of vacant shops hit a record high in February amid a series of retail failures following the Christmas period, revealed a recent survey. The vacancy rates in town centres increased to a 14.6 per cent average last month, from 14.5 per cent in January, said the Local Data Company (LDC). These are the [...]
(Read More)20th Feb 12
Retail spending increase in January
by Paul Russell
Bargain-hunting shoppers eased fears that a double-dip recession was imminent with the sharpest monthly rise in retail spending since last spring’s Royal Wedding. Shares increased and the pound strengthened following the release of Office for National Statistics’ data showing that spending on the high street and the internet went up by 0.9 per cent in [...]
(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)31st Jan 12
UK university applicant numbers fall 8.7%
by Harry Oldfield
The UK university applicant number has fallen by 8.7 per cent – although school leavers have not been put off by the tuition fees tripling, with the sharper decline being among the more affluent candidates in comparison with those from less privileged backgrounds, show official figures. The controversial decision to allow universities to increase undergraduate [...]
(Read More)26th Jan 12
UK public debt clears £1trn barrier
by Katie Naylor
The sovereign borrowing debt pile which the UK has amassed rose above the £1trn barrier for the first time in history in December, revealed official figures. Net debt, not taking financial interventions into account, hit £1,003.9bn, which equates to 64.2 per cent of GDP. The £1trn barrier was breached in spite of the fact that [...]
(Read More)23rd Jan 12
UK retail sales rise in pre-Christmas boost
by Paul Russell
High street sales promotions helped UK retail sales volumes grow in December, revealed official figures, as shops battled for hard-up customers during the lead-up to Christmas. Month-on-month growth in retail sales volumes of 0.6 per cent was recorded last month, reported the Office for National Statistics (ONS), compared to a revised decline of 0.5 per [...]
(Read More)29th Dec 11
Unemployment to rise in 2012
by Adam Richards
Unemployment in the UK is set to rise to 2.85 million next year and peak in 2013, according to a Chartered Institute of Personnel and Development (CIPD) report. The think tank, which monitors employment, warns that the private sector will be unable to offset the expected 120,000 job losses within the public sector this coming [...]
(Read More)