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21st January 2020 UK Unemployment Remains At 45 Year Low
At a time when the UK faces its most turbulent time since the Second World War and economic experts continue to talk about global economic slowdown the UK continues to perform exceptionally well in the jobs market.
UK employment rate grew to its highest point on record 76.3 percent. Unemployment remains at lowest for 45 years. 3.8 percent are unemployed. Average wages without bonuses are growing at 3.4 percent well above UK inflation rate of 1.3 percent.Office for National Statistics ONS
With most people in the UK planning on changing jobs in the UK in 2020 the shortage of skills and low unemployment will continue to support wages rising faster than UK inflation. As a result UK standard of living will continue to rise in real terms on average throughout 2020.
15th January 2020 UK Inflation Drops To Three Year Low In December
UK inflation in December was just 1.3 percent well below Bank of England BoE target of 2 percent whih would normally be a strong indicator of UK interest rates being cut. Cutting UK interest rate encourages more spending and more demand and if supply stays the same prices rise towards healthy inflation rate of 2 percent.
Cutting interest rate also encourages additional investment by businesses which helps grow the economy.
House prices in UK are already accelerating but lower interest rate could push up UK house prices even faster if the BoE lowers UK interest rate at the end of January 2020.
A more fluent UK housing market would support additional spending in the shops and help struggling retailers as well as grow the UK economy faster in the spring.
Several members of the Bank of Englands rate setting committee have now indicated that they could support a rate cut.
10th January 2020 A Raft Of UK Business and Consumer Surveys Indicate Rising Confidence in UK Economy Following The Conclusive General Election Result In December
8th January 2020 UK House Prices Jumped At Fastest Monthly Rate In December according to Halifax Bank The UKs Biggest Mortgage Lender
According to Halifax Bank UK house prices increased 4 percent in 2019. Halifax is forecasting even faster house price growth in 2020 due to rising standard of living high employment levels and limited property coming to the housing marketplace.
31st December 2019 Biggest Ever Increase In National Living Wage In UK Will Boost Business Takings and Reduce Universal Credit Costs
Often low income earners in UK receive top up payments from the UK government. If UK employers pay more the UK government will pay less.
Many low paid workers with more income can pay off debt save more or spend more. If they do the latter they will boost business income which can offset cost of National Living Wage Increases. A full time worker on the new National Living Wage will be around £1000 better off per annum.
3 million workers in UK will get a massive pay increase compared to the current average wage increase rate. The new National Living Wage increase will come in in April 2020.
Low wage earners in the UK will receive a pay increase of 51p per hour. The National Living Wage for people 25 and over will increase to £8.72 from £8.21.
21 to 24 year olds and apprentices are paid at a lower rate and will receive a minimum wage increase of around 50p per hour too.
The current UK government has committed to increasing the National Living Wage to £10.50 by 2024.
UK trade unions are calling for a £10 per hour National Living Wage level now. UK business leaders should therefore suck up the current planned wage increase and look to the benefit that will come from 3 million higher paid people in the UK.
The real national living wage should already be £9.30 based on the level needed to cover the cost of living in the UKThe Living Wage Foundation
23rd December 2019 UK Business Leaders Confidence In UK Economy Jumps
Following the result of the UK General Election on 12th December confidence among UK business leaders jumped to its highest level since the European Union EU referendum in 2016 according to the Institute of Directors IoD.
Confidence levels in their own firms also leapt from 26 percent to 46 percent according to IoD Confidence Track Index.
20th December 2019 UK Had Smallest Trade Deficit With Rest Of World Since 2012 In Third Quarter 2019
UK businesses took advantage of the low value of the pound to export more. The Office for National Statistics ONS has reported a jump in goods exported from UK. Britains balance of payments deficit narrowed to smallest gap since 2012.
17th December 2019 UK Employment Hits All Time High
UK unemployment dropped to its lowest level of since January 1975. UK unemployment rate was 3.8 percent in three months to October according to the Office for National Statistics ONS. There are still 794000 job vacancies in the UK.
UK wages including bonuses are growing at 3.2 percent on average. Wages excluding bonuses are growing at 3.5 percent.
6th December 2019 UK House Prices Still Resiliently Increase Despite Uncertainty Of General Election and Global Economic Slowdown
The UK housing market has been resilient through parts the most difficult time since the Second World War. In November UK house prices grew at fastest rate for 9 months.
UK average house prices rose by 1 percent in November compared to October which was the fastest house price growth in UK since February 2019.Halifax House Price Index
Halifax bank is the biggest mortgage lender in the UK so has great insight into house price movements in the UK.
Year on year UK house prices were 2.1 percent higher than they were in November 2018Halifax House Price Index
13th November 2019 UK Inflation At 3 Year Low In October
UK consumer prices inflation falls to 1.5 percent continuing the rise in UK living standards. Wage increases in UK on average are far outstripping the rise in prices meaning that UK standard of living is increasing as it has done for nearly two years. UK average wages are increasing at 3.6 percent.
UK consumer prices rose 1.5 percent in October compared to 1.7 percent in SeptemberOffice for National Statistics ONS
The continuing rise in UK living standards should result in either higher consumer spending boosting the UK economy paying off of existing debts or increased savings for the future which will produce future economic growth.
Inflation of just 1.5 percent means UK inflation is far undershooting the Bank of Englands healthy inflation target of 2.0 percent. Cutting UK interest rates pushes up inflation as people and businesses borrow more and spend or invest it. Conflicting with this is the high employment levels in UK which normally result in higher UK interest rates. The data does provide massive flexibility for the Bank of England to shift UK interest rates any way it wants or feels the economy needs including an interest rate cut in the event of problems arising from the General Election in December such as another hung parliament creating further economic uncertainty.
