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UK will enter recession, suggests consumer confidence index |
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The country will enter another a recession as a result of plunging consumer confidence, the GfK NOP Consumer Confidence Index suggests.
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The country will enter another a recession as a result of plunging consumer confidence, the GfK NOP Consumer Confidence Index suggests. |
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Inflation and the squeeze on shops |
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At George Liasi's barber shop, staff make their money from cuts.
But one thing they say that has not been reduced since 2005 is the price of a haircut.
Mr Liasi, who has 47 years of experience cutting hair, says that he has always charged £9 for a gentleman's cut since he took over at the shop.
But this is not a picture mirrored across the country, where shops are raising their prices - usually because they are facing cost pressures from their own suppliers.
This is putting the squeeze on consumers, who are seeing the cost of living rise rapidly. Latest official figures showed that the rate of inflation jumped to 5.2% in September, the highest rate for three years.
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UK CPI inflation rate rises to 5.2% in September |
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The rate of Consumer Prices Index (CPI) inflation in the UK matched its record high in September, rising to 5.2% from 4.5% the month before.
An increase in energy costs was behind a large proportion of the rise.
The 5.2% rate is the highest CPI measure since September 2008, and it has never been higher since the CPI measure was introduced in 1997.
The Retail Prices Index (RPI) - which includes mortgage interest payments - rose to 5.6% from 5.2%.
The latest RPI measure is the highest annual rate since June 1991.
The Office for National Statistics, which released the data, said in a statement: "By far the largest upward pressure to the change in CPI... came from increases in gas and electricity charges.
Read more here. |
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UK economy at dangerous junction, warns Item Club |
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The UK economy has stalled at a dangerous junction, according to independent forecaster Ernst and Young.
The body, whose Item Club uses the same forecasting methods as the government, says the economy needs new growth measures to get back on track.
It says uncertainty across the eurozone and a slowing world economy is undermining business confidence.
Ernst and Young also says the Bank of England's new quantitative easing (QE) bout is unlikely to prompt recovery.
The Item Club has downgraded its forecast for gross domestic product (GDP) to just 0.9% this year, well below the 1.4% it predicted three months ago.
Read more here. |
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Private rents in England unaffordable, says Shelter |
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Private rents are now unaffordable in 55% of local authorities in England, the housing charity Shelter has said.
Homes in these areas cost more than 35% of median average local take-home pay - the level considered unaffordable by Shelter's Private Rent Watch report.
The charity said 38% of families with children who rent privately have cut back on buying food to help pay rent.
Housing Minister Grant Shapps said it had curbed red tape "which would have pushed up rents and reduced choice".
Shelter's research found rents had risen at one-and-a-half times the rate of incomes in the 10 years up to 2007.
Read more here. |
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