2013 Archive

UK economic output now just 3.2% behind 2008 peak

UK economic growth for the third quarter has been revised up to 0.7%

The Office for National Statistics (ONS) has announced that the economy grew by more than originally stated in the second quarter of 2013, by 0.7 per cent rather than 0.6 per cent.

Manufacturing output growth reaches two-year high, says CBI

Manufacturing output is at a two-year high, says the CBI

The CBI reports that manufacturing output growth is at a two-year high with order growth likely to accelerate in the next few months.

City bonuses deferred until April 2013 to lower 45p tax rate

City workers have deferred bonuses until April 2013 to take advantage of lower income tax

Official figures show that there was a steep rise in the number of City bankers deferring bonuses until April 2013 to take advantage of the reduction in income tax for higher earners.

CBI raises UK growth forecast

The CBI has raised its growth forecast for the UK

The CBI has upgraded its prediction for UK economic growth for this year and next after positive economic data of the past few months. It now expects the economy to grow by 1.2 and 2.3 per cent respectively.

'March of makers' hopes rise as exports help cut trade deficit

A rise in exports helped shrink the UK trade deficit in June

A rise in exports to countries outside of the European Union helped the UK's trade deficit shrink in June to £1.5 billion.

EEF upgrades economic forecast but urges more investment

EEF is urging firms to invest

Manufacturing organisation EEF has upgraded its forecast for UK economic growth but warns that to keep the momentum going more investment is needed in the manufacturing sector.

Central bank warns of £120bn capital shortfall

The Bank of England has warned of a capital shortfall in UK banks

The Bank of England has warned that the biggest UK banks and building societies need to plug a £120 billion capital shortfall by the end of 2018.

NIESR says UK growth boost dependent on consumer spending

NIESR has raised its forecast for economic growth for both 2013 and 2014

The National Institute of Economic and Social Research has raised its growth forecast for the UK economy by 0.3 per cent for both 2013 and 2014, to 1.2 and 1.8% respectively.

New RBS boss McEwan waives bonus as shares slide

RBS made a profit in the first half of 2013

Ross McEwan has been unveiled as the new chief executive at the Royal Bank of Scotland to take over in October as the bank presented improved financial results.

Housing activity in UK boosts construction output growth

House building helped boost construction sector in July

Construction output levels continued to recover in July according to the latest Markit/CIPS UK Construction PMI.

UK manufacturing production surges in July

New orders are at their highest since February 2011

Growth in production rates and new orders being at their highest since February 2011 has continued a boom in the UK manufacturing sector.

Lloyds recovery boost for chancellor

Lloyds has been the worst hit of all the UK lenders over the PPI scandal.

The partly government owned Lloyds Banking Group made £2.1bn in the first six months of 2013, sparking speculation the Treasury may sell up and recoup its stake.

Barclays boss denies bank was run "recklessly"

Barclays plans to raise £5.8bn in investment after Q1 losses

Barclays Bank will be raising £5.8 billion from investor cash in order to strengthen its balance sheet, after poor half-year figures for the first six months of 2013.

200,000 Equitable Life policyholders may miss out on compensation

Margaret Hodge: Critical of the government

The Public Accounts Committee has warned that up to 200,000 Equitable Life policyholders may miss out on compensation after contact details for hundreds of thousands were destroyed.

RBS fined £5.6 million for "pervasive" reporting errors

RBS has been fined £5.6 million by the FCA over reporting errors

The Financial Conduct Authority has fined the Royal Bank of Scotland a total of £5.6 million for reporting errors on 45 million transactions.

Vince Cable: Bank of England acting like 'capital Taliban'

Vince Cable has criticised the stringent policies on capital of the central bank

Vince Cable has warned that the "Taliban" approach of the Bank of England to the capital levels of banks is reducing lending to small businesses and hurting the economic recovery.

Sunshine boosts retail sales in June

Retail sales in the UK rose by 1.4 per cent in June

Retail sales in the UK rose by 1.4 per cent in June, indicating that the UK economy may indeed have seen a 0.5 per cent boost, as forecasts estimated.

Osborne wins argument with IMF for now as growth forecast up

The IMF has upgraded its forecast for UK economic growth for 2013

The International Monetary Fund has upgraded its UK economic forecast for 2013 to 0.9 per cent, up from 0.7 per cent, and it predicts the economy will grow by 1.5 per cent.

Surprise fall in manufacturing output dashes GDP hopes

Industrial output fell in May, according to the ONS

Industrial output fell in May, according to the Office for National Statistics, in a move that surprised economists and brought the recent slew of positive economic data to an end.

M&S clothing sales down again but food sales rise

Clothing sales at Marks and Spencer have continued to struggle

Clothing sales at Marks and Spencer have continued to struggle, even though food and online numbers are on the rise, according to the latest figures by the retail giant.

Tyrie: Osborne's "watered down" banking reforms "fall short"

Andrew Tyrie says the government's banking reforms "fall short"

The Chairman of the Treasury Select Committee and fellow tory MP Andrew Tyrie says the government's response to the parliamentary commission on banking "falls short".

Carney's promise to keep rates low is bad news for savers

Mark Carney gave an indication that interest rates will remain low for years to come

The new Giovernor of the Bank of England, Mark Carney has made his mark in his first week by issuing a note aimed at claming the bond markets and setting out plans to keep rates low for years to come.

Ocado reports £3.8 million loss in first half of 2013

Ocado has reported a loss of £3.8 million in the first half of 2013

Ocado has reported a loss of £3.8 million in the first half of 2013 as it invests in new warehouse space and a distribution network.

Around 10,000 jobs may have been lost in last quarter, says CBI

Bad news on the horizon for the finances sector

Around 10,000 jobs have been lost in the financial services, says CBI

UK government begins sale of bailed-out banks RBS & Lloyds

The government is preparing to return RBS and Lloyds to the private sector

The government has tasked UK Financial Investments, the body responsible for the taxpayer's interest in bailed-out banks to look for a buyer for RBS and Lloyds.

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