12th November 2019 UK Unemployment Rate Is Still At Lowest Since 1974
The UK labour market is still performing resiliently despite global economic slowdown.
The UK is currently growing at its slowest rate in nearly a decade however many comparative economies like Germany for example are struggling even more with economic growth.
The biggest barriers to economic growth in UK failing to seek more exports with benefit of low value of pound and global economic slowdown. However a close third is the skills gap in the UK workforce and near full employment in UK.
- UK wages are increasing at 3.6 percent
- UK still has 800000 advertised job vacancies and is already near full employment so wages should continue to rise faster than UK inflation. A growing skills gap means these job vacancies are unlikely to be filled without higher immigration into UK. Whether this is right is a political decision but economically the UK needs to fill this growing skills gap.
- The number of EU nationals in work in UK has not changed much but there has been a growth in overseas workers coming from nonEU nationals.
UK interest rates are unlikely to change in near future but low unemployment levels rising living standards and an economy that is still growing mean than the most likely direction is an increase in interest rates.
11th November 2019 UK Continues Annual Year On Year Growth Despite Global Economic Slowdown Caused By Trade Wars
However the UK needs to make a decision on what to do next and stick to it. At the upcoming General Election on 12th December 2019 the UK needs to decide to leave the European Union or cancel Brexit. The indecision is what is hampering UK growth and ability to seize economic development opportunities. The UK has been failed by its politicians not its people or businesses. On the 12th December there needs to be a clear path ahead otherwise the UK economy will under perform.
Many forecast the UK falling into a recession when latest UK economic growth figures were revealed. Some wanted a technical economic recession for political reasons believing that it would put people off Brexit when the biggest problem by far is the trade war between USA and China.
UK economic growth or GDP increased by 0.3 percent between July and September 2019Office for National StatiSTICS ONS
- UK services sector grew 0.4 percent
- UK manufacturing growth was actually level neither up nor down
- UK construction grew 0.6 percent
UK trade deficit narrowed due to increase exports from UK on back of lower value of the pound.
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16th October 2019 UK House Prices Increasing At 1.3 Percent According To ONS And UK Land Registry
Annual UK house price growth accelerated in August to an annual increase of 1.3 percent according to the Office For National Statistics ONS and UK Land Registry.
The UK Land Registry reporting of house price movement is based on actual homes sold not just those homes with mortgage from a particular lender like Nationwide and Halifax bank.
16th October 2019 UK Inflation Remains At Lowest Level Since November 2016 and UK Living Standards Continue To Improve
According to the Office for National Statistics ONS UK inflation in September remained at just 1.7 percent well below Bank of England healthy inflation target level of 2 percent.
The low inflation has other benefits to businesses in UK as it will be used as the annual increase in business rates.
Pensioners living standards will also increase as UK state pension will increase at 4 percent will above cost of living increase.
UK state benefits will increase by 1.7 percent in April 2020 which will be the first increase in 5 years.
The Retail Price Index RPI measure of inflation was 2.4 percent in September which is the lowest rate since November 2016.
15th October 2019 Northern Ireland Unemployment Rate Falls To Record Low Levels
Unemployment in Northern Ireland fell to 2.9 percent in the 3 months to August. This compares to 3.9 percent in the rest of the United Kingdom.
15th October 2019 UK First Buyers Show Confidence In UK Economy With Their Money
The number of mortgages taken on by first time home buyers in UK jumped to highest level since August 2007 in August according to UK Finance.
Fewer people think buy to lets in UK are good idea as fewer new buy to let home purchase mortgages were sold in August year on year.
First time home buyers are the life given blood of the UK housing market. They are the future strength of the housing market.
UK interest rates are till exceptionally low compared to long term trends. There are signs that the trade war between China and USA are improving or at least not deteriorating! UK Brexit uncertainty should be resolved soon as it is likely that the UK will know if it is leaving or remaining in EU soon.
Although employment levels in UK fell recently unemployment in UK is still at record low with the gap between inflation and wage growth high meaning that living standards in UK are rising and have been for months.
10th October 2017 UK Economy Still On Track To Avoid Recession in 2019. UK current growth rate is 1.1 percent.
UK gross domestic product GDP in the three months to August was 0.3 percent higher than in the previous three month period. In addition the ONS has concluded the UK expanded faster than it previously said for the three months to July. It actually grew 0.1 percent in the three months to July.Office For National Statistics ONS
The Bank of England BoE has forecast that the UK economy will avoid recession in 2019. The BoE is forecasting UK growth of 0.2 percent in the third quarter and thereby the UK will avoid a technical recession.
The ONS has reported that the UK economy is currently growing at 1.1 percent. UK growth has actually accelerated in the last 3 months reviewed according to ONS.
7th October 2019 UK House Prices Rising At 1.1 Percent Year On Year In September
According to the Halifax bank the biggest mortgage lenders in UK house prices are rising at 1.1 percent.
30th September 2019 UK Growth Revised Up
The UK economy grew by 1.3 percent in the year to the end of June 2019 revised up from 1.2 percent by the Office for National Statistics ONS.
25th September 2019 Use Of Credit Cards In UK Falls
Could a rising standard of living in the UK be responsible for a reduction in the need to borrow on credit cards to fund lifestyle choices?
UK shoppers borrowed on their credit cards at the slowest annual rate since February 2015 in August.UK Finance
Credit card lending by major banks slowed to an annual growth rate of just 3.3 percent in August which was the slowest rate since February 2015.
Some economists worry that it is evidence that overall consumer spending in UK is falling. However it could be that the UK consumer has more money in their pocket and do not want to spend on credit as much as the needed to in past.
