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Posts Tagged ‘Uk Economy’

UK Economy: GDP Figures For Q1 Show We Are Back In Recession

Posted by Ram Kumar Shrestha on April 25, 2012

The UK returned to recession after a 0.2% fall in GDP in the first quarter of 2012, the Office for National Statistics said on Wednesday.

The decline in gross domestic product (GDP) was driven by the biggest fall in construction output for three years, while the manufacturing sector failed to return to growth, the ONS said.

The preliminary estimate, which may be revised later, means the UK is back in a technical recession – defined as two quarters of decline in a row. Read the rest of this entry »

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Double Dip: Britain Back In Recession, Say OECD Forecasters

Posted by Ram Kumar Shrestha on March 29, 2012

Britain is likely to be back in a recession, according to international forecasters.

A recession is typically defined as two successive quarters of negative economic growth.

The Organisation for Economic Co-operation and Development (OECD) said GDP – a broad measure for the total economy – is on course to have fallen by about 0.1% in the three months to the end of March.

The OECD also warned the recovery for the world’s biggest economies would be fragile, with the outlook for Europe “very weak”.

In its latest interim assessment of the global economy the OECD estimated the UK economy experienced an annualised retraction of 1.2% in the last quarter of 2011 and of 0.4% in the first quarter of 2012. Read the rest of this entry »

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Budget 2012: Osborne Scraps 50p Tax And Boosts Income Tax Threshold

Posted by Ram Kumar Shrestha on March 21, 2012

George Osborne has used his 2012 Budget to cut taxes at both ends of society, by raising the threshold at which people start to pay income tax and by cutting the 50p top rate of tax for the wealthy.

The Chancellor announced that people will not have to pay income tax on any earnings below £9,205 which he said would leave millions of working people £220 better off every year.

The “further and faster” acceleration towards a £10,000 income tax threshold can be seen as an attempt to offset a potentially unpopular decision to give wealthier Britons a tax cut as well.

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Osborne unveiled a cut in the top rate of tax from 50p to 45p on earnings over £150,000 a year, a move sought by many Tory backbenchers, but the change will not come into force for a year.

Speaking in the House of Commons on Wednesday, Osborne said his Budget would help create a tax system “where millions of the lowest paid are lifted out of tax all together” as well as one “more competitive for business than any other major economy in the world”.

He said the the 50p tax rates had “caused massive distortions” as £16bn of income was deliberately shifted into the previous tax year at a cost to the taxpayer of £1bn. Read the rest of this entry »

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Global Economy Slowing Down: World Bank

Posted by Ram Kumar Shrestha on January 18, 2012

The global economy is heading for a slowdown, the World Bank said on Wednesday, as the eurozone’s sovereign debt crisis and weak growth in other major economies weigh on growth.

The bank now predicts that global growth will slow to 2.5% in 2012, down from an estimate of 3.6% from June, with a marked difference between developing and high-income countries, which are forecast to grow at 5.4% and 1.4%, respectively. The eurozone is likely to contract by 0.3%.

Commodity prices have begun to fall back and the growth in global trade is slowing – from 12.4% in 2010 to 6.6% in 2011, with a forecast of 4.7% in 2012, according to the World Bank’s Global Economic Prospects report.

Should the debt crisis in Europe get any worse, no country will be safe from the results, the bank said. At the beginning of the financial downturn it was thought that so-called “decoupling” – a lack of economic links between the global South and the industrialised world – might protect developing countries. Read the rest of this entry »

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Unemployment Figures: 118,000 More People Out Of Work As Jobless Rate Hits 17 Year High

Posted by Ram Kumar Shrestha on January 18, 2012

Unemployment reached a 17-year high today after a 118,000 increase in the jobless total, which saw a record number of young people out of work.

The figure jumped to 2.68 million in the three months to November, the worst since the summer of 1994, giving the UK a jobless rate of 8.4%.

The figures were worst in the North East (12%) and Yorkshire (10.1%), whereas the unemployment rate fell in the South West, Northern Ireland, London and Wales.

