Consumer spending hits fresh lows

Recently released figures have shown that consumer spending in the UK has hit fresh lows, with household spending falling to its lowest level since 1980. Read more

Tags: consumer spending, british economy, National Statistics, return, spending money, office, Office for National Statistics, consumer confidence

Recession in UK could almost be over

Officials from the National Institute of Economic and Social Research have recently stated that the recession in the UK has almost completed its course, and could soon be over despite concerns from other industry groups and officials that it could last for another one to two years. Read more

Tags: National Statistics, recession, profile, private sector, National Institute of Economic, recessions

Muffins and mp3 players to be included in inflation calculation

Muffins, mp3 players and fruit smoothies are to be included in the methodology for calculating future rates of inflation, the Office of National Statistics (ONS) has announced.

The ONS has included the goods in its annual update to its shopping basket – which contains 650 widespread goods and services – and acts as a way of gauging the Retail Prices Index (RPI) by reflecting public spending habits.

Speaking to the Times, Jeffrey Young, managing director of Allegra Strategies, the consultancy, said: “Innocent is now one of the top 100 food brands in the UK and it’s come from nowhere. It shows how popular smoothies have become.”

According to new figures from the Consumer Price Index (CPI) for the Office of National Statistics (ONS), utility tariffs increased by 0.7 per cent during last month.

This rise takes the annual rate to 2.5 per cent, more than the 2.2 per cent recorded in January and 0.5 per cent higher than the government’s two per cent target.

Tags: allegra strategies, Office of National Statistics, Retail Prices, spending habits, RPIX, National Statistics, retail prices index, cent target

Student finances not ‘greatly’ affected by credit crunch

The National Union of Students (NUS) has announced that finances for this year’s intake of students were not ‘greatly’ affected by the credit crunch.

A spokesman for the NUS said that there has been little evidence to suggest that banks are overly worried about students.

He said: “The risk outlay on students is that much less than for giving out a mortgage and they also take the view that a graduate is likely to be a customer for the rest of their life and they are willing to take that risk.”

HSBC’s adding of interest to graduate accounts is the only evidence of a tightening of credit he commented.

Statistics published by the Office for National Statistics show that the maximum amounts available to new students in 2007-8 are 76 to 85 per cent higher than they were ten years ago.

The NUS is a voluntary membership organisation comprised from student representative organisations in colleges and universities from across the UK and Northern Ireland.

Tags: economics, voluntary membership organisation, nus, life, office, evidence, finance