19th September 2019 Bank Of England Say UK Will Not Go Into A Recession This Year
The BoE thinks the UK will not go into a recession this year. It will grow 0.2 percent in third quarter the BoE forecasts. UK interest rates could go up or down in the medium term but will leave them unchanged at 0.75 percent for the moment.
The current robust resilient UK economy suggests it is a better bet that UK interest rates will rise in the coming months than fall.BusinessRiskTV
18th September 2019 UK Standard Of Living Improved Faster In August
UK consumers wages are increasing even faster than inflation as wage increases are accelerating and the cost of living in UK is not increasing as fast in August.
UK wages are increasing at 4.0 percent. The gap between wage increases and inflation is widening which means the UK standard of living is improving faster.
UK prices rose by just 1.7 percent in August. Annual UK prices were increasing at 2.1 percent in July so the August figure represents a slowdown in price increases.Office for National Statistics ONS
A recognised healthy target inflation rate is 2.0 percent so current inflation rate of 1.7 percent would normally require a reduction in UK interest rates to bump it up and maintain stable business environment. However the current political uncertainty means that the Bank of England will sit on its hands with current interest rates.
UK workers have more money in their pockets but maybe paying off debt or saving more.
UK inflation is now at lowest rate since late 2016.BusinessRiskTV
Many economists suggested the falling value of the pound would result in increasing UK inflation. This did not happen in August.
10th September 2019 More Good News Shows That UK Economy Continues Solid If Unexciting Business Performance
UK unemployment rate is at its lowest level since 1974 which further dispels the myth that the UK economy is in or heading towards a recession.
The number of people unemployed in UK fell by 0.1 percentage points to 3.8 percent in the three months to JulyOffice for National Statistics ONS
UK average wages are increasing at their fastest rate in 11 years at 4 percent. This means that the standard of living in the UK continues to rise. The current inflation rate is 2.1 percent. The gap between 2.1 percent and 4 percent signifies a net increase in the UK standard of living.UK wages are rising in real terms.
UK employment rate figure was unchanged at 76.1 percent which is the highest since records began in the 1970s.
UK interest rates should really rise as a matter of urgency giving these figures however the geopolitical uncertainty and Brexit uncertainty means the Bank of England is waiting like everyone else for the politicians to finally conclude whether the UK will leave the European Union EU or not.
Job creation is not a problem due to economic slowdown. The lack of qualified or experienced workers is the reason jobs are not being created as fast in UK. Given the low unemployment rate and low value of the pound making the UK less attractive to foreign workers this is not surprising.
The solution for UK businesses is to invest in training of existing employees and or investing in capital equipment to boost productivity for the business and the UK economy.
UK job vacancies have fallen 23000. However there are still 812000 job vacancies in UK according to the Office for National Statistics ONS. There are 1.29 million people in UK out of work.BusinessRiskTV
An unemployment rate of just 3.8 percent is or is very close to full employment levels as defined by many economists.
The economy economy has probably already grown faster as many manufacturers in UK who would normally have had a summer shutdown had already shutdown in March April when the UK was supposed to leave the European Union EU. Their output this summer should rise compared to last year.
The UK economic fundamentals are solid. The political uncertainty could not be greater.
9th September 2019 Economists and Industry Bodies Show Their Political Credentials Not Their Economic Knowledge When They Hit The Media Airwaves With Their Prophecy Of UK Economic Doom
Many people argued that the UK was probably already in a recession. If the UK had been in an economic recession it would have been down to the global economic downturn not because the UK economy is broken for any reason.
The UK economy is not broken. Unlike Germany which is struggling due to global economic slowdown from international trade war.BusinessRiskTV
According to the statistical experts the UK economy is growing not contracting.
The UK economy grew by 0.3 percent between June and July. Economists had forecast month on month growth of 0.1 percent and said the economy did not grow at all in JuneOffice for National Statistics ONS
The official figures suggests the UK could avoid a recession. The UK did contract in the second quarter due to stockpiled products in the first quarter being used up after the UK did not leave the European Union at end of March as was planned. The UK has started the third quarter relatively spiritedly given the state of the European Union and Germany in particular.
6th September 2019 UK House Prices Increase At Fastest Rate In Four Months
According to the biggest mortgage lender in the UK British house prices increased in August at the fastest annual rate in four months.
Latest UK house price report states that UK house prices rose 1.8 percent year on year in August after a 1.5 percent rise in JulyHalifax Bank
At the time that many economists and political commentators feel is the worst most dangerous time in UK history since World War 2 UK house prices continue to rise and indeed house price rises are accelerating.
If only the economists and political commentators had as much faith in the UK economy as the general UK public does! The global economy is in slowdown phase. You only need to look at Germany the economic powerhouse of Europe which is probably in a recession right now to know that the economic climate is not good. However the UK is very well placed to weather the global economic storms and business leaders need to plan for a better future now as it is attainable.
14th August 2019 UK Economy Remains Resilient
UK inflation in July ticked up slightly to 2.1 percent just above the Bank of England BoE healthy inflation target of 2 percent. UK inflation remains under control and there is zero pressure on the BoE to increase interest rate to contain inflation.
Supercharged UK wage increases do put pressure on the BoE to increase interest rate especially as wages are rising much faster than the cost of living meaning that the standard of living in UK continues to rise. However the global trade wars and Brexit will prevent BoE from increasing rates until at least after end of October 2019.
According to UK House Price Index in June UK house prices continue to rise albeit at a low rate of just 0.9 percent. House prices in London are falling but Wales for example is experiencing house price rises of 4.4 percent.
Employment levels in UK are at record high which means that a collapse in the housing market is a long way off. Personal debt levels in UK are not increasing as fast as they have in the past as consumers save more or pay off debt faster.
