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05/10/2011
Economic Growth Fails To Meet Expectations
The British economy only grew by 0.1% between April and June this year - less than the 0.2% estimated previously.
It has also been revealed that output from the service sector grew by 0.2%, compared with the previous estimate of 0.5%.
The Office for National Statistics (ONS) also said that on a more positive development, industrial output fell by less than previously thought.
Just a few weeks ago, in mid September, the European Commission had already slashed its forecast of UK growth this year from 1.7% to 1.1%, as news of falling retail sales underlined the economy's troubles and a Monetary Policy Committee member warned of increased danger of recession.
The revision means the European Commission is now forecasting UK growth in 2011 will be much weaker than that projected by the Office for Budget Responsibility, which was set up by Chancellor George Osborne.
Mr Osborne's projections for the public finances in his most recent Budget in March were based on the forecast then that the UK economy would grow by 1.7% this year.
Meanwhile, the leading supermarket company, Tesco has reported a rise in half-year profits - despite a fall in underlying sales in the UK.
Pre-tax profit for the 26 weeks to 27 August was £1.9bn, up 12.1% on a year earlier. Group sales rose 8.8% to £35.5bn, but like-for-like UK sales excluding VAT and petrol fell 0.5%.
In the face of this mixed news, the PM, David Cameron is to call on UK citizens to do their bit for Britain - and ask them to pay off their credit and store card debts.
In his keynote speech to the Conservative conference later today, the PM will argue that the debt crisis was caused by individuals - as well as businesses, banks and government - borrowing too much.
(BMcC/CD)
It has also been revealed that output from the service sector grew by 0.2%, compared with the previous estimate of 0.5%.
The Office for National Statistics (ONS) also said that on a more positive development, industrial output fell by less than previously thought.
Just a few weeks ago, in mid September, the European Commission had already slashed its forecast of UK growth this year from 1.7% to 1.1%, as news of falling retail sales underlined the economy's troubles and a Monetary Policy Committee member warned of increased danger of recession.
The revision means the European Commission is now forecasting UK growth in 2011 will be much weaker than that projected by the Office for Budget Responsibility, which was set up by Chancellor George Osborne.
Mr Osborne's projections for the public finances in his most recent Budget in March were based on the forecast then that the UK economy would grow by 1.7% this year.
Meanwhile, the leading supermarket company, Tesco has reported a rise in half-year profits - despite a fall in underlying sales in the UK.
Pre-tax profit for the 26 weeks to 27 August was £1.9bn, up 12.1% on a year earlier. Group sales rose 8.8% to £35.5bn, but like-for-like UK sales excluding VAT and petrol fell 0.5%.
In the face of this mixed news, the PM, David Cameron is to call on UK citizens to do their bit for Britain - and ask them to pay off their credit and store card debts.
In his keynote speech to the Conservative conference later today, the PM will argue that the debt crisis was caused by individuals - as well as businesses, banks and government - borrowing too much.
(BMcC/CD)
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BA in black after last year's £200m losses
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Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
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In the three months to December UK unemployment fell 14,000 to a total of 2.5 million, figures from the Office for National Statistics (ONS) show. Alongside the fall the number of people in work jumped to a new record, rising by 154,000 to 29.7 million. More than 580,000 more people are employed than a year ago.
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Inflation Rates Drop To Two-And-A-Year Low
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Inflation Rates Drop To Two-And-A-Year Low
The rate of inflation in the UK fell to a two-and-a-half year low last month, as a result of slowing fuel and food prices. The Consumer Prices Index (CPI) measure fell to 2.8% in May from 3% in April, the Office for National Statistics (ONS) said. The Retail Prices Index (RPI) measure fell to 3.1% from 3.5% in March.
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Northern Ireland WeatherToday:A rather cloudy morning, with a little patchy light rain or drizzle to start. Skies clearing and becoming dry and increasingly sunny in the afternoon. Maximum temperature 13 °C.Tonight:Dry with prolonged clear spells through the evening and overnight. This will allow for some fog patches to develop in places overnight. Minimum temperature 2 °C.