The number of unemployed 16 to 24-year-olds increased by 52,000 over the quarter to 1.04m, the highest since records began in 1992.

And the number of people claiming jobseeker’s allowance in December increased by 1,200 to 1.6m, the highest for a year after the 10th consecutive monthly rise.

Other figures showed that almost a million working days were lost in November as a result of the public sector pensions strike, the highest figure since 1989.

The Office for National Statistics reported that the number of people in full-time employment fell by 57,000 in the latest three months, but there was a 75,000 increase in part-time workers.

There was a 44,000 rise in the number of people working part-time or for themselves because they could not find a full-time job, taking the total to 1.3m, the highest since comparable records began in 1992. Read the rest of this entry »

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Margaret Thatcher Iron Lady Archives Reveal Behind The Scenes Battles Hidden For 30 Years

Posted by Ram Kumar Shrestha on December 30, 2011

Margaret Thatcher’s bitter battles within her cabinet over the economy, with the military over defence cuts, the Argentinians, the French and their concerns about the abuse of parliamentary expenses have been laid bare in secret documents published for the first time.

VOTE: Thatcher was good for Britain. Agree or not?

The remarkable records reveal how the former prime minister faced a near carbon copy of problems faced today by David Cameron.

The files, released by the National Archives under the 30-year rule that governs the publication of official government papers, come as interest in Thatcher has been re-ignited by the soon to be released biopic The Iron Lady starring Meryl Streep.

Previously unseen, the documents cover the divisive leader’s 11-year period in power between 1979 to 1990, which saw a radical transformation of British society and economy.

While famous for insisting she would stick by her economic policies, declaring that “the lady’s not for turning” and expelling the so-called “wets” who opposed a squeeze on spending from her cabinet, the files reveal some of Thatcher’s supporters in cabinet apparently feared she was in danger of “going soft” herself.

Read the Article at HuffingtonPost

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Britain To Suffer ‘Deeper Recession’ Than First Predicted

Posted by Ram Kumar Shrestha on December 12, 2011

Britain will suffer a deeper recession than previously thought, leading economists have warned.

Experts from Standard Chartered Bank said the economy had already begun to shrink, and would continue to falter until at least halfway through next year.

According to the Telegraph, the bank’s chief economist Gerard Lyons said: “The UK economy has still not yet recovered to the level where it was when the crisis began.

“The UK has already slipped back into recession this quarter. So much so that growth of only 0.6% in 2011 may be followed by a contraction of 1.3% in 2012.”

He put the gloomy outlook down to the squeeze on incomes and people’s lack of spending because of their need to repay debt.

“Firms are thinking twice about investing and laying off workers, while Europe’s recession will dent export prospects,” he added.

He said Britain, although vulnerable, was in a better situation than Europe.

The bank predicts that the economies of the eurozone countries will see a contraction of 1.5% as they struggle with debt problems.

Read the Article at HuffingtonPost

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Autumn Statement: Public Sector Job Losses Will Spiral To 710,000 By 2017

Posted by Ram Kumar Shrestha on November 29, 2011

The number of public sector jobs expected to be lost because of spending cuts has nearly doubled from initial estimates, an economic forecaster warned, as George Osborne delivered a gloomy outlook for Britain’s economy.

Some 710,000 jobs are expected to go by 2017, a major leap from the 400,000 initially predicted, the Office for Budget Responsibility (OBR) said on Tuesday.

Robert Chote, the director of the OBR, said the latest figures were based on the government “deepening and extending” its programme of spending cuts for an extra year.

However the forecaster said it expected the public sector job losses to be offset by the creation of 1.7 million private sector jobs by 2017.

The chancellor was forced to acknowledge that he would miss his target of eliminating the UK’s structural deficit by the end of this parliament in 2015.

And there was more bad news for Osborne, as the OBR revised its growth prediction down to 0.9% for this year and 0.7% next year.

Speaking in the Commons, Osborne also said he plans to cap public sector pay rises at 1% when a current wage freeze ends.

Many areas of the public sector had been expecting to be able to grant 2% pay rises once the current two year pay freeze expired in 2013.