13th August 2019 UK Average Wages Increasing At 11 Year High
According to the Office for National Statistics ONS UK wage growth in June excluding bonuses rose at 3.9 percent. Wages are rising at the fastest rate in 11 years.
With inflation running at 2 percent this means on average the standard of living in UK continues to rise and is in fact improving faster.
UK unemployment rate in June rose to 3.9 percent but still at low rate not seen since 1970s.
The employment rate is at joint highest rate since records began in 1971.
UK wages have been rising faster than inflation consistently since March 2018 and therefore UK standard of living has been improving since March 2018.BusinessRiskTV
Taking inflation into account UK wages are rising in real terms at 1.9 percent.
In normal circumstances such a strong wage growth and high employment levels would alert businesses and individuals in the UK to imminent UK interest rate rises. However the Bank of England has decided to hold interest rate at close to record low though the recent direction of travel has been upwards.
9th August 2019 UK GDP Contracted 0.2 Percent In Second Quarter Of 2019
It is most likely that the UK economy is slowing as part of global economic contraction.
The UK economy grew 0.5 percent in the first quarter of 2019 which was stronger than expected largely due to widespread stockpiling by UK firms in the run up to end of March deadline for leaving the EU.
The fall in output in second quarter was primarily driven by an unwinding of Brexit related stockpiling activities in the first quarterOffice For National Statistics ONS
Secondly the UK was supposed to leave at the end of the first quarter and stock piled up in the first quarter will have been used in second quarter hence less output in second quarter. Many factories also shut down at beginning of second quarter to do planned maintenance at a time when the UK was expected to be in the midst of leaving European Union EU.
Thirdly the powerhouse of the European economy Germany is in recession and the eurozone is struggling. Our nearest trading partner is severely struggling and will probably need to restart quantitative easing QE and lower interest rates.
The UK suffers due to global economic slowdown but the UK economy critical fundamentals are still strong including record high employment levels rising standard of living due to wages rising faster than inflation and house prices on average are still rising.
5th August 2019 UK Economy Shocks On Upside Yet Again Shaming Most Economic Forecasters
The Service Sector in the UK drives around 85 percent of the UK economy. It grew in July at its fastest rate in 9 months.
The UK Services Sector grew faster than all forecasts in a Reuter poll of economistsIHS Markit CIPS UK Services Purchasing Managers Index PMI July
After a relatively strong performance at the start of the year compared to rest of Europe many economists were suggesting the UK was heading for or in recession.
The UK continues to outperform the rest of Europe at a time of global economic slowdown. Too much focus is placed on Brexit. The UK economy is threatened but from the global slowdown.
A great many central banks around the world have been cutting interest rates to help manage the threat from global economic slowdown but the Bank of England is keeping its powder dry for the moment with no interest rate cut. Indeed the most recent movement was upwards.
UK economic growth is weak but compared to many developed economies is extremely healthy with high employment wages rising faster than inflation increasing standard of living considered borrowing and relatively strong business activity.
The low value of the pound does make imports more expensive but makes it easier to export from the UK. Whilst it makes holidaying abroad more expensive it makes income in UK from foreign tourists greater.
UK consumers continue to spend further supporting the UK economy though more and more of the spend is going online instead of High Street.
18th July 2019 Robust Demand For Mortgages In UK
Lenders in Britain report demand for mortgages rose significantly in the second quarter of 2019 and is expected to hold steady in the third quarter according to the Bank of England BoE.
At the same time people are saving more and borrowing less via unsecured lending which fell in the second quarter. Rising wages may mean UK consumers need to borrow less as credit card lending fell.
18th July 2019 UK Retail Sales Jump In June
According to the Office for National Statistics ONS retail sales volumes jumped when many UK retail experts were forecasting a retail sales volume fall.
17th July 2019 UK Inflation Holds At 2 Percent
The Office for National Statistics ONS has reported that UK inflation remained at 2 percent in June which is bang on Bank Of Englands BoE historic healthy inflation target. This means there is no pressure to change UK interest rates.
10th July 2019 UK Economy Still Growing Despite Global Economic Contraction In Trade
UK economic growth was 0.3 percent in May according to the Office for National Statistics ONS. The UK economy also grew 0.3 percent in the three months to the end of May. All sectors of UK economy grew over this three month period.
The ONS has also reported that the UK economy did not contract in March as it previously reported. In fact it grew and grew despite large parts of UK car manufacturing shutting down at the time the UK was supposed to leave the European Union EU.
Political gesturing by commentators and politicians that the UK is probably in recession now is premature and dangerous. It may serve their purpose but not the people of the UK or its businessesBusinessRiskTV
The UK economy is still growing in the face of relatively unprecedented international global trade wars and unsettling geopolitics. The UK economy is demonstrating extraordinary resilience with record high employment levels rising wages and growing standard of living with wages rising faster than inflation.
Although there has been regrettable fall in car production there have also been positive announcements in the automotive industry. BMW will produce an electric mini in 2020 and Jaguar Land Rover will produce an electric car model too.
If the UK can invest significant money in infrastructure and build more homes in next few years this will a sufficient boost to drive forward the UK economy.
5th July 2019 UK Skills Gap and Brexit Pushing Up UK Average Wages
Average wages in UK have increased by more than 2 percent for a year and a half. According to the Office for National Statistics ONS wages increased by 2.1 percent in the three months to end of March 2019.
Cheap labour from overseas has been less evident and UK employers are having to pay more to attract and retain employees. The demand for new employees far outstrips supply of adequately skilled employees. As a result those that do have the skills can ask for higher wages.
1st July 2019 UK Consumer Credit Growth Rate Slowed To 5 Year Low In May
According to the Bank of England annual growth in consumer credit in UK slowed to a 5 year low in May.
