Category archives: News in Review

“These are challenging times” In a week where droughts were officially declared across England, the Office for National Statistics’ (ONS) latest assessment of the UK economy revealed tough economic conditions. In the second quarter, the UK’s gross domestic product (GDP) fell by 0.1%, largely the result of a 0.6% monthly dip in June. According to […]

“The world’s three largest economies are stalling, with important consequences for the global outlook.” Last week saw the International Monetary Fund (IMF) release its latest economic assessment andforecast for the global economy. Following the effects of the pandemic and Russia’s invasion of Ukraine, the IMF now expects growth to slow to 3.2% in 2022, a […]

“Food sales picked up due to the Jubilee celebrations, but this was the only sector to report an increase” Retail sales edged lower last month as people reduced their fuel consumption, while households continue to struggle with fast rising prices. According to the most recent Office for National Statistics (ONS) data released last Friday, retail […]

“The economy rebounded in May with growth across all main sectors” Data released from the Office for National Statistics (ONS) last week shows how the UK economy returned to growth in May, recording expansion of 0.5% during the month. After shrinking in April and March, the growth experienced in May was higher than the flat […]

“Getting the economy growing again has got to be the number one focus for all politicians” Political news came thick and fast over the last week or so. Following Boris Johnson’s resignation last Thursday, a timetable for succession has now been announced by the 1922 Committee of backbench MPs, with potential contenders already jockeying for position as […]

“The property market has continued to perform very well so far this year” Despite a combination of economic and inflationary headwinds, homebuying demand remained strong during Q2 according to the most recent Homebuyer Hotspot’s Demand Index from GetAgent. In the second quarter of the year, buyer demand – based on the stock listed as sold, […]

“Both retailers and their customers are in for hard times ahead” UK retail sales contracted in May as consumers reduced their spending, according to data released by the Office for National Statistics (ONS) last Friday. As prices continue to rise and the impact of inflation on household finances intensifies, retail sales volumes fell by 0.5% […]

‘We have the tools and determination we need to reduce inflation and I am confident the Bank will play their part in making that happen’ The Monetary Policy Committee (MPC) voted to raise Bank Rate last week, hiking the rate from 1% to 1.25%, the fifth consecutive rate rise. The MPC voted six to three […]

The release of the latest Economic Outlook from the Organisation for Economic Co-operation and Development (OECD) last week, highlighted that global GDP is now projected to slow this year to around 3%, remaining at a similar pace next year. This is a downgrade following estimates of 4.5% global growth this year, made last December. Outlining […]

‘There’s a real pent-up desire among the population to get out and enjoy itself’ Over the last week, the Queen’s Platinum Jubilee celebrations largely dominated the news. The extended bank holiday weekend provided an opportunity for people and communities throughout the UK to come together to celebrate the historic milestone. Official events over the long […]