When will there be another recession in the UK? Don’t panic quite yet but one might be due sooner than you think May 15, 2015 It’s been six years since the UK economy was last in recession, but could another one be on the horizon? Severe recessions like the one in 2008 are a fairly rare occurrence – they happen about once every 70 to 80 years – but there have been seven in the 60 years since 1955, so [...]
Budget 2015: Here’s Britain’s wish list for George Osborne – more spending on NHS, education, tax cuts and transport, slash pensions and benefits for older people May 15, 2015 [infographic id="117"] The British public want the government to spend more on the NHS, education and tax cuts, and slash the cash set aside for welfare and older people's benefits such as pensions, bus passes and the winter fuel allowance by £75bn. George Osborne is expected to announce his second Budget of the year shortly [...]
UK construction sector boosts GDP hopes as output bounces back – although it misses expectations May 15, 2015 Britain's construction industry rebounded in March bringing an end to four months of decline, boosting hopes that the disappointing first quarter gross domestic product figure will be revised upwards. Total construction output rose 3.9 per cent month-on-month, following a 0.3 per cent fall in February. However, this was slightly below analyst estimates for an increase [...]
UK household wealth increased by 20 per cent to £9 trillion last year, driven by property prices and financial assets May 15, 2015 Plunging oil prices and the supermarket price war might be bad for the businesses involved – but for consumers, the overall effect has been a massive positive. In fact, new research has suggested UK households' total wealth increased by £1.5 trillion to £9 trillion last year. That's a rise of just under 20 per cent. [...]
Mario Draghi: Beware risks from surge in money printing May 14, 2015 Printing money can cause turbulence in financial markets, and could cause wealth inequalities to rise, European Central Bank (ECB) boss Mario Draghi warned yesterday. But the ECB President said that failing to act could be even more dangerous, and promised to carry on with ultra-low interest rates and quantitative easing “as long as needed for [...]
Business backs Mark Carney’s push for in/out EU referendum vote May 14, 2015 Business leaders welcomed Bank of England governor Mark Carney’s comments yesterday, calling for the government to act with “appropriate speed” in pushing through an in/out referendum on Britain’s EU membership. In a radio interview with the BBC, Carney said it was “in the interests of everybody” to answer questions surrounding the UK’s relationship with the EU, adding [...]
UK house prices in charts: Growth in London is beaten by other regions for the first time in 53 months May 14, 2015 London has been knocked off its perch as the region with the fastest-growing house prices for the first time in 53 consecutive months, or nearly four and a half years. Annual house prices, on average, grew by 6.8 per cent in the three months to the end of April, falling behind both the south east (7.1 per cent) and [...]
UK house prices: Are low deposit mortgages propping up the housing market? May 14, 2015 The number of people buying houses with low-value deposits has risen by 7.3 per cent in the last year, according to data analysis by chartered surveyors e.surv. The figures Lending to borrowers who have only small deposits (15 per cent or less of the property’s value) accounted for 16.3 per cent of house purchases in April, [...]
UK house price growth means regional rents are now rising faster than in London May 14, 2015 London’s rental prices are no longer the fastest growing in the country. Other regions have outstripped the capital, with the south west the leader with a whopping 15.5 per cent growth in the last year. The figures According to Homelet, UK rental prices for the three months to April rose by 10 per cent, and [...]
Greek government moves to rule out a bailout referendum May 13, 2015 A leading member of the Greek government yesterday insisted that a referendum to secure government support for its bailout strategy is not on the cards. It will instead try and reach a compromise with its lenders. Interior minister Nikos Voutsis said “We are working towards an honourable compromise. An immediate recourse to a referendum or [...]