UK consumer credit increased by 5.6 percent year on year in May 2019. This is lowest rate of growth since April 2015.BusinessRiskTV
UK consumers are not borrowing as much money to buy cars or as much on credit cards or other unsecured loans as the global economy faces increasing threats from international trade disputes particularly between USA and China.
UK consumers are saving more money than at any time since September 2016.BusinessRiskTV
Although unsecured lenders in UK are cautious mortgage firms are making it cheaper to mortgage as many lenders have reduced mortgage rates on the market.
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5th June 2019 UK Services Sector Grows Faster
The UK Services Sector is growing faster than most predicted. Britains services sector had its second consecutive month of growth in May according to IHS Markit UK Services Purchasing Managers Index PMI.
Employment in UK services Sector jumped in May.
14th May 2019 UK Unemployment At Lowest Since January 1975 According To Office For National Statistics ONS
Record low unemployment levels are helping to push up wages in UK. Wages are rising by 3.3 percent on average.
The employment rate in the UK is at the joint highest on record at 76.1 percent of workers.
4th May 2019 UK Economy Growing Faster Than Forecast
Bank of England BoE has upgraded its economic forecast for UK growth in 2019 to 1.5 percent from 1.2 percent only forecast in February 2019.
18th April 2019 UK Inflation 1.9 Percent
UK inflation in March stayed at 1.9 percent below the Bank of England BoE inflation target which means there is little pressure to increase UK interest rates any time soon.
In addition as average wages are increasing at 3.4 percent the standard of living in UK continues to rise.
Retail sales have jumped supported by resilient confidence in UK economy and relatively warm weather. Year on year growth was 6.7 percent in March the highest rate since October 2016.
20th March 2019 UK Inflation Rate Remains Close To Recent Low
UKs inflation rate has increased slightly but still close to two year low according to the Office for National Statistics ONS.
In February the UK inflation rate was 1.9 percent which is still below Bank of Englands BoE 2 percent healthy inflation rate target so short term pressure to increase UK interest rate is still insignificant.
Weak UK inflation is significantly below average UK wage increases which means on average the standard of living in UK is rising.
19th March 2019 UK Employment Rate Highest Since Records Began In 1971
According to the Office for National Statistics ONS the number of employed people in the UK has risen to a new record number of 32.7 million people between November and January
UK unemployment rate is at 3.9 percent which is the lowest since 1975.
Average weekly earnings excluding bonuses increased by 3.4 percent well ahead of inflation meaning that average living standards continue to rise in UK.
British employers increased their hiring at the fastest pace since 2015 in the three months to January 2019.
The number of job vacancies in the UK economy increased by 4000 to 854000. The growing skills gap in the UK suggests that
- the UK economy is healthy
- wages are set to rise faster
- their is increasing pressure to increase UK interest rates
- UK deficit is set to fall further is the UK government does not increase spending
Employers in UK need to invest more in training and upskilling existing workforce to retain staff and protect business resilience.
Yesterdays spanner in the Brexit process works by the Speaker of the House Of Commons has made it more likely that the UK Prime Ministers Brexit deal will somehow be approved. If this is the case then the UK economy will be boosted. The boost will come from private investment and massive public spending Brexit dividend promised by UK Chancellor.
19th February 2019 Employment Rate In UK Highest Since 1971 which is when records began
According to the Office for National Statistics ONS UK employment rate is the highest since 1971 during the period October to December 2018.
UK unemployment rate remains lowest since 1975 at 4 percent.
UK weekly average earnings rose 3.4 percent. Real wages in UK adjusted for inflation are now at the highest level since March 2011.
Job vacancies in the UK are at the highest level since records began. This means wage increases in the UK will continue to outstrip inflation in UK as employers face a skills gap crisis and have to pay more to attract and retain employees.
13th February 2019 UK Inflation Fell To Two Year Low In January
UK consumer prices rose at an annual rate of 1.8 percent in January falling from 2.1 percent in December according to the Office for National Statistics ONS. Factory input inflation costs are also slowing.
Falling energy costs was a large contributor to slowing inflation. However higher energy costs are becoming a reality as the UKs top six energy providers this week to raise prices.
16th January 2019 UK Inflation Rate Fell To 2.1 Percent in December
UK inflation falls from 2.3 percent in November according to the Office for National Statistics ONS. The fall of inflation means that UK interest rates should remain stable for foreseeable.
On average the standard of living in UK is rising based on the fact that average UK pay growth is rising at 3.3 percent.
8th January 2019 UK House Prices Continue To Rise According To Halifax Bank
31st December 2018 Spending On Entertainment In UK Grow Healthily and Set To Continue
Spending on entertainment grew 9 percent year on year in 2018. People were eating and drinking out more in 2018 compared to previous year.
The pub and restaurant sectors spending grew 11.2 percent and 8.7 percent respectively according to Barclaycard the most popular credit card supplier in the UK.
18th December 2018 UK Manufacturing Orders Grow For Second Month
British factory orders grew for a second month in a row in December according to Confederation of British Industry CBI.
18th December 2018UK Inflation Fell To Lowest Level Since March 2017
- UK inflation fell to 2.3 percent in November down from 2.4 percent in October according to the Office for National Statistics ONS
With average wages rising at 3.1 percent the fall in inflation helps to improve the standard of living in the UK on average.
11th December 2018 UK Employers Are Recruiting More Than Ever
11th December 2018 UK Employment Figures Demonstrates That It Is Good That Politicians Are Tied Up With Brexit
UK lawmakers have been tied up with Brexit for the last couple of years and had little time for any other tinkering with the UK statute book. The country is effectively running itself and this is no bad thing! Politicians on both sides of parliament are not fit to run the country but luckily the country can run itself.
