||Last Updated: Oct 9, 2015 - 12:32 AM
UK gross domestic product (GDP) fell by 0.7% in the second quarter of 2012. The most significant contribution to this fall came from the construction sector; there was, however, also weakness in both the production and services sectors. It was the biggest quarterly fall in more than three years and the Office for National Statistics (ONS) partly attributed the decline to the Jubilee holiday and bad weather.
Jul 25, 2012 - 10:22 AM
Barclays Bank today announced the resignation of Bob Diamond as chief executive and a director of Barclays with immediate effect following last week's revelations of fraudulent manipulation of LIBOR and EURIBOR inter-bank interest rates. Marcus Agius will become full-time chairman (he announced on Monday his intention to resign) and will lead the search for a new chief executive.
Jul 3, 2012 - 8:18 AM
The UK Financial Services Authority (FSA) has today fined Barclays Bank Plc (Barclays) £59.5m for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA. The British bank has also paid fines totalling $360m to US Commodity Futures Trading Commission (CFTC), the US Department of Justice (DoJ) in respect of fraudulent manipulation of the rates by employees.
Jun 28, 2012 - 8:55 AM
The head of the CBI, the UK's leading business lobbying organisation, will today warn that a return to growth will not in itself solve the root causes of youth unemployment, and will call for renewed focus on the issue. Speaking alongside political leaders, Nick Clegg, David Miliband, and leading business figures at the CBI’s Action for Jobs summit, John Cridland, CBI director-general will urge businesses and government to work together to do more to give people the skills and opportunities they need to get jobs.
Jun 27, 2012 - 7:25 AM
UK manufacturers’ expectations for output growth have improved, while firms’ order books showed signs of recovery in June, the CBI said today. The Confederation for British Industry is the most important business lobby group in the UK.
Jun 21, 2012 - 3:10 PM
Unemployment in the UK fell by 51,000 to 2.61m in the three months to April 2012, official figures have shown.
Jun 20, 2012 - 11:52 AM
UK retail sales volumes rose strongly in May compared to a year ago, and sentiment regarding the business situation for the next quarter has improved. But sales were still reported to be below average for the time of year.
May 29, 2012 - 4:18 PM
UK manufacturers reported weaker order books in May, and the pace of expected output growth over the next three months has slowed, the CBI said today. The Confederation of British Industry is the UK's principal business lobbying organisation.
May 23, 2012 - 1:43 PM
UK unemployment in a surprise development, fell by 45,000 to 2.63m between January and March 2012, according to official figures issued today.
May 16, 2012 - 1:24 PM
The Bank of England’s Monetary Policy Committee today voted to maintain the benchmark interest rate at 0.5%. The Committee also voted to maintain the stock of bond/ asset purchases financed by the issuance of central bank reserves at £325bn. The bond purchase program is commonly termed 'money printing' or 'quantitative easing' (QE).
May 10, 2012 - 12:46 PM
The UK economy will see growth resume in the second half of 2012, with faster GDP growth during 2013, according to the latest quarterly CBI economic forecast. The CBI is Britain's biggest business lobbying group.
May 3, 2012 - 7:29 AM
The UK manufacturing sector is showing signs of bouncing back from the fragile conditions seen at the end of 2011 and start of 2012, and sentiment has improved for the first time in a year, the CBI, the principal UK business lobby group, said today.
Apr 25, 2012 - 3:12 PM
The UK economy contracted in the first quarter of 2012 as construction output slumped, pushing Britain into its first double-dip recession since the 1970s.
Apr 25, 2012 - 12:02 PM
Sales on the UK high street were stable in the year to March, although retailers reported they were again disappointing for the time of year, the CBI, the UK's main business lobby group, said Tuesday.
Mar 27, 2012 - 4:10 PM
George Osborne, UK chancellor of the exchequer, announced in his Budget speech today a cut in the top rate of income tax and an increase in the amount of money people can earn before they start paying tax. He also announced cuts in the corporation tax rate.
Mar 21, 2012 - 3:41 PM
UK manufacturers’ expectations for output growth are at their strongest for a year, but firms also expect to have to raise prices significantly.
Mar 20, 2012 - 2:56 PM
A second official estimate of gross domestic product (GDP) has confirmed that the UK economy shrank by 0.2% in the last quarter of 2011. Also today, a second estimate of German GDP showed that the Eurozone's biggest economy also contracted by 0.2% in the forth quarter of 2011.
Feb 24, 2012 - 2:49 PM
The UK is likely to avoid recession in 2012 as recent industry surveys signal renewed economic growth, the Bank of England said today. Also today, the Office for National Statistics (ONS) reported that the unemployment rate for the three months to December 2011 was 8.4% of the economically active population, up 0.1 on the quarter. The unemployment rate was last higher in the three months to November 1995.
