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Archive for September, 2014

UK economy grew 0.9% in second quarter, says ONS

September 30, 2014

UK economic growth has been revised up to 0.9% for the second quarter of the year by the Office for National Statistics (ONS), compared with a previous estimate of 0.8%. UK GDP was 3.2% higher in the second quarter compared with a year earlier. Revised ONS figures also show the UK economy surpassed its pre-recession […]

UK unemployment rate falls to lowest level since 2008

September 17, 2014

The unemployment rate fell to 6.2% over the three months to the end of July, its lowest level since 2008, official figures show. The number of jobless people fell by 146,000 to 2.02 million over the quarter, the Office for National Statistics (ONS) reported. Those claiming Jobseeker’s Allowance in August fell below one million for the […]

OECD: Global firms need new tax rules

Moves to tackle corporate tax avoidance on a global scale have been unveiled by the Organisation for Economic Co-operation and Development (OECD). The action plan is aimed at multinational companies that shrink their tax bills by shifting their profits from one country to another. Firms including Starbucks, Amazon and Google have been accused of pursuing such […]

UK inflation rate falls to 1.5%

September 16, 2014

The annual rate of UK inflation fell in August as the cost of petrol, food and non-alcoholic drinks declined. Consumer Price Index (CPI) inflation fell to 1.5% from 1.6% in August, the Office for National Statistics said. It means the Bank of England remains under little pressure to raise interest rates in order to keep CPI […]

UK recovery stronger than thought, official data shows

September 4, 2014

The economic contribution of charities is included in the latest GDP estimates The Office for National Statistics has revised up its estimates for UK Gross Domestic Product during and after the recession. The change comes after estimates of proceeds from charities, illegal drugs, and prostitution were included in the official figures for the first time. […]

UK seeks extra electricity ahead of ‘uncertain winter’

UK seeks extra electricity ahead of ‘uncertain winter’ Unexpected plant shutdowns have raised fears of potential shortages. National Grid is seeking additional electricity supplies for winter after unexpected plant shutdowns have raised fears of potential shortages. The firm, which runs Britain’s supply network, said it was accelerating an emergency plan asking providers how much more […]

Nuclear reactors may stay offline until end of year, EDF says

Four UK nuclear reactors that were shut down for safety reasons may not be back online until the end of the year, EDF Energy has said. The reactors at the Heysham 1 and Hartlepool power stations were shut in August following a routine inspection. EDF said there could be a “phased return to service between […]

Eurozone comes out of recession

Eurozone comes out of recession Jump media player Media player help   Out of media player. Press enter to return or tab to continue. The eurozone has emerged from recession after a record 18 months of economic contraction. The bloc’s GDP grew by 0.3% in the second quarter of 2013, slightly ahead of forecasts, the […]

CBI forecasts UK growth slowdown

The CBI business lobby group has said it expects UK economic growth to slow in the second half of this year as the impact of improved business and consumer confidence starts to ease. The economy grew by 0.8% in each of the first two quarters, but the CBI predicts a decline to 0.7% in the […]

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