The Office for National Statistics ONS has confirmed that the UK had the joint highest employment rate since records began in 1971 in the period August to October 2018. 75.7 percent of people aged 16 to 64 were in paid work.
- Record numbers of people are in work in UK
- Average earnings are at their highest level for a decade
- UK jobless rate is 0.2% lower than a year ago at 4.1 percent
- UK average earnings increased by 3.3 percent in the year to October. This is the highest figure since 2008
- UK wages are rising substantially above latest inflation rate of 2.4 percent so on average living standards in UK rising relatively rapidly.
- Real earnings growing faster than at any time since around the end of 2016
- Job vacancies were up by 10,000 on the quarter to a record high of 848000
Many want to portray the UK economy as a basket case for their own ends but it is more grey than black and white. The collapse of the value of the pound creates massive opportunities for exporting more overseas. There are always opportunities from downside risks.
14th November 2018 UK Inflation In October Was 2.4 Percent
According to the Office for National Statistics ONS reported UK inflation remaining at 2.4 percent.
Average wages in UK are rising at 3.2 percent which is slightly higher than previous rate which means the standard of living in the UK is accelerating.
Basic wages in UK rising at fastest rate since 2008 over the three months to September
UK wages are set to increase further due to the highest employment levels ever high unfilled job vacancies and a growing skills gap requiring UK employers to pay more to attract and retain employees.
9th November 2018 Britains Economy Grew Healthily But Not Spectacularly
- UK economy is growing at 1.5 percent on an annualised basis
- Gross Domestic Product GDP in third quarter of 2018 was 0.6 percent.
- Third quarter UK economic growth was the fastest quarterly growth since fourth quart of 2016.
According to the Office for National Statistics ONS the UK economy grew healthily in the third quarter but not rapidly. Growth in the third quart was faster than the second quarter which was 0.4 percent.
UK economy growing 3 times faster than Eurozone economy in third quarter of 2018. Whilst both do not compare to USA China or India, UK business leaders need to get UK economic risk into perspective and start investing in their business to seize new business development opportunities
Comparing UK economic growth in the third quarter with economic growth in the same period for the eurozone we find that the UK was growing 3 times faster than the eurozone at 0.2 percent.
29th October 2018 Follow UK Budget Live and Read Highlights
8 straight years of UK growth. Predicting 800000 more jobs by 2023. Proportion of low paid jobs at lowest level since 1997. Office for Budget Responsibility OBR forecasting real wage growth every year for next 5 years. Budget deficit down from nearly 10 percent 8 years ago to 1.4 percent next year and to fall to 0.8 percent of GDP by 2023 to 2024.
- Government increasing provision for supporting Brexit deal or no deal
- OBR forecasting UK growth of 1.6 percent in 2019 1.4 percent in 2020 and 2021 and 1.5 percent in 2022 and 1.6 percent in 2023
- New mental health crisis service announced. 24 hour mental health crisis hotline to be created.
- Local councils to get more money for social care. Extra 650 million pounds for English councils for 2019 to 2020.
- Defence MOD to get 1 billion pounds more this year and next for cyber measures and submarines.
- Extra 160 million pounds of funding for counter terrorism policing in 2019 to 2020
- Education to get 400 million for schools to apply for.
- Pot holes filing funding of 420 million
- 1.6 billion of new investment to support governments industrial strategy
- National Productivity Investment Fund to increase to over 38 billion by 2023 2024.
- New PFI contracts for future projects to be abolished. Existing PFI contracts to be honoured.
- Increasing annual business investment allowance from 200000 pounds to 1 million pounds for two years
- Extra 200 million pounds funding for British Business Bank
- Small business apprenticeship levy to be halved to 5 percent
- New UK digital services tax to be introduced on companies with global revenues of over 500 million pounds in April 2020
- UK High Street to be supported with 675 million pound future High Streets investment fund to rejuvenate High Streets in UK.
- For next two years business rates to be cut for smaller English retailers by one third
- UK housing sector changes to include stamp duty relief and more funding in partnership with housing associations.
- Increasing the Transformation Cities Fund to 2.4 billion pounds
- Nearly 1 billion extra for the Scottish government by 2020 to 2021
- Extra 550 million for the Welsh government and 320 million for Northern Ireland Executive
- New tax on manufacture and import of plastic packaging that is 30 percent recyclable or less
- Freezing fuel duty again. Tobacco escalator will continue to rise. Freeze on beer and cider duty. Freeze on duty on spirits.
- Universal Credit changes to include transitional funding of an extra 1 billion pounds over 5 years. Plus 1.7 billion extra funding via Universal Credit work allowances increasing by up to 1000 pounds per year
- National Living Wage to rise in April 2019 from £7.83 to £8.21.
- UK Tax Personal Allowance to rise to 12500 from 11850 pounds and Higher Rate Tax Allowance of 50000 from 46350 pounds changes from April 2019.
19th October 2018 UK Budget Deficit Smaller Than Expected In September
The UK budget deficit reduces again according to figures from the Office for National Statistics ONS. The UK has taken more money in taxes and increased spending over the period.
UK deficit this financial year is 19.9 billion pounds down 35 percent from 2017 the smallest total at this stage of the year since 2002BusinessRiskTV
The UK will unveil its new budget on 29th October 2018.
- UK deficit in 2010 9.9 percent of GDP
- UK government forecast in March 2018 that deficit in 2018 financial year will be 1.8 percent of GDP.
- Total UK public debt is 1.79 trillion pounds or 84.3 percent of GDP which is more than double its level before the financial crisis in 2008. Taking out the effect of Bank of England BoE Quantitative Easing QE and money injection total public debt is 75.3 percent of GDP
The UK economy has slowed but it is still growing.
