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Morrisons Wants To Expand Buying 49 Blockbuster Stores

Morrisons Wants To Expand Buying 49 Blockbuster Stores

  • Posted: Feb 17, 2013
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The supermarket chain Morrisons is to create 1,000 new jobs by taking over shops from the failed DVD and games rental business.

As we know, Blockbuster company failed at the beginning of this year leaving more than 1,500 jobs at risk. Supermarket chain Morrisons has bought 49 stores from Blockbuster in order to expand its range of ‘local’ shops. Morrisons says its plan will create around 1,000 new jobs.

The shops will turn out into large “convenience” stores and become the rival of Tesco and Sainsbury’s.

The UK’s fourth-biggest supermarket chain also plans to rebrand its convenience store business from M Local to Morrisons M Local

Morrisons had already acquired seven stores from collapsed camera retailer Jessops as it seeks to take advantage of quick access to high street locations to build up its convenience chain.

That has been its accelerating expansion plan after struggling to compete because of its small number of convenience stores, as well as a lack of a grocery delivery service.

Analysts have put the ability of Sainsbury’s, Waitrose and Tesco to whether the economic storm down to the large number of local stores they have opened in the lucrative south east.

Morrisons, which currently has 12 M Local stores, reported a disappointing 2.5% drop in like-for-like sales for the six weeks to December 30, which followed a 2.1% decline in the previous quarter.

The Bradford-based business is leading a fightback under recently-appointed chief executive Dalton Philips.

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OFT Fuel Price Probe Findings To Be Released

OFT Fuel Price Probe Findings To Be Released

  • Posted: Jan 30, 2013
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The Government is looking at ways to make petrol companies pass on lower crude oil prices to drivers and retailers.

The Office of Fair Trading today releases its findings on the state of Britain’s £32bn retail fuel market.

The regulator must asses if there exists serious competition within the industry and start an investigation about it.

Brian Madderson, chairman of the Retail Motor Industry Federation’s (RMI) petrol division, said: “It’s not transparent at all.

“They must make a full-market study under the Competition Act so that we can see exactly how this market is working.”

Motorists noticed a rise in fuel prices when markets surge. There have been concerns that, when markets move lower, oil and gas companies are not passing on savings to retailers and motorists as quickly as they could.

This made the Government to call upon regulators late last year to take up the issue.

OFT( Office of Fair Trading) had the last enquire into the Uk in 1998.

Prices of fuel went up more than 7p per litre since Christmas.Around 1.5p of that rise is because the pound has not performed well since. But the RMI says motorists have still been left to face an increase of 5.5p per litre in the space of a just a few weeks.

Asked whether fuel prices were fixed or fair, Malcolm Graham-Wood, oil analyst at VSA Capital Limited, said: “It’s an efficient market working as it should do.

“What you are doing in the petrol price at the pump is seeing a reflection of what the oil price was a few months ago, in the last few months it hasn’t changed very much.”

Projecting how prices might perform in the year to come, he added: “I think the oil price will be relatively stable and I don’t see the currency changing very much either. Accordingly, I would have thought the petrol price would be down, not up.”

Any investigation that did result in changes to the current system will certainly have consequences for consumers. But, with Britain’s retail fuel market worth around £32bn, it would also have an impact on businesses and the economy as a whole.


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Call For Soft Drink Sugar Tax In Budget

Call For Soft Drink Sugar Tax In Budget

  • Posted: Jan 28, 2013
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It has been announced today that the government will increase taxes on alcoholic beverages.

Medical professionals are calling for a 20p-per-litre tax on soft drinks to be included in this year’s Budget.

Lots of organisations are backing the changes by the Government to increase the tax on sugary drinks by 20p to help cut down on our obesity in the UK.

Many organisations, which include the Royal College of Paediatrics and Child Health, are backing the recommendation by food and farming charity Sustain.

They say it would raise £1bn a year in duty to fund free fruit and meals in schools to improve children’s health.

The soft drinks industry says raising taxation is unnecessary.

The British Soft Drink Association (BSDA) says companies are already playing their part in the fight against obesity.

The BSDA’s director general Gavin Partington said 61% of soft drinks “now contain no added sugar and we have seen soft drinks companies lead the way in committing to further, voluntary action as part of the government’s Responsibility Deal calorie-reduction pledge.”

He said 10p from every 60p can of drink already goes to the government in tax.

“Putting up taxes even further will put pressure on people’s purses at a time when they can ill afford it,” he said.

It says the UK consumes more than 5,727 million litres of sugary soft drinks a year. Adding a 20p tax for every litre sold would raise more than £1.1bn.