Feb 15, 2012 - 1:50 PM
UK retail sales values were down 0.3% on a like-for-like basis from January 2011, when sales had risen 2.3%, picking up after December 2010's snow disruption. On a total basis, sales were up 2.1%, against a 4.2% increase in January 2011. On both measures it was the second-worst January, after January 2010, since the survey began in 1995.
Feb 7, 2012 - 8:21 AM
UK retail sales volumes grew in the year to December for the first time in seven months, though sales were considered poor for the time of year, the CBI said today.
Dec 20, 2011 - 12:03 PM
Extensive discounting on the UK High Street failed to prevent retail sales falling by 0.4% in November from the month before.
Dec 15, 2011 - 3:17 PM
UK unemployed jumped to the highest level for 17 years in October, increasing pressure on David Cameron's government to soften austerity measures.
Dec 14, 2011 - 4:57 PM
The Bank of England said today that UK banks have significant refinancing needs. And while their direct exposures to the sovereign debt of the most vulnerable economies are limited, they have larger exposures to the private sectors of some weaker euro-area economies. They also have significant exposures to major European banking. Meanwhile UK manufacturing contracted in November for a second consecutive month.
Dec 1, 2011 - 2:57 PM
George Osborne, the UK chancellor, in his Pre-Budget Statement today to the House of Commons, said that he will cap public sector pay increases to just 1% a year for 2 years to keep his austerity plan on track against a backdrop of weaker economic growth than had been expected. The number of public sector jobs set to be lost by 2017 has also been revised up from 400,000 to 710,000.
Nov 29, 2011 - 4:26 PM
UK high street sales volumes fell on a year ago in November, for the sixth consecutive month, with retailers expecting another decline in December, according to the CBI. Meanwhile, retailers are reducing their headcount at the fastest rate in two years.
Nov 28, 2011 - 3:06 PM
UK and Germany confirmed third quarter GDP (gross domestic product) growth at 0.5% in releases on second estimates today. Meanwhile, UK manufacturers reported a slump in export orders according to a survey from the CBI, the main UK employers' body.
Nov 24, 2011 - 1:19 PM
UK retail sales unexpectedly rose in October as stores offered discounts promotions to lure consumers in advance of Christmas.
Nov 17, 2011 - 2:56 PM
Northern Rock, the UK bank that was saved from collapse by the British government in 2007, is being sold to Virgin Money for £747m, the government announced today.
Nov 17, 2011 - 1:50 PM
The UK's youth unemployment (16-24) total was reported on Wednesday to have exceeded 1m and the government announced a boost to apprenticeships for young people and a review of apprenticeship standards. The UK record ranks poorly compared that in Austria, Denmark, Germany and Switzerland, where at least 40% of school-leavers enter three-year apprenticeships leading to a recognised qualification.
Nov 17, 2011 - 7:17 AM
UK unemployment rose by 129,000 in the three months to September to 2.62m, as youth unemployment rose above 1m.
Nov 16, 2011 - 12:30 PM
The UK economy continued to grow in the 3 months ending October despite gathering headwinds. However, the UK is facing the slowest recovery since the end of the First World War in 1918.
Nov 9, 2011 - 6:13 AM
The UK's manufacturing output rose more than expected in September, official figures have revealed. Meanwhile, UK retail sales were flat in October, suggesting a “worrying” weakness in demand from shoppers as the economic recovery weakens, according to the British Retail Consortium.
Nov 8, 2011 - 3:34 PM
The UK economy grew a better than expected 0.5% in the third quarter of 2011, according to the Office for National Statistics (ONS) today.
Nov 1, 2011 - 12:59 PM
Sentiment has deteriorated sharply among UK manufacturers, in anticipation of significant falls in activity over the next three months, the CBI, theprincipal British business lobby group, said today.
Oct 26, 2011 - 2:18 PM
UK public sector job numbers fell by 290,000 people in the second quarter of 2011 compared with the Dec 2009 level. The latest tally likely well exceeds 300,000.
Oct 21, 2011 - 5:41 AM
UK retail sales rose by 0.6% in September, according to data published today by the Office for National Statistics (ONS). That was better than analysts had expected and more than offset a 0.4% dip in volumes in August.
Oct 20, 2011 - 3:17 PM
The UK consumer price index (CPI) annual inflation rate jumped to 5.2% in September, up from 4.5% in August. CPI annual inflation has never been higher but was also 5.2% in September 2008.
Oct 18, 2011 - 11:21 AM
Davy forecasts today that UK GDP (gross domestic product) growth will be 0.7% in 2011 and 1.0% in 2012.
Oct 18, 2011 - 8:27 AM
The UK economic recovery is the weakest of any since the end of the First World War in 1918, according to a leading economics institute.
Oct 13, 2011 - 5:11 AM
UK unemployment rose by 114,000 between June and August to 2.57m, a 17-year high, according to figures released by the Office for National Statistics.
Oct 12, 2011 - 12:59 PM