17th October 2018 UK Inflation Slows In September
UK consumer price growth slowed to 2.4 percent in September compared to 2.7 percent in August according to the Office for National Statistics ONS.
16th October 2018 UK Unemployment Continues To Fall Wages Rising Faster
- UK unemployment has fallen by 47000 in the three months to August
- UK unemployment rate is 4 percent
- UK employment levels remain at near record highs
- Average earnings with bonuses increased at 2.7 percent in three months to August
- Average pay without bonuses jumped 3.1 percent year on year
- Average pay without bonuses jumped at it fastest rate since 2009
A job seekers market has dawned. Job hunters are in the driving seat. UK employers will need to pay more to attract new talent to fill skills gap.
Bank of England predicting UK average weekly earnings will grow at 3.25 percent in 2019 and 3.5 percent in 2020
UK unemployment is at lowest level since 1975. Youth unemployment in UK is at a record all time low.
Wage increases in UK have outstripped UK inflation for 7 consecutive months increasing the standard of living in UK over the period
UK job vacancies remain at near record level suggests that wages are going to have to rise faster to attract talented workers out of their existing jobs.
If wages increase at low paid end of the jobs market this would reduce the cost to the public and lower government spending as low paid UK workers would get more from employer and less from the state.
There is an argument for pushing up the minimum wage in UK to reduce working poverty create a real living wage and reduce public spending.
Manufacturers in UK are struggling to find the skills needs to maintain supply. Much of the constraint on growth in UK manufacturing is down to lack of workers not other risk factors like lack of finance or capital access. This may lead to more automation. Alternatively UK employers will need to invest more in training their employees to fill the skills gap.
10th October 2018 UK Economic Growth Faster Than Many Experts Forecast
UK GDP in three months to August was faster than expected by many economists according to figures from the Office for National Statistics ONS.
Annual UK growth is currently running at 1.5 percent.
20th September 2018 Booming August UK Retail Sales
Actual UK retail sales outstripped most economic expert forecasts. As is normally the case the UK economic growth is accelerating as the year progresses.
UK retail sales in August were extremely buoyant according to figures from the Office for National Statistics ONS.
UK inflation jumped to a six month high of 2.7 percent in the 12 months to August.BusinessRiskTV
UK infation still remains below average UK wage rises but only just. The ONS said sales in August were boosted by shops offering promotions on household goods such as furniture and electrical appliances.
17th September 2017 UK Consumer Spending Grows
According to Visa UK consumer spending grew over the three months to August at fastest pace since January 2018.
11th September 2018 UK Standard Of Living Continues To Improve
UK average wages continue to rise faster than inflation. UK wages increased at 2.9 percent in the 3 months to July according to figures from the Office for National Statistics ONS. UK inflation is 2.4 percent so on the standard of living in UK continues to improve.
- UK unemployment has fallen 55000 to 1.36 million
- Unemployment stays at lowest rate in over 40 years
- Numbers of people in work rose by 3000 to 32.397 million
- UK job vacancies rose by more than 14000
- UK job vacancies at record high of 833000 which could push wage increases even higher to attract new workers and retain existing employees
- UK public sector deficit continues to narrow meaning that the tax take is increasingly covering the cost of public sector costs
The UK economy is growing faster than most economists predicted. A shortage of skilled workers in UK will worsen as the economy expands faster.
The recent increase in interest rate to 0.75 percent looks wise albeit at little late but normalisation of interest rates in UK is likely to continue.
10th September 2018 UK Economic Growth Accelerates
The economy economy grow 0.6 percent in the three months to July according to the Office for National Statistics ONS. This was the fastest growth since August 2017. The construction industry and services sector performed particularly strongly.
In addition to strong domestic growth exports from UK also grew. The UK’s trade deficit narrowed.
21st August 2018 Biggest UK Budget Surplus Reported In July Since 2000
According to the UK Office for National Statistics ONS in July 2018 instead of running a UK budget deficit the UK created a surplus. The UK tax income for the first time since July 2000 was high enough that the UK did not need to borrow money to pay its public sector bills.
Total UK borrowing for the 2018 financial year is at its lowest level for 16 years.
8th August 2018 UK Is Now At Full Employment Levels
A Bank of England policymaker Ian McCafferty thinks the UK is already at full employment level.
The theory is that when the UK hits full employment level wage increase will accelerate as UK employers have to pay more to attract and retain staff.
Faster UK wage growth should increase UK inflation. Prices will rise faster unless the Bank of England combats the extra pound in the pocket from higher wages with higher costs of borrowing. UK interest rate recently increased but that is not the end of interest rate increases in the UK.
20th July 2018 UK Government Borrowing April to June Fell to Lowest Level Since 2007
According to the Office of National Statistics ONS UK government borrowing for the first quarter of the financial year was the lowest for years.
Public sector net debt excluding public sector banks was nearly £1.8 trillion or 85.2 percent of GDP.
UK government borrowing is falling faster than the Office for Budget Responsibility OBR has forecast expectedBusinessRiskTV
This may give the UK Chancellor the opportunity to spend more or invest in the November 2018 budget announcement.
17th July 2018 UK Employment At Highest Level Since 1971
The number of people in the UK in employment has hit another record high according to Office for National Statistics ONS. Overall the employment rate was at 75.7pc. Unemployment rate is 4.2 percent according to the Office for National Statistics ONS which is lowest level since 1975.
Average weekly earnings in UK are increasing at 2.5 percent faster than inflation.
14th July 2018 UK Consumer Confident In UK Economy
UK consumer confidence has risen to highest level since Deloitte started measuring UK consumer confidence in 2011.
The UK consumers standard of living is rising as on average wages are now rising faster than prices. Job security is increasingly better due to a growing skills shortage.
