Bank of England holds interest rates and downgrades growth forecasts December 19, 2024 The Bank of England held interest rates at 4.75 per cent today, while downgrading economic forecasts for the UK towards stagnant growth. Only six members of the Bank’s Monetary Policy Committee voted to keep interest rates steady, less than had been expected, as three voted to cut rates by 0.25 per cent citing fears over [...]
Lies, damned lies and statistics: Why we can’t trust numbers anymore December 17, 2024 If we are serious about reform and achieving economic growth, we must first ensure that our understanding of our country is underpinned by accurate statistics, says Ben Sweetman There are lies, damned lies and statistics, as the saying goes. But robust and reliable data is the foundation of good governance. If we are to have [...]
Home secretary criticised for not saying when small boat crossings will fall December 15, 2024 The home secretary has been criticised for not saying when small boat crossings will fall. Yvette Cooper has insisted the government has a moral responsibility to tackle the crisis, but refused to say when the number of people arriving across the English Channel will decline. The Labour minister was criticised by her Tory opponent for [...]
London house prices reach ‘unaffordable’ levels – even for top earners December 9, 2024 Even the richest people in London are being priced out of the property market as house prices reach record levels, the Office for National Statistics has found. “In London, the average home was not affordable for any household income decile,” the statistics watchdog said in its latest Housing Purchase Affordability index, using 2023 data. The [...]
New labour force survey could be delayed to 2027 amid falling participation December 3, 2024 Since the pandemic, the ONS has struggled with falling response rates to its flagship labour force survey (LFS), which has raised questions over the accuracy of its data.
UK net migration hit record 906,000 peak before 20 per cent fall November 28, 2024 Net migration in and out of the UK has dropped by 20 per cent to around 728,000 in the past year, official figures have shown, after hitting a record peak of 906,000. The level reached a higher than previously thought figure of 906,000 in the year to June 2023, according to fresh data from the [...]
It’s not as easy to count the number of ‘working people’ as you might think November 27, 2024 How many people are employed in the UK today? This is not just a question in a pub quiz for boffins. It is one with important practical implications. Changes in the number of people employed is a key piece of information which the Bank of England’s Monetary Policy Committee takes into account when setting interest [...]
Labour survey failing because Brits don’t answer phones anymore, Bank official says November 26, 2024 The Bank of England’s chief economist has warned that improving official statistics might prove to be a “formidable” challenge due a distinctively British characteristic. For months policymakers have struggled with unreliable data from the Office for National Statistics (ONS), which has made it very difficult to get a clear picture of the UK’s labour market. [...]
Affordable housebuilding in London down 88 per cent in dent to Khan’s rep November 24, 2024 The number of affordable homes built in London between April 2023 and March this year fell by 88 per cent, despite continued promises from Mayor Sadiq Khan to boost the supply of housing in the capital. Just over 3,100 affordable housing builds began work across Greater London between April 2023 and March of this year, [...]
Retail sales fall on Budget uncertainty before run-up to Christmas November 22, 2024 Retail sales fell by almost one per cent last month as cash-strapped Brits held back big ticket purchases amid a cloud of Budget uncertainty. The Office for National Statistics said this morning they dropped by 0.7 per cent in October, following a 0.1 per cent rise the previous month, which had been revised down from [...]