THE GUARDIAN: ONS figures for three months to September give bleak picture in run-up to chancellor’s autumn statement
Britain’s economy shrank by 0.2% in the three months to September, in what is expected to be the beginning of a long recession.
In its first estimate of growth in the third quarter, the Office for National Statistics (ONS) presented a bleak picture of the economy before next week’s autumn statement from the chancellor, Jeremy Hunt.
Activity in the service sector ground to a halt, with zero growth over the quarter, driven by a fall in consumer spending as households came under mounting pressure from the cost of living crisis.
Growth in the construction sector slowed, while factory output slumped because of a sharp decline in manufacturing as some businesses continued to struggle with supply chain difficulties and shortages of key materials. » | Larry Elliott and Richard Partington | Friday, November 11, 2022
Europe Braces for Recession as Economies Falter: Britain’s economic output fell in the third quarter and European Union officials forecast weakening growth for countries across the continent. »
Showing posts with label GDP. Show all posts
Showing posts with label GDP. Show all posts
Friday, November 11, 2022
Wednesday, July 13, 2022
Average UK Household £8,800 a Year Worse Off Than Those in France or Germany
THE GUARDIAN: Thinktank blames inequality and poor productivity as CBI calls for investment policies to fuel growth
The UK’s failure to get serious about inequality and weak growth over the past 15 years has left the average British household £8,800 poorer than its equivalent in five comparable countries, research has found.
A “toxic combination” of poor productivity and a failure to narrow the divide between rich and poor had resulted in a widening prosperity gap with France, Germany, Australia, Canada and the Netherlands, the report from the Resolution Foundation said.
The thinktank said that if the UK matched the average income and inequality levels of those countries, typical household incomes in Britain would be a third higher and those of the poorest households two-fifths greater.
Its chief executive, Torsten Bell, said: “Britain is a rich country, with huge economic and cultural strengths. But those strengths are not being built on with the recent record of low growth leaving Britain trailing behind its peers.
“This forms a toxic combination with the UK’s high inequality, leaving low- and middle-income households far poorer than their counterparts in similar countries. » | Larry Elliott | Wednesday, July 13, 2022
The UK’s failure to get serious about inequality and weak growth over the past 15 years has left the average British household £8,800 poorer than its equivalent in five comparable countries, research has found.
A “toxic combination” of poor productivity and a failure to narrow the divide between rich and poor had resulted in a widening prosperity gap with France, Germany, Australia, Canada and the Netherlands, the report from the Resolution Foundation said.
The thinktank said that if the UK matched the average income and inequality levels of those countries, typical household incomes in Britain would be a third higher and those of the poorest households two-fifths greater.
Its chief executive, Torsten Bell, said: “Britain is a rich country, with huge economic and cultural strengths. But those strengths are not being built on with the recent record of low growth leaving Britain trailing behind its peers.
“This forms a toxic combination with the UK’s high inequality, leaving low- and middle-income households far poorer than their counterparts in similar countries. » | Larry Elliott | Wednesday, July 13, 2022
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