Volume of goods sold in stores and online dropped 0.5% in July, ONS says
Retail sales across Great Britain weakened last month despite the men’s football World Cup and record temperatures boosting the demand for food and drink.
The Office for National Statistics said the volume of goods sold in stores and online fell 0.5% in July. That is down from 0.7% rise in June – revised down from initial estimates of 1% – and a 1.3% rise in May.
Continue reading...July data shows total public debt was £2.98tn, or 94% of GDP – up £96bn on a year earlier
The UK government ran a larger than expected £1.8bn deficit in July, underlining the challenges facing the chancellor, John Healey, as he draws up his first budget.
City economists had expected a shortfall of zero for July, a month when Treasury receipts tend to be swollen by self-assessment income tax payments.
Continue reading...Soaring temperatures fuel demand for air conditioners and outdoor goods, helping retailers beat expectations in June
Online sales reached their highest share of retail spending in five years last month as record heat fuelled demand for air conditioners, outdoor products and clothing.
The Office for National Statistics (ONS) said the volume of retail sales in Great Britain rose 1% month on month in June, beating analysts’ expectations of a 0.3% decline, helped by hot weather and World Cup spending.
Continue reading...Annual June figure comes after new PM pledges to reduce cost of living and improve economy
UK inflation dropped by more than expected in June to 2.6%, in a boost for Andy Burnham’s plans to reduce the cost of living.
The new prime minister has pledged to bring down the cost of living to give households more disposable income and improve the outlook for the economy, announcing a winter VAT cut on electricity bills and lowering the cap on bus fares in England.
Continue reading...Drop will put pressure on Bank of England to raise interest rates despite peace deal in Iran war
Unemployment fell and wages increased in April, official figures showed, putting pressure on the Bank of England to raise interest rates despite a peace deal in the Middle East.
The latest figures from the Office for National Statistics (ONS) showed unemployment slipped to 4.9% in the three months to April from 5% in the three months to March.
Continue reading...January increase of 1.8% beats forecasts and was also driven by shoppers snapping up jewellery online
Retail sales in Great Britain rose 1.8% in January, the largest monthly increase in almost two years, according to official data, as heavy discounting and post-Christmas sales drew consumers back to bigger ticket purchases.
The rise easily beat forecasts of a 0.2% rise and was partly driven by sales of artwork and antiques sales in January, alongside continued strong sales from online jewellers, the Office for National Statistics (ONS) said. It was the biggest monthly rise since May 2024.
Continue reading...October figures represent final snapshot of public finances before Rachel Reeves’s tax and spending statement
Rachel Reeves was urged to use next week’s budget to create significantly more headroom against her fiscal rules, after official figures showed the UK government borrowed almost £10bn more than forecast in the year to October.
In the final snapshot of the public finances before the chancellor’s crunch budget, the Office for National Statistics (ONS) said borrowing – the difference between public spending and income – was £17.4bn last month.
Continue reading...Policymakers under pressure for rethink after price growth in UK remained at 3.8% in September
Has UK inflation peaked? The latest official figures showing price growth in the UK stayed at 3.8% in September seem to suggest so.
The statement cannot be made with absolute certainty yet but many economists reacted to the latest consumer prices index (CPI) data with a message that the only direction for inflation over the rest of the year was down.
Continue reading...Annual September rate confounds forecasts of a rise, as pace of food price growth slows for first time since March
UK inflation was unchanged last month at 3.8%, confounding expectations of a rise, in welcome news for the chancellor, Rachel Reeves, as she plans for her crucial budget next month.
The Office for National Statistics (ONS) said that inflation measured on the consumer prices index remained at the same level in September as in August and July.
Continue reading...Research finds it would take average worker saving all their earnings for 52 years to match wealth of richest 10th of society
It would take the average earner in the UK 52 years’ worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation.
In a new report, the influential thinktank analyses the Office for National Statistics’ latest wealth and assets survey, which covers the Covid pandemic period of 2020-22.
Continue reading...Increase of 0.5% in August helped by back-to-school shopping, while food stores also given lift
Back-to-school shopping and warm weather helped to boost retail sales last month, according to the latest official data.
