The number of unemployed young people topped a million this week, meaning one in five is now signing on. Access to university has been restricted meaning only the loaded are able to afford the fees. The BBC quoted the General Secretary of the University and College Union as saying: “Aside from the financial cost of [...]
House prices fell by 1.2pc in August, wiping more than £2,000 off the cost of the average home, according to the latest housing data from the Halifax. This ends a three-month run of modest rises, but on an annual basis the cost of the average home has slipped by 2.6pc over the past year. This [...]
British household finances have deteriorated to the lowest point since the depths of the recession, heightening concerns that the economy may be slipping back into a double-dip downturn. Markit’s monthly survey of consumers shows that the triple blows of rising fuel costs, the government’s fiscal squeeze and faltering global growth are all eating deep into [...]
Britain’s dominant services sector suffered its first contraction in 20 months in December, sparking concerns about the resilience of the economic recovery. Service companies, which account for three quarters of national output, last month sold less and cut staff, according to the closely-watched Markit/CIPS purchasing managers index (PMI). Following a similar dip in construction output, [...]
The UK’s economic growth over the past three quarters has been revised downwards in official figures, marking a disappointing end to a year of recovery. The economy grew just 0.7pc in the third quarter, rather than the 0.8pc previously reported, according to the Office for National Statistics (ONS), with the production industries, services and construction [...]
Official growth forecasts for the British economy this year have been upgraded and estimates for public sector job cuts scaled back. The predictions from the Office for Budget Responsibility are a double-dose of good news for George Osborne, the Chancellor, who will this afternoon make his autumn financial statement. The OBR forecasts that the economy [...]
Confidence in the economy is waning among businesses and households, suggesting the economy will slow in the second half of the year as the Coalition’s austerity measures begin to bite. Record numbers of households fear their standards of living will suffer as inflation outstrips pay rises, according to research from Markit and YouGov, while ICAEW [...]
UK Government borrowing fell sharply in July, although the country continued to sink further into debt. The Government borrowed £3.8bn over the month, down from £14.7bn in June, £18.4bn in May and 6.1bn in July last year, according to figures from the Office for National Statistics (ONS). It brings public borrowing for the four months [...]
Britain faces a weaker economic recovery and higher inflation for longer than previously hoped, the Bank of England forecast today. Economic expansion will peak at 3pc next year, weaker than the 3.6pc the Bank was expecting just three months ago. Today’s Inflation Report also forecast that the level of prices will remain above the Bank’s [...]
The number of people declared insolvent has risen as the credit crisis marks its third anniversary. A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service. The figures are lowered than [...]
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