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Monthly Archives: January 2011

“There are no short-cuts to a better future.” – David Cameron

The Prime Minister has spoken in Davos today at the World Economic Forum. In his keynote address he said: “It’s going to be tough, but we must see it through. The scale of the task is immense, so we need to be bold in order to build this economy of the future. The British people know these things. They understand … Continue reading

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UK austerity measures “unsustainable” says George Soros

George Soros, the billionaire investor and hedge fund manager, gave his views on the UK’s economic policy at the World Economic Forum in Davos in Switzerland yesterday. He is quoted as saying that although he thought the UK government was right to start making cuts he also thought the plans would have to be modified. He said: “I don’t think … Continue reading

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Squeeze on living standards is inevitable says Merv

“In 2011, real wages are likely to be no higher than they were in 2005. One has to go back to the 1920s to find a time when real wages fell over a period of six years.” “The squeeze on living standards is the inevitable price to pay for the financial crisis and subsequent rebalancing of the world and UK … Continue reading

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Shock figures on UK economic growth

UK GDP actually fell by 0.5% in the fourth quarter of 2010, according to figures just released by the Office for National Statistics. This figure has come as a complete shock to economics observers, with most analysts predicting a growth figure of between 0.2% and 0.7%. Since the recovery started in the final quarter of 2009, we have seen four … Continue reading

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Retail sales fall in December

Retail sales volumes fell by 0.8% in December. This meant there was no change in retail sales compared to December 2009 and this was the worst December figure on record. Food stores saw a fall of 3.4% on an annual basis, which is the lowest figure since records began in 1988. Non-food stores performed better, with an annual rise of … Continue reading

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UK car production up by nearly thirty per cent

There was a sharp rise in car production last year, with 1.27 million cars being produced, according to the Society of Motor Manufacturers and Traders (SMMT). This was a rise of 27.8% on 2009. This is a major improvement for the industry, although output is not yet back up to the level it was before the recession. When we add … Continue reading

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Over 20 per cent of young people now unemployed in the UK

In the three months to the end of November there was a rise in unemployment of 32,000 in the 16-24 year old category. This means that the number of young people without a job has now reached 951,000, which is the highest figure recorded since records began in 1992. Looking at the labour force as a whole, unemployment rose in … Continue reading

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Oops! CPI inflation rises to 3.7%. Zimbabwe here we come

“Inflation will soon be in double figures” says Governor of the Bank of England. “We can’t raise interest rates. That’s the only thing preventing David Cameron’s fiscal policy turning the country into a total wasteland.” Well he didn’t actually say that, but he might have liked to. The Governor’s mantra that inflation will eventually come down of its own accord, … Continue reading

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Solid growth for world recovery, but not without its dangers

The world economy is moving from a post-crisis bounce-back to a period of slower growth over this year and next. This is according to the latest Global Economic Prospects 2011 published by the World Bank. The report estimates that global GDP grew by 3.9% in 2010, but will slow to 3.3% this year, before recovering to 3.6% in 2012. Fastest … Continue reading

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Continued rise in UK producer prices

Output price inflation rose to 4.2% in December 2010 according to the Office for National Statistics.  This is sometimes referred to as ‘factory gate’ annual inflation, and measures the output prices that manufacturers sell their products at. The rise on the month was 0.5% which is considered quite significant. At the same time, input price annual inflation rose by 12.5% … Continue reading

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