Total retail sales in Great Britain rose 0.5%, the Office for National Statistics (ONS) said, as parents prepared for the new school year and shoppers enjoyed a series of heatwave and the summer’s last bank holiday.
Continue reading...Loughborough University and ONS study of 1 million school-age children reveals risks increase with longer absence
School absences “significantly contribute” to children’s mental ill health, according to research backed by the Office for National Statistics that shows the risks increase the longer a child is absent.
“Our research shows that the more times a child is absent from school, the greater the probability that they will experience mental ill health,” the authors, from Loughborough University and the ONS, concluded.
Continue reading...Findings suggest since 2004 ONS failed to properly account for fact it received more data from larger employers
The UK’s gender pay gap has been underestimated for more than 20 years, according to research that could raise fresh questions about the quality of data used to inform key pay decisions across the UK.
The findings, released in the British Journal of Industrial Relations on Monday, suggest that, since 2004, the Office for National Statistics (ONS) had failed to properly account for the fact that it received more data from larger employers, when it reported its annual survey of hours and earnings (Ashe).
Continue reading...Shoppers flock to stores in June for food, drink and merchandise, and also go on short breaks
Sunny summer weather and a packed schedule of events including Wimbledon, concerts by Oasis and Beyoncé, and international cricket and football sent shoppers flocking to retailers and supermarkets last month.
Retail sales volumes in Great Britain rose by 0.9% in June, bouncing back from a sharp fall in May, although slightly below analyst consensus forecasts of a 1.2% month-on-month increase.
Continue reading...ONS data shows jobless rate climbing to highest rate since June 2021 with growth in average earnings slowing to 5%.
Unemployment climbed and wage growth slowed in the three months to May, according to official figures that will pressure the Bank of England to cut interest rates next month.
Data from the Office for National Statistics, released on Thursday, showed that Britain’s official unemployment rate rose to 4.7% in the three months to May, up 0.1% from April to reach the highest level since June 2021.
Continue reading...May figure second highest for month on record amid fears chancellor is struggling to keep within spending rules
Higher tax receipts were unable to prevent a rise in public sector borrowing in May to £17.7bn, up from £17bn a year earlier and the second highest for the month on record.
A poll of City economists had forecast public sector net borrowing – the difference between public spending and income – would be £17.1bn.
Continue reading...Annual rate slows in May from 3.5% in April despite record increase in chocolate prices
Inflation in the UK eased slightly to 3.4% last month as a steep fall in air fares and petrol prices was offset by a jump in the cost of food.
May’s decline in the consumer prices index (CPI), down from the official figure of 3.5% for April, complicates the Bank of England’s interest rates decision on Thursday, although policymakers are still almost certain to hold interest rates at 4.25%.
Continue reading...Office for National Statistics estimate shows fall from 860,000 in 2023 to 431,000 last year
Net migration to the UK has nearly halved over the year to 431,000, the Office for National Statistics (ONS) has said, publishing figures that will bring some relief to Keir Starmer.
The drop from 860,000 in the year to December 2024 follows a series of policies implemented by the last Conservative government that have been continued by the present Labour government.
Continue reading...Reform UK leader claims he is ‘not being heartless, I’m being frank’ as he states rising number of diagnoses is a ‘massive problem’
John Swinney, the first minister of Scotland, is attending the funeral of the Pope on Saturday, the Scottish government has announced. In a statement Swinney said:
His Holiness Pope Francis was a voice for peace, tolerance and reconciliation who had a natural ability to connect with people of all ages, nationalities and beliefs.
On behalf of the people of Scotland, I am deeply honoured to attend the funeral of Pope Francis in Rome to express my sorrow, thanks and deep respect for the compassion, assurance and hope that he brought to so many.
Eating the Tories for breakfast. @Keir_Starmer
Continue reading...Study shows women today are happier being women – but getting up to go to work remains as punishing as ever
The mundane tasks of everyday life, such as homework after school and household chores at the weekend, may not have changed in the past 80 years, but societal attitudes towards them could not be more different.
A study by the Policy Institute at King’s College London (KCL), comparing public attitudes now and in the 1930s and 40s, reveals how significantly views on everyday life in Britain have shifted over the decades.
Continue reading...