The Bank of England has admitted it cannot explain why productivity is 16% less than before the 2007/08 financial crisis.
They said in their latest quarterly bulletin that despite “modest” improvements in 2013, productivity in the UK has been exceptionally weak.
The governor of the Bank of England, Mark Carney, has suggested that interest rates could increase sooner than originally anticipated.
Speaking at the annual Mansion House Dinner he said the increase “could happen sooner than markets currently expect”.
A survey by the British Retail Consortium (BRC) has revealed that UK consumers are using alternative payment methods more regularly than ever, leading to cash usage for the past five years falling by 14%.
The availability of Brazilian currency, The Real, is running low among some major British suppliers, sparking fears for travellers ahead of the Football World Cup which starts in just one week.
Major currency supplier, Travelex, has run out of the Brazilian Real at both Manchester and Heathrow airports, whilst the Post Office will not have the currency in its branches until the weekend.
A second monthly premium bond prize of £1m will be launched by National Savings and Investments (NS&I) this August.
The announcement means that two people will win a tax-free lump sum prize of £1m each month, instead of the current single winner.
Plastic £5 bank notes will be in use in Great Britain as early as next year when 2 million bank notes are issued by Clydesdale Bank branches.
However, only Scottish bank notes will be introduced in 2015, with the Bank of England expected to introduce plastic notes into general circulation by 2016.
A third of students paying increased tuition fees of up to £9,000 a year claim their degree course is either poor or very poor value for money.
Additionally, only 36% said that their course represented good value for money, in comparison with 52% in 2012.
Ed Miliband has announced that if Labour were to win the general election they will take “radical action” against low pay by setting a statutory minimum wage target linked with average earnings.
One in five people who have graduated from University have a net wealth of at least £1 million â?? taking into account property, pensions, savings and physical objects.
In stark contrast, the ONS report shows that only 3% of people without a university degree have a net wealth worth of more than £1 million.
Jobseekers have been told they could face losing their benefits for up to three months if they turn down zero-hour contract jobs.
Until recently people have been able to refuse such jobs without being penalised. However, as the new â??universal credit systemâ?? is rolled out, people will have to accept casual contracts or face losing their benefits.