“In the current circumstances the country cannot afford the 2% rise assumed by some government departments thereafter. So, instead, we will set public sector pay awards at an average 1% for each of the two years after the pay freeze ends,” Osborne said.

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Silvio Berlusconi To Resign Following Approval Of Austerity Measures

Posted by Ram Kumar Shrestha on November 8, 2011

Silvio Berlusconi will resign as Italian prime minister once austerity measures currently making their way through parliament have been approved, it has been reported.

Earlier on Tuesday he won a vote on the country’s budget but lost his majority in the lower house of parliament.

Tuesday’s vote came as pressure mounted on the embattled leader to resign, with his key coalition partner Umberto Bossi urging the 75-year-old to stand down.

308 deputies voted for the motion, eight short of a required absolute majority of 316, after Italy’s opposition parties abstained and a number of MPs from Berlusconi’s coalition defected.

Yields on Italian 10-year bonds hit euro-era record highs of 6.767% on Monday. Rumours that the prime minister was preparing to stand down saw markets bounce, a clear indication that investors saw the scandal-hit 75-year old as a main block to reform.

Read the Article at HuffingtonPost

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Eurozone Crisis: Greek Deal In Question As Finance Minister Breaks Ranks On Referendum

Posted by Ram Kumar Shrestha on November 3, 2011


Greek Finance Minister Evangelos Venizelos has opened a rift in the country’s government by publicly rejecting the notion of a referendum on euro membership.

George Papandreou, Greece’s prime minister, met with his French and German counterparts on Wednesday night to discuss his highly controversial decision to put the eurozone’s hard-fought agreement to bail out the stricken economy to the public vote.

With the entire eurozone rescue plan thrown into doubt by Papandreou’s gamble – which he believes will add popular legitimacy to a package passed down from Europe – his fellow leaders issued an ultimatum: that the referendum must take place in December, and it must be an unambiguous choice between remaining in the euro or leaving it.

Speaking at a press conference last night, German Chancellor Angela Merkel said: “We would rather achieve a stabilisation of the euro with Greece than without Greece, but this goal of stabilising the euro is more important.”

Read the Article at HuffingtonPost

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MF Global Files For Bankruptcy, Putting 700 UK Jobs At Risk

Posted by Ram Kumar Shrestha on November 1, 2011

The eurozone debt crisis has claimed its first big American victim. Troubled US brokerage firm MF Global has filed for bankruptcy protection after a deal to rescue it fell through. The company employs around 2,000 people worldwide and 700 in the UK.

The firm, headed by former Goldman Sachs banker John Corzine, is understood to have taken large bets on the eurozone. Last week, the company reported that its total exposure to eurozone sovereign debt was in excess of $6bn ($4bn), and that it had made a loss of $192m in the quarter. Two rating agencies cut the company’s credit rating to junk, and its shares collapsed.

On Sunday night, rumours circulated that a deal had been struck with Interactive Brokers, a rival, but the end of that deal leaves the company without a clear future.

Read the Article at HuffingtonPost

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Government U-Turn On State Pension Age After Fears It Will Hit Women

Posted by Ram Kumar Shrestha on October 13, 2011

Ok lucky guys, be prepare to work more if you will not be pensioner before 2018 and 2020
Read the Article at HuffingtonPost

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Bank of England To Buy £75 Billion In Bonds As QE Resumes

Posted by Ram Kumar Shrestha on October 6, 2011

Could have better result but not sure, because printing more money could cause negative result as well.
Read the Article at HuffingtonPost

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Tube Drivers’ Pay To Exceed £50,000 Under Salary Deal

Posted by Ram Kumar Shrestha on October 3, 2011

Ok then better to be driver than an Engineer.
Read the Article at HuffingtonPost

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FTSE Falls Again As ECB Economist Comes Out Against Eurobonds

Posted by Ram Kumar Shrestha on August 19, 2011

Even with this recession we are in terrible situation, no idea what will happen with another situation.
Read the Article at HuffingtonPost

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