UK unemployment continues to fall

Posted by Tom Line in Credit Crunch on 23 January 2015 - Tom worked as a Credit Analyst at checkmyfile until 2015

Unemployment across the UK has fallen to its lowest level for more than six years. In the three months of September through to November 2014 the number of people out of work fell by 58,000 to 1.91m. Figures from the Office for National Statistics (ONS) show that the unemployment rate now stands at 5.8% whereas it was 7.1 % the same time last year.

The number of people claiming Jobseeker's Allowance fell by 29,600 to 867,000 in December, the twenty-sixth month in a row the number has fallen, the ONS has said.

Prime Minister David Cameron tweeted, “The drop in unemployment is welcome news. Behind the statistics are stories of people finding self-respect and purpose in life”.

Chief Secretary to the Treasury Danny Alexander was also upbeat saying, “Today’s larger than expected fall in unemployment shows that our jobs rich recovery remains on track”.

Although the figures are welcoming, growth in employment could be easing, with today’s fall in unemployment being the smallest since the period July-September 2013.

The ONS also report that wage growth has outstripped inflation for the second month in a row. Average earnings, excluding bonuses, in the three months to November were up 1.8% compared to the same period the year before. Including bonuses the figure is 1.7%.

The UK inflation rate currently stands at 0.5% as of December last year, largely due to falling oil prices and a supermarket price war.

A recent survey of more than 1,000 chief executives has found that British businesses are the most optimistic in Europe, which could indicate a further decrease in unemployment. PriceWaterhouseCooper’s annual survey of company bosses found that three out of five of the UK's chief executives were more upbeat about growth prospects for their companies compared to three years ago.

However, the survey also highlighted chief executives concerns regarding a skills gap across the country, citing this to be the biggest threat to business confidence in the UK.

IMF concern for Britain and economic recovery

The International Monetary Fund (IMF) is concerned that Britain’s reliance on credit cards and loans could stunt economic growth and put the past five years of recovery in jeopardy. The UK is currently on a warning list of countries that would be vulnerable to an economic crunch and the UK now has one of the highest household debt figures in the developed world.

Published on 17 Apr 2015 by Paul Anderson Riley

Full Article

UK economic growth rises to its highest rate since 2006

The UK economy expanded at a faster pace than expected last year, giving the coalition government a welcome boost ahead of May’s general election.

Published on 7 Apr 2015 by Simon Hadley

Full Article

UK inflation rate falls to zero in February

The rate of inflation hit 0% in February - the lowest reading since records began in 1988 according to the UK’s mechanism for recording inflation, the Consumer Prices Index (CPI). In January, the CPI recorded a reading of 0.3% and analysts expected it to drop to 0.1% in February. However, a continued supermarket price war, low oil prices and cheaper toys and books attributed to the greater than expected decrease.

Published on 26 Mar 2015 by Tom Line

Full Article

Wealthy people live longer, healthier lives

Women living in more wealthy areas can expect to see an additional healthy lifespan of almost 20 years to those living in deprived areas, research has found.

Published on 10 Mar 2015 by Kelly Luff

Full Article

Household income has returned to pre-recession levels

Household incomes are “finally strengthening” according to the Institute for Fiscal Studies (IFS), in spite of the slowest recovery post-recession in recorded history.

Published on 6 Mar 2015 by Ben Tumilty

Full Article

UK wages predicted to rise above inflation

For the first time in eight years we’ll see our wages rise above inflation, according to a study. The Ernst & Young ITEM Club report has predicted that there will be a pick-up in pay growth to 1.9% in 2015, amid low inflation.

Published on 24 Feb 2015 by Kelly Luff

Full Article

Global debt rises to $199tn

Global debt has risen by $57tn since 2007, a new study has found. The McKinsey Global Institute research found that the current worldwide debt stands at $199tn, the equivalent of 286% of GDP. Government debts are the single biggest contributor of the increase, with government indebtedness increasing by $25tn.

Published on 9 Feb 2015 by Kelly Luff

Full Article

Credit unions as a viable alternative to payday lenders

A new cap on payday loans was introduced in the New Year, meaning that all short-term credit will now capped at a daily rate of interest at 0.8%. Default charges cannot exceed £15 and the maximum amount paid back will not exceed twice what was borrowed.

Published on 20 Jan 2015 by Rebecca Stains

Full Article

Falling inflation due to food and petrol prices

A fall in petrol prices and reducing supermarket bills has seen the UK inflation rate fall to the lowest level since records began in 1989. In November 2014 the Consumer Price Index (CPI) measured inflation at a rate of 1%, falling to half of this in December 2014 (0.5%). The CPI, the government’s preferred measure of inflation, has only been at 0.5% once before in May 2000. A fall to 0.7% was expected by economists but the fall to 0.5% took the city by surprise.

Published on 16 Jan 2015 by Paul Anderson Riley

Full Article

Construction sector slows

The UK economy is in a difficult position; so much rides on house prices and the construction of new homes and yet we are seeing a situation where many are unable to afford to pay either their mortgage or rent, let alone save for a home. So the construction industry is therefore finding itself in the midst of this problem.

Published on 7 Jan 2015 by Kelly Luff

Full Article
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on