The month of July saw Britain’s manufacturing sector succumb to its biggest slump in more than three years. A survey of purchasing managers revealed that the whole sector had shrunk at the fastest rate since 2009, dealing a further blow to the UK economy.
Retail industry heavyweight Next defied the shrinking UK economy by posting impressive sales figures which have increased share prices across the company. The figures released from Next were so impressive they had Chief Executive Simon Wolfson refusing the notion that the UK is back in recession, and rubbishing talk that traditional retailers are in crisis.
On the 31st December 2012 changes made to advice standards under the Retail Distribution Review (RDR) will mean that Independent Financial Advisors (IFA’s) are no longer able to claim commission on leads they generate for companies while offering financial advice to consumers. What this means for consumers is that free financial advice will no longer be available through IFA’s in most situations. There will instead be a cost for the advice they give, which is likely to be charged hourly, and could feasibly be as much as £250 per hour
The UK economy is confirmed to have shrunk since the coalition Government took office two years ago. It has been widely publicised that the economy is once again in decline, but after signs of recovery and growth last year, it was though that the economy would still be larger than when Labour lost their control.
Britain is continuing to suffer the longest period of recession experienced since World War 2, figures released this week are expected to reveal.
It is thought that a third quarter of decline will be published by government officials, making the economic downturn longer lasting than the second wave of recession Britain experienced throughout the 1970’s.
The price of housing in the UK rose by 2.3pc from May 2011 to May 2012, figures from the Office of National Statistics showed. London experienced the largest hike in prices, rising 7.2pc, while improvements in the South East and East Midlands helped the UK reach the overall 2.3pc mark
It has been estimated that the average family will have to earn an extra £9000 per year in order to maintain normal standards of living, compared to before the outset of the financial crisis. This means a couple who both work and have two children would need a joint income of £37000 to be able to afford normal food, clothes and leisure activities. These revelations come after a report published by the Joseph Rowntree foundation, and mean families need to earn a third more than they would in 2008 to enjoy the same standards of living.
The Office for National Statistics has recently revealed that unemployment in the UK has fallen by 51,000 to 2.61 million. The rate of those jobless fell to 8.2% however the number of people claiming Jobseeker’ Allowance increased by 8,100 to 1.6 million.
Prime Minister David Cameron has recently made claims that the UK is in a better financial position than it was back in 1930. He denied claims that the slump witnessed over 80 years ago was similar to that of now.
The section of society purchasing new cars rose by 1.8% in 2010 according to industry reports and data.
The Society of Motor Manufacturers and Traders (SMMT) reported that there were 2,030,846 new registrations in the year which is a rise of 35,847.
There was a rise in demand for fleet vehicles of more than 10% but the same data showed that there was a decrease in private purchases which is linked to the end of the scrappage scheme.
