Nationwide reports surprise growth despite near-record prices straining affordability
House prices in the UK grew at the fastest rate in nearly two years in November, in a surprise acceleration despite near-record highs straining affordability, according to figures from Nationwide.
The annual growth rate rebounded to 3.7% in November, up from 2.4% in October, according to the UK’s biggest building society. That was the fastest rate since November 2022.
Continue reading...Surprise annual drop to 1.7% in September raises chance of interest rate cuts, increasing budget leeway
Inflation in the UK has fallen to its lowest level in three and a half years, giving a pre-budget boost to Rachel Reeves as expectations grow for the Bank of England to cut interest rates.
Figures from the Office for National Statistics show the consumer prices index dropped sharply to 1.7%, down from 2.2% in August, in a bigger fall than anticipated in financial markets, driven by lower air fares and petrol prices.
Continue reading...Annual rate in August unchanged, and hovering above Bank of England’s 2% target
The UK’s annual inflation rate rose by 2.2% in August, matching the increase in July, as lower petrol prices at the pump were offset by higher air fares.
Figures from the Office for National Statistics (ONS) show the government’s preferred measure of the cost of living remained steady, matching forecasts by City economists and hovering just above the Bank of England’s 2% target.
Continue reading...Pre-election slowdown continues in July despite economists predicting growth of 0.2%
The anticipated post-election bounceback in the UK economy failed to materialise as activity flatlined in July for a second month, , according to the latest official data.
The Office for National Statistics (ONS) said the pre-election stalling of activity in June was followed by another month in which gross domestic product remained unchanged.
Continue reading...The UK Statistics Authority’s chair says linking data sets from departments could aid growth and improve services
• We need to make data sharing across government the rule
Ministers could find ways to boost the economy and improve public services by combining data from separate government departments, according to the head of the UK’s statistics watchdog.
Sir Robert Chote, the chair of the UK Statistics Authority, said that too often government data was “siloed” because departments and other bodies were worried that people may uncover weaknesses in the data or even reach inconvenient conclusions.
Continue reading...Exclusive: ONS official’s remarks, not intended as comment on overall state of the economy, were later used by Sunak
The UK’s statistics watchdog has closed an investigation into remarks made by an official about the economy “going gangbusters” that were cited by Rishi Sunak.
It was looking into the comments made by chief economist of the Office for National Statistics (ONS) last month amid concerns that politicians could misuse economic data in the run-up to the election.
Continue reading...Service sector inflation, monitored closely by Bank of England, barely budged in April
The annual inflation rate fell sharply in April. Prices are rising more slowly than at any time in almost three years. Inflation is lower in the UK than it is in the EU.
Even so, the latest bulletin on the cost of living from the Office for National Statistics was mildly disappointing. April’s inflation figure was always going to be good, with a sharp fall guaranteed by the fact the energy price increases of a year earlier were not repeated.
Continue reading...Drop in April is smaller than forecast but level is still lowest in almost three years
UK inflation fell to 2.3% in April – its lowest level for almost three years – but the decline was smaller than expected, denting hopes of an early interest rate cut.
City analysts had forecast the annual increase in the cost of goods and services would fall to 2.1%, close to the Bank of England’s 2% target.
Continue reading...Government borrowed £120.7bn in the last financial year, with just under £12bn in March
Jeremy Hunt’s scope for a substantial pre-election tax giveaway has been hit after the latest set of official figures showed the UK’s public finances in worse shape than thought at last month’s budget.
Figures from the Office for National Statistics (ONS) showed the government borrowed £120.7bn in the 2023-24 financial year – £6.6bn more than the Office for Budget Responsibility (OBR) had expected.
Continue reading...Latest estimate from ONS says GDP declined by 0.3% in final quarter of 2023
Official figures have confirmed that the UK economy went into recession at the end of last year, after the latest estimate found it contracted in the last two quarters of 2023.
In a blow to the government’s economic standing, the Office for National Statistics (ONS) said the economy, as measured by gross domestic product, shrank by 0.3% in the last three months of the year, unrevised from an earlier estimate.
Continue reading...Robert Halfon quits as skills, apprenticeships and higher education minister as James Heappey confirms decision to step down
In interviews this morning Gillian Keegan, the education secretary, admitted that special educational needs provision was in crisis, Ben Quinn reports.
Universities in England could be told to terminate their arrangements with foreign countries if freedom of speech and academic freedom is undermined, the government’s free speech tsar has said. As PA Media reports, Prof Arif Ahmed, director for freedom of speech and academic freedom at the Office for Students (OfS), said many universities and colleges in England have “international arrangements” – including admitting overseas students on scholarships and hosting institutes partly funded by foreign governments. PA says:
The higher education regulator launched a consultation on guidance about freedom of speech, ahead of universities, colleges and student unions taking on new free speech duties.
