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Newly published figures show that manufacturing in the eurozone has declined for the fifth month in a row. The purchasing managers’ index survey by Markit/CIPS indicates a very slight rise in December over November, but still registers a contraction. Last month showed a reading of 46.9, up from 46.4. However, any figure below 50 signifies [...]
(Read More)30th Nov 11
Nationwide says house prices are surprisingly resilient
by Katie Naylor
The housing market remained “surprisingly resistant” in November, said Nationwide, as average house prices went up by a month-on-month rate of 0.4 per cent. The average house price has gone up to £165,798, up 1.6 per cent from the same time last year, the lender said, after a year-on-year increase of 0.8 per cent in [...]
(Read More)13th Oct 11
UK economy grew 0.5 per cent during third quarter says Niesr
by Sally Davies
The UK’s economy recovered to remain anaemic during the third quarter, with expansion of 0.5 per cent, estimated the National Institute of Economic and Social Research (Niesr). The estimate represents an improvement on quarter two, when the economy only grew by 0.1 per cent, but the institute warned that the risks to the economy in [...]
(Read More)5th Oct 11
Aldi reports strong sales
by Katie Naylor
Aldi, the “no frills” German supermarket, stormed back into profit in 2010 as the tightened consumer spending pushed shoppers back towards the discounters. Aldi recovered after £21.2m of losses in 2009 to record £18.7m in operating profits, on sales of £2.1bn, as shoppers reverted back to recession spending trends. The previously obscure German outfit came [...]
(Read More)4th Oct 11
Tesco to announce worst UK sales for two decades
by Adam Richards
Tesco is expected to announce tomorrow that it has endured its worst six months in Britain for two decades, as hard-up consumers cut back on food, electrical goods, clothes and books. In delivering the financial results for the first half of its financial year, the UK’s largest retailers announce its first drop in British like-for-like [...]
(Read More)30th Sep 11
Eight out of 10 UK workers overweight or ill
by Adam Richards
Eight out of 10 workers in the UK are overweight or have long-term illnesses which limit their productivity, revealed early findings from a 25-year study into people’s wellbeing. Obesity and poor health is costing the economy a minimum of £21.5bn per year and will be severe drag to a recovery from the recession, suggests the [...]
(Read More)21st Feb 11
Household budgets back to recession level
by Sally Davies
According to figures, household budgets are at their tightest in almost two years, with some fearing that the following six months will get even worse. Dire economic projections, job losses and consumer spending saw 34 per cent of households in a worse off financial state. The finance index Markit compares that with 5 percent who [...]
(Read More)21st Feb 11
Home prices to drop by a fifth in two years
by Harry Oldfield
House prices in the UK will drop by 20 per cent in the next two years, say experts. The warning about further falls in UK property prices is stark. Experts say houses in the UK will lose a fifth of their value over the next 24 months. Economic experts are warning of a dreaded ‘double [...]
(Read More)22nd Dec 10
Retailers hoping for last minute push by Christmas shoppers
by Harry Oldfield
British retailers will be hoping that shoppers, who chose to stay at home at the weekend rather than venture out in the snow for what is usually the busiest weekend of the year, will decide to make a concerted effort in the remaining days before Christmas. According to Synovate, a research company, retail traffic dropped [...]
(Read More)20th Dec 10
British banks suffer to keep Irish economy afloat
by Sally Davies
Lloyds TSB, which is partially owned by taxpayers, warned yesterday that massive losses are looming as Ireland’s banks continue to struggle and loans fold. British banks’ value dropped by billions of pounds Sunday as Lloyds reported that £2.7 billion was lost in loans as the UK struggles to help keep the Irish economy afloat. Shares [...]
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