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Monthly Archives: November 2011

UK to experience double-dip recession

In its latest Economic Outlook, the OECD forecasts that both the UK and the eurozone could see a double-dip recession over the next few months. The organisation has slashed its forecast for UK growth in 2012 to only 0.5%. It also believes that growth in the current quarter could be negative at -0.03% and in the first quarter of 2012 … Continue reading

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Stratospheric increases in pay are damaging the UK economy

Not my words, but the words of the High Pay Commission. After 12 months of study, this body, set up with charity funding to look at the pay of top executives, said that: “Stratospheric increases in pay are damaging the economy – distorting markets, draining talent from key sectors and rewarding failure” The study compared Directors’ pay in the top … Continue reading

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VAT: Progressive or Regressive?

In his emergency Budget in June 2010, George Osborne, the Chancellor, announced an increase in VAT from 17.5% to 20.0% to take place from the beginning of 2011. When this came into place this year, Osborne, in an interview with the Today programme on radio on 4th January 2011, said: “If you look at the population and how much they … Continue reading

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Inflation starts to slow

The Consumer Prices Index (CPI) fell to 5.0% in October from 5.2% in September. The largest downward pressures to the change in CPI annual inflation between September and October came from falls in the cost of food (due to significant and widespread discounting by supermarkets and good harvests for certain produce), air fares and petrol. But working in the other … Continue reading

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“A slow, painful contraction in the jobs market”

This is the bleak outlook put forward by the Chartered Institute of Personnel and Development (CIPD) based on its quarterly survey of 1,000 employers in the private, public and voluntary sectors. The poll suggests that unemployment will rise in the fourth quarter as their net employment index, which compares the numbers of employers planning to hire workers against those expecting … Continue reading

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Prospects for growth worsen

The Confederation of British Industry (CBI) has slashed its forecasts for growth in the UK. It had previously predicted that we would see growth of 1.3% this year and 2.2% in 2012, but these have now been reduced to only 0.9% this year and 1.2% next year. The CBI does not believe that we will slip back into recession this … Continue reading

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