The guidance includes examples to illustrate what higher education institutions may have to do to fulfil their new duties – due to come into effect in August – to secure freedom of speech within the law.
University A accepts international students on visiting scholarships funded by the government of country B. Scholars must accept the principles of the ruling party of country B, and direction from country B’s government via consular staff. Depending on the circumstances, these arrangements may undermine free speech and academic freedom at University A. If so, that university is likely to have to terminate or amend the scholarship agreement.
If it means that there are people who are employed by an institute who are preventing legitimate protests or shutting down lecturers from covering certain kinds of content regarding that country for instance, or that country’s foreign policy … If that behaviour amounts to a restriction of freedom of speech within the law, and someone brings a complaint to us, then we may find that the complaint is justified and then we make recommendations …
If there are problems, universities will have to do everything they can to act compatibly with their freedom-of-speech duties. Insofar as that means a rethinking of their relationship with other countries, obviously that’s something that would be a good idea for them to start thinking about now.
Continue reading...U-turn comes after campaigners attacked proposal by data body for England and Wales as ‘callous’
The Office for National Statistics has scrapped plans to no longer report the deaths of homeless people after an outcry.
The data body for England and Wales proposed cutting the release of the figures to help increase the efficiency of health data. But the idea was attacked as “callous” by campaigners.
Continue reading...Andrew Bailey says cost of living had been higher than expected in December despite ‘encouraging’ inflation news
The Bank of England governor has doused hopes that better-than-expected inflation news last month will accelerate cuts in interest rates, stressing the need for further evidence of wage moderation before Threadneedle Street moves.
Appearing before the House of Lords economics committee on Wednesday, Andrew Bailey said it was “encouraging” that inflation had remained unchanged at 4% in January but the previous month’s figure for the cost of living had been higher than predicted.
Continue reading...December figures prompt predictions Bank of England may cut interest rates later than previously expected
Pay growth slowed less than expected in December, prompting predictions the Bank of England could start cutting interest rates later than previously expected.
Earnings growth, excluding bonuses, fell only modestly to 6.2% in October to December 2023 from a revised 6.7% in the previous three months, as workers continued to bid up their wages amid skills shortages and a record number of people with long-term sickness.
Continue reading...ONS figures, which include civil partnerships, spark calls for changes in laws for cohabiting couples
The proportion of people aged 16 or older in England and Wales who are married or in a civil partnership has fallen below 50% for the first time.
The figure dropped to 49.4% in 2022, according to the latest estimates from the Office for National Statistics (ONS).
Continue reading...GDP rises by 0.3% in November after October decline, with car leasing and video games fuelling bounceback
The UK economy returned to growth in November after a recovery in consumer spending driven by Black Friday sales, with shoppers hunting for bargains as the key Christmas shopping season got under way.
Gross domestic product rose by 0.3% on the month, after a decline of 0.3% in October, according to the Office for National Statistics (ONS). City economists had forecast more modest growth of 0.2%.
Continue reading...ONS data also reveals working mothers spend on average an hour and a quarter more a day on household chores than male partners
You may not catch them on TikTok or Snapchat, but the latest data shows that the over-70s are spending more time online than any generation besides Gen Z.
According to figures from the Office for National Statistics detailing how different Britons report spending their time, the 70-plus age group is second only to those in their 20s when it comes to the average amount of time using a computer or device as a primary activity (separate from working or watching streamed video).
Continue reading...Experts link 44% increase in four years to a growing mental health crisis and underinvestment in health services
More than half a million young people in the UK say they are out of work due to long-term illness, a 44% increase in just four years.
Data from the Office for National Statistics shows that more than 560,000 people aged between 16 and 34 were economically inactive – meaning they were not in work or seeking work – in the first three months of 2023 due to long-term sickness.
Continue reading...Forecast-beating drop in November takes rate to lowest level in more than two years
Britain’s two-year cost of living crisis eased last month as cheaper petrol and less expensive food helped send the annual inflation rate sharply lower to 3.9% – its second big monthly fall in succession.
In a much bigger decline than had been anticipated by economists, the annual rate of price rises fell from 4.6% in October to its lowest level since September 2021.
Continue reading...This online tool will help you discover what is contributing to your household’s cost of living increases
Inflation has been soaring in the UK, with people being hit by higher prices for everyday essentials, but cost of living pressures are finally starting to ease.
The latest inflation rate for the 12 months to November 2023 means that goods and services cost 3.9% more than they did a year ago – in most cases, surpassing any pay rises workers can expect to receive.
Continue reading...