10th July 2018 UK Economy Expands Faster As The Year Progresses
According to the Office for National Statistics ONS the UK economy picked up growth expansion in May.
Year on year in May the UK economy grew 1.5 percent. Whilst 1.5 percent GDP is not rapid growth it is still significant growth and much better than contraction feared by many.
4th July 2018 UK Economy Is Much Stronger Than Many Economists Want To Talk About
UK services sector reported its fastest rise in activity since last October in June this year according to the Purchasing Managers’ Index PMI from IHS Markit.
UK services sector makes up around 80 percent of total UK economic growth. Recent UK economic performance in May and June indicates that the UK economy is performing better than most economic commentators are prepared to express.
Overall UK economic activity in June grew at the strongest pace since October 2017.
29th June 2018 UKs Economic Growth Revised Up 1st Quarter of 2018
According to the Office for National Statistics ONS the UK grew faster in the first quarter than the ONS initially thought. The UK economy grew 0.2 percent in the first quarter of 2018. Whilst this is much slower than growth in the last quarter of 2017 the UKs growth tends to be faster at the end of the year rather than the beginning. UK growth each year starts slow and accelerates as the year progresses.
The ONS also reported that the UK services sector grew 0.3 percent in April which was the fastest monthly increase since November 2017. The UK services sector powers around 80 percent of the UK economy.
29th June 2018 Exports Goods and Services At Record High and Trade Gap Narrows
Trade figures released by UK government revealed that in the 12 months to March 2018 UK exports were at an all time high.
- Exports to Canada up 12.7 percent
- Exports to India up 31.8 percent
- Exports to China up 15.3 percent
- Exports to European Union EU up 10 percent
EU countries represent around 40 percent of all exports from UK.
Research from Barclays Corporate Banking found that around two thirds of consumers in India and China and around half of consumers in the UAE were prepared to pay more for goods made in the UK because they perceive the quality as higher.BusinessRiskTV
The trade deficit with the world continued to narrow to 80 billion pounds which is the narrowest UK trade deficit since 2012.
21st June 2018 UK Government Borrowing Continues To Fall
The UKs debt is still rising but not as fast as was forecast. UK owes 1.85 trillion pounds.
UK government borrowing fell to 5bn pounds in May down 2bn pounds from a year earlier. Borrowing for the financial year to date to 11.8bn pounds 4.1bn pounds less than in the same period in 2017.BusinessRiskTV
Last financial years borrowing was not as high as previously stated. The Office for National Statistics ONS revised down its figure for government borrowing in 2017 2018 to 39.5bn pounds. This is the lowest annual level of UK borrowing in 11 years.
Once again it looks like the economic experts economic forecasts of misery for the UK appear to be oversold. Take most economic forecasts with a pinch of salt. However you are in control of your own destiny whatever the economic experts predict.
20th June 2018 Big Jump In UK Industrial Orders In June
According to the Confederation of British Industry CBI British manufacturers have reported a big rise in orders in June.
The UKs rising standard of living due to wages rising faster than inflation suggests that the consumer in UK will also give a boost to the services sector throughout the rest of 2018.
The services sector accounts for around 80 percent of the UKs Gross Domestic Product GDP. The UKs GDP should also start to increase faster for the rest of 2018.
If the UKs construction industry could chip in with some growth the UK economy will be pretty productive for 2018 as a whole.
Now is the time to invest in your business in UK. Do not listen to the doom mongers! Your competitors maybe waiting to see what happens regarding trade wars Brexit immigration or for the cow to jump over the moon but you must not wait. Do not procrastinate. Seize the opportunity to beat your competitors to new business today.
18th June 2018 UK Household Income Growth Creates Spending Power and UK Economic Growth Potential For Rest 2018
UK consumers to benefit from fastest income growth for years in June according to Household Finance Index HFI from IHS Markit. This was biggest jump since the surveys started in 2009.
If UK consumers spend instead of save or pay off existing debt then the UK economy should get a boost during 2018.
13th June 2018 UK Inflation In May Steady
UK inflation stuck at 2.4 percent in May according to Office for National Statistics ONS. On average the standard of living is improving on the basis that average wages are now increasing faster than prices are rising. Average UK wages excluding bonuses are currently rising at 2.8 percent year on year.
UK unemployment rate remains at its lowest since 1970s at 4.2 percent. There are more people in work in UK and job vacancies in UK are very high. Wage growth in UK should accelerate though wage inflation has been kept stubbornly low.
5th June 2018 Should Experts Be Surprised Retail Sales In May Bounced Back?
UK retail sales bounce back in May after the Beast From The East bad weather in April deterred consumers from spending. Consumers bought summer fashion and hit the pubs and restaurants or splashed out on garden gear and dusted off BBQs. Retailers saw the fastest growth in sales since January 2014 according to British Retail Consortium BRC.
Barclaycard said consumer spending grew by 5.1 percent year on year in May the highest level recorded since April 2017. Spending in garden centres jumped 50 percent over the three day early May bank holiday weekend compared with the same long weekend in 2017 according to Barclaycard.
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23rd May 2018 UK Public Finances More Healthy Than Forecast
The UK started the new financial year in April with a lower than forecast budget deficit.
According to the UK Office for National Statistics ONS the budget deficit this financial year is more than a billion pounds less than April last year.
UK budget deficit for 2017 2018 is 2 percent of gross domestic product GDP which is the smallest budget deficit as a share of GDP since 2001 2002
24th April 2018 UK Government Borrowing 11 Year Low
UK borrowing fallen to lowest annual level in 11 years. Office for National Statistics ONS reports borrowing of nearly 43 billion pounds. Last financial year borrowing was below forecast of 45 billion pounds.
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