British industry shocks with May slump in output July 8, 2014 Manufacturing output slumped in May, according to unexpectedly poor figures yesterday, running against private surveys which had suggested that UK industry was surging ahead two months ago. Total industrial production dropped by 0.7 per cent in the month to May, while manufacturing alone saw a deeper contraction of 1.3 per cent. Factory output has not [...]
India credit line from Obsorne July 8, 2014 CHANCELLOR George Osborne announced yesterday that a £1bn credit line would be opened for investment in Indian infrastructure, during his trip to the country. The line with be available “where there is some British content”, said to Osborne, adding that he wanted to build a better economic and financial relationship with the massive developing economy. [...]
Euro reform deals spurned July 8, 2014 GERMAN finance minister Wolfgang Schaeuble and European Commission vice-president Siim Kallas poured cold water over the idea of relaxing deficit targets in exchange for structural reforms yesterday. Schaeuble said that reforms could not be an “excuse or an alternative” to fiscal consolidation, and Kallas spoke against accumulating further debt. The comments clash with those of [...]
Strongest retail deflation ever recorded as prices slip further July 8, 2014 UK shop prices are declining at the fastest pace in at least eight years, with non-food prices shrinking even further in June. The latest report from the British Retail Consortium (BRC) and Nielsen suggests that shop prices dropped by 1.8 per cent in June, the largest fall the group has recorded since beginning the series [...]
UK’s economic performance led by London across the board July 8, 2014 London tops the country’s tables on almost every economic measure, according to statistics released yesterday that underscored the capital’s dominance. The Office for National Statistics’ latest regional breakdowns showed London led on predictable measures such as earnings. But the city is also in the lead on some measures of education – more pupils leave the [...]
Capital leading world tourism July 8, 2014 MORE international travellers will head to London this year than any other city in the world, according to a forecast released this morning. The city has retaken its top spot from Bangkok, which was the most travelled-to last year, according to figures from Mastercard. The capital is set for 18.7m visitors from abroad during the current [...]
UK stats need city analysts July 8, 2014 THE OFFICE for National Statistics (ONS) could benefit from doing more work in London, according to a review of the institution yesterday. Former monetary policymaker Kate Barker said “it might be worth establishing a small team of economists” in London to review data. When the ONS relocated partially from London to Newport in 2007, institutions [...]
David Cameron pledges to end London domination July 7, 2014 Prime Minister David Cameron joined the herd of politicians criticising the country’s reliance on London yesterday, even as official figures demonstrated the long-term increase in the capital city’s value to the economy. “For too long our economy has been too London-focused and too centralised,” Cameron said, launching the first part of a £12bn investment programme [...]
Massive surge in salary increases contradicts government figures July 7, 2014 New salaries are surging, according to a major survey of recruiters, clashing with the government’s official measure of wage growth and providing an uncertain signal on when interest rates will start to rise. The latest figures from the Recruitment and Employment Confederation (REC) and KPMG’s survey show starting salaries climbing at the fastest pace in [...]
Carney’s tools get backing in economist poll July 7, 2014 THE BANK of England’s new macroprudential toolbox is the right way to deal with the risks posed by a frothy housing market, according to a survey of economists released this morning. The Centre for Macroeconomics polled economists on whether more action should be taken to cool the housing market, with 72 per cent agreeing. When asked [...]