The latest UK economic figures are expected to show the highest level of growth in almost four years. The figures also mark the fifth consecutive period of economic growth – something that hasn’t been achieved since the start of the financial crisis in 2007.
The encouraging figures are expected to show gross domestic product (GDP) grew by 0.9% over the last three months in comparison to 0.7% in the previous three months. This has led to increased optimism about the UK economic recovery.
The long term unemployed will now have to enter the new ‘Help to Work’ scheme or face reduced benefits. Additionally, those wanting to claim Job Seekers Allowance (JSA) will have to prove they are ready for work before they can apply.
Under the scheme participants will have to attend the job centre every day, whilst there will also be work experience placements and intensive coaching offered as part of the scheme.
Business Secretary Vince Cable has written to all FTSE 100 companies, warning them to keep up pressure on executive pay bonuses in order to alleviate public anger.
He singled out the banking industry in particular as being “ridiculous”, with Barclays one of the main offenders for allocating around £2.5bn in bonus payments earlier this year, despite posting a dip in profits.
Wages could begin growing faster than inflation as early as this month, according to economic forecaster EY ITEM Club.
They predicted that average earnings would increase by 1.7% this year, overtaking average inflation forecasts of 1.6% for 2014.
The UK's inflation rate fell to 1.7% in February, down from 1.9% the previous month.
The rate of inflation in the UK, which is measured by the Consumer Prices Index (CPI), fell below the Banks of England's 2% target for the second consecutive month
The number of households in the UK with no working adults between the ages of 16 and 64 continued to fall throughout 2013.
According to the Office for National Statistics (ONS), there were 3.4 million jobless households recorded in the last three months of 2013, representing 16.6% of all UK households with an adult of working age.
The government has announced that the national minimum wage will increase by 3% to £6.50 an hour.
It is the first time that the national minimum wage has increased at a higher rate than inflation in six years, and it expected that it will directly benefit one million workers in the UK.
Those working in the public sector are earning an average of 14.5% more than those in the private sector according to the Office for National Statistics (ONS).
The average earnings for a public sector employee stood at �?�£16.28 per hour in 2013, compared to an average of �?�£14.16 for private sector workers.
The UK’s inflation rate, as measured by consumer prices index (CPI) fell below the Bank of England’s target for the first time in over four years in January.
The reduced inflation rate is largely due to a fall in costs of recreational and cultural activities such as DVD prices and lower entrance fees to local attractions. Additionally, reductions in the costs of other items such as alcohol, tobacco and household goods helped to reduce the rate of inflation.
The number of individual insolvencies in England and Wales fell to an eight year low in 2013, according to official government figures.
There were a total of 101,049 individual insolvencies in 2013, an 8% decrease in comparison to 2012 and the lowest figures since 2005. Furthermore, there were 14,982 companies that went into liquidation in 2013, representing a year-on-year decrease of 7.3%, whilst the figures are the lowest since 2007.
