Prospective young homeowners are becoming more determined to get onto the property ladder according to figures released in the Post Office’s annual House Buying Habit Report, which claimed that 36% of 18-34 year olds are hoping to buy a house in the immediate future.
The trend of real wages dropping since 2010 is now the longest period of falls since 1964, according to the latest report from the Office for National Statistics (ONS).
‘Real wages’ is the calculation of average earnings when the rising cost of living, or inflation, is taken into account.
Today the coalition government have claimed that the majority of British workers outside of the top 10% of earners have seen their take-home pay rise in real terms.
The figures produced by the coalition government show take-home wages have risen by 2.5%, which is 0.1% higher than the annual Consumer Prices Index (CPI) increase of 2.5% to the year April 2013, with Prime Minister David Cameron stating that there were “some positive signs on take-home pay. The Prime Minister did however say that a broad-based recovery on people’s finances would still take some time.
A senior figure from the Bank of England has stated that the bank is in no hurry to raise interest rates, despite unemployment falling to 7.1%.
The bank of England did state that it would consider increasing interest rates from itâ??s current historic low of 0.5% when unemployment fell to 7%, however, this wasnâ??t predicted until 2016, so the bank are in no rush to tighten policies.
The latest figures from the Office for National Statistics show unemployment drop to 7.1%, in what BNP Paribas, Chief UK economist David Tinsley has described as â??staggeringly strong.â??
The latest figures from the Office for National Statistics show unemployment drop to 7.1%, in what BNP Paribas, Chief UK economist David Tinsley has described as â??staggeringly strong.â??
Shoppers in the possession of old-style £50 notes featuring the image of Sir John Houblon have been warned that some retailers and banks could decline to accept the notes as of May 2014.
Inflation fell to 2pc in the UK for the first time since November 2009, as food price rises slowed to the slowest rate since 2006. This means that the Bank of England has hit its target for the first time in the last four years, and represents a significant step in the right direction for the economy.
Britain’s new car market recorded its best year for sales in 2013 since before the 2007 financial crisis.
British consumers bought more than 2.26 million vehicles in the past 12 months, representing a rise on 10.5pc on the previous 12 months, consolidating Britain’s position as Europe’s second largest car market, behind Germany.
A report from Lloyds bank has claimed that confidence from UK businesses in the wider economy and export prospects has hit a 20 year high across all regions and sectors in the UK.
