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Economic News

Housing starts slow sharply
Thursday 15 May 2008
New housing starts in England tumbled by 24% in the first quarter from the same time last year as housebuilders considered the high cost of mortgages and falling house prices.
Brown to save economy
Thursday 15 May 2008
Gordon Brown is the still man to get the British economy back on course, the prime minister claimed today.
BoE's King issues inflation warning
Wednesday 14 May 2008
Interest rates are less likely to fall again this year following a warning from Bank of England Governor Mervyn King that inflation could surge way past the government's upper limit of 3%.
UK unemployment up three months running
Wednesday 14 May 2008
Unemployment rose for the third month in a row in April, with a 7,200 increase on the previous month to 806,300, surprising analysts who had predicted no change.
Retail sales fall as consumer confidence slumps
Tuesday 13 May 2008
Shoppers pulled in their horns in April with high street sales down by 1.5% on last year, the British Retail Consortium (BRC) said today.
Mortgage lending almost halves
Tuesday 13 May 2008
Mortgage lending almost halved during the first quarter compared with a year ago, according to new figures from the Council of Mortgage Lenders.
CPI inflation hits 3% as energy and food costs soar
Tuesday 13 May 2008
Higher energy and food costs helped push Consumer Price Index (CPI) annual inflation – the government’s benchmark measurement – up to 3% in April from 2.5% in March.
UK house sales slump to record low
Tuesday 13 May 2008
UK house sales have slumped to their lowest level since records began while property prices have fallen for the ninth month in a row.
Factory gate prices rise at record rate
Monday 12 May 2008
Soaring costs of food, fuel and other raw materials pushed the price of goods leaving the UK's factories up by record levels last month, casting doubt on the prospect of another interest rate cut soon.
40,000 finance jobs face chop
Friday 09 May 2008
Up to 40,000 jobs in the UK’s financial services sector could be lost over the next three years as the credit crunch forces banks and insurance companies to tighten their belts.
Repossessions approach early 90s high
Friday 09 May 2008
The number of home repossession claims in England and Wales soared by 16% in the first quarter of 2008 from the same time last year, near to levels last seen in the recession of the early nineties.
Mortgage recovery to take over 2 years
Thursday 08 May 2008
It will take at least two years for mortgage markets to recover from the credit crunch, the chairman of the Building Societies Association (BSA) warned today.
UK rates stay at 5%
Thursday 08 May 2008
The Bank of England has decided against back to back interest rate cuts, leaving borrowing costs at 5% and analysts confident a drop must come in June.
Consumers gloomiest since records began
Wednesday 07 May 2008
Consumers are less confident than at any time since the Nationwide began collecting data in May 2004, figures from the building society showed today.
Manufacturing output takes a dive
Wednesday 07 May 2008
Manufacturing output in the UK fell at its fastest pace in six months during March, surprising analysts who had expected no change from February’s read.
Food prices soar in April
Wednesday 07 May 2008
The rising cost of food kept annual shop price inflation steady in April, easily offsetting a drop in the price of non-food items, a new survey has shown.
Manufacturers set to axe 18,000
Tuesday 06 May 2008
Around 18,000 manufacturing jobs are likely to go in the second quarter as the credit crisis slams confidence across most of the UK, a new report predicts today.
Service sector growth slows sharply
Tuesday 06 May 2008
Britain’s services sector is on the cusp of recession following a slowdown in growth to its weakest in five years last month.
Brits set to slash spending, predicts think tank
Friday 02 May 2008
Consumer spending is set to dry up this year as tighter credit conditions and falling house prices force people to hang up their shopping bags, a leading research institute has warned.
Update: Halifax reveals annual house price drop
Friday 02 May 2008
The price of a house in the UK now costs 0.9% less than it did a year ago following a 1.3% tumble in April, according to the latest survey by the UK's largest mortgage lender.

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