August 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.

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