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Monthly Archives: July 2010

Work till you drop

The government has just started a consultation process with the view of scrapping the fixed retirement age from October 2011. This would mean that employers would no longer be able to ‘force’ workers to retire at age 65, as they can, and usually do, at the moment. The bad news is that you have to have a job in the … Continue reading

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Think tank believes UK growth will be worse than anticipated

The National Institute of Economic and Social Research (NIESR) has just launched its quarterly review of the UK economy. It actually believes that Britain will see a 1.3% increase in GDP this year, which is above the forecast of 1.2% made by the Office for Budget Responsibility. However, that is where the good news ends. NIESR forecasts that GDP will … Continue reading

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G7 trade flows growing but at a slowing pace

Merchandise trade volumes for the G7 countries as a whole continued to grow in the first quarter of 2010, but at a slower pace than in the fourth quarter of 2009, according to statistics just released by the OECD.  Based on seasonally adjusted monthly data, merchandise trade values remain approximately 20% below pre-crisis levels in April and May.   G7 … Continue reading

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Trade expansion can be a low-cost stimulus

  Director-General Pascal Lamy of the World Trade Organisation gave a speech in Shanghai last Friday in which he emphasized the importance of trade to the worldwide recovery. He said: “Trade can be thought of as a stimulus package available to both developed and developing countries.  It has to be part and parcel of the economic recovery effort for growth … Continue reading

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UK growth bounces back

UK Gross Domestic Product rose by 1.1% in the second quarter of 2010, compared with an increase of only 0.3% in the first quarter, according to figures just released by the ONS. This was very nearly double the average prediction by economists for the June quarter. There was growth shown across all the major sectors of the economy. Total services, … Continue reading

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Higher than expected public sector net borrowing

Net borrowing in June reached £14.5bn according to figures just published by the ONS. This is slightly lower than the £14.7bn recorded in June 2009 but the markets had been expecting a figure around the £13bn mark. This is partly because tax revenues had been performing well in the previous couple of months. However, the Institute of Fiscal Studies has … Continue reading

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Why is inflation staying so high?

The UK is suffering far higher inflation than most people expected at this stage of the economic cycle. Our inflation is well above that in the US and EU. What are the reasons for this and what implications can we expect? Roger Bootle has tackled this question in an article in the Telegraph. He believes that one-off factors have been … Continue reading

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I am away this coming week and will resume blogging on 19th July.

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Have UK exports “hit the wall”?

The UK’s deficit on trade in goods and services widened to £3.8bn in May, compared to a deficit of £3.5bn in April. This is the worst balance of trade deficit for two years. These figures were published by the ONS today. The surplus on trade in services was £4.2bn in May, up from the £3.9bn recorded in April. On the … Continue reading

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Survey suggests continued growth in UK economy

The latest Economic Survey from the British Chambers of Commerce suggests that there was continued growth in the second quarter of 0.6% to 0.7%. The survey, which is based on data collected from over 5,600 businesses throughout the country found that domestic manufacturing sales surged by 29 points in the second quarter to +30% and manufacturing export sales rose by … Continue reading

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