Mike Rayner, of the department of public health at Oxford University and chairman of Sustain, said: “Just as we use fiscal measures to discourage drinking and smoking and help prevent people from dying early, there is now lots of evidence that the same approach would work for food”.

“This modest proposal goes some way towards making the price of food reflect its true costs to society. Our obesity epidemic causes debilitating illness, life threatening diseases and misery for millions of people. It is high time government did something effective about this problem.”

A Department of Health spokeswoman said: “Our primary responsibility is to help the nation to be healthier.

“We keep all international evidence under review. But we believe the voluntary action we have put in place is delivering results.”

Shadow Health Secretary Andy Burnham disagrees and says it is clear that a voluntary approach is not working.

He said: “Labour is consulting on whether new limits on sugar, salt and fat content in food aimed at children would be a better way forward. This would help parents protect their children from foods which contain excessive levels of sugar, salt and fat in a way that a tax wouldn’t.”

Over the past 10 years, the consumption of soft drinks containing added sugar has fallen by 9% while the incidence of obesity has increased by 15%.

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What Really Killed HMV, Jessops And Blockbuster?

What Really Killed HMV, Jessops And Blockbuster?

After Comet failure, three more high-street chains bite the dust: Hmv, Jessops and Blockbuster.

This year is already shaping up to be another rough ride for Britain’s high-street retailers, as three major chains go under within the first 16 days of 2013.

First to fail was photographic retailer Jessops, which was founded in Leicester in 1935.

The company went into administration ( a form of corporate insolvency) on Wednesday, 9 January. Within two days, administrators PricewaterhouseCoopers decided that Jessops could not continue as a going concern, so it closed the chain. As a result, 187 stores shut down, costing 1,370 jobs.

The second chain that fallows into administration this year is music and entertainment retailer HMV. Its landmark store in London’s Oxford Street was opened by Sir Edward Elgar on 20 July 1921, it appointed administrators on Monday, 14 January 2013 – just five days after Jessops.

HMV’s administrators Deloitte are keeping the group trading as buyers circle for scraps. This could mean the sale of some of HMV’s 238 worldwide outlets to save jobs among the workforce of almost 4,500.

Just after 2 days of HMV failure, Blockbuster went under. The video rental business has 528 stores and employs 4,200 staff in the UK. Lee Manning, a partner at administrators Deloitte, said they were hoping to save as much of the business as they could. “We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors.”

The most frequently cited reasons for these big companies collapse are recession and the internet. While they have failed, other high street chains – both new and old – have seen their fortunes soar.

The John Lewis Partnership (owners of John Lewis department stores and Waitrose supermarkets) is one of the winners. It proudly announced record sales over the recent festive season, with Waitrose’s sales up 5.4% to over £300 million in the last two weeks of 2012.

Halfords is another British company that is thriving in this new age of austerity, as squeezed incomes drive spending on bicycles and car maintenance. On Tuesday, Halfords’ trading statement revealed that sales at its Autocentres surged by an eighth (12.4%) in the 15 weeks to 11 January.

So why do some retailers thrive, while others dive or merely survive? Here are eight reasons that separate high-street winners from losers:

1.       Digital deathWith strong growth of high-speed broadband over the past decade, online sales have exploded. In 2011, we Brits spent over £68 billion online, with Amazon at the forefront of this retail phenomenon.For some retailers, notably giant supermarkets such as Tesco, Sainsbury’s and Asda, this online revolution has opened a new channel for extra sales. For others, its spelled death, wiping out sales of, for example, singles and albums in favour of digital downloads.

This is just as true with films – Netflix and Lovefilm let you see the latest blockbusters without heading to, well, Blockbuster. Combined with that, a digital television revolution means people can now see films on free “catch-up” services or record them on “+” boxes and surf more than 50 channels. There are just fewer days with nothing on telly that might see you head to a rental store.

Unfortunately, this is not a good start for companies like Blockbuster with singles and physical albums and films, because the future of entertainment is clearly online and digital.

2.       Supermarket sweep

Another structural issue for the likes of HMV and Jessops is supermarkets muscling into their territory.As supermarkets diversified into new product ranges, electronic goods appeared in-store and on their websites. Thanks to their huge size and scale, these retail Goliaths can undercut their specialist rivals on price, snatching business away from what were once market leaders in niche sectors.

3. Prices plummet

When competition is low and prices are high, retail margins stay fat and produce healthy profits. However, online retailing ignited a price bonfire that continues to this day, especially in the field of consumer electronics.With prices plummeting by four-fifths (80%) in 17 years, it’s hardly surprising that so many retailers in this sector are dying out.

4.       Rapid product evolution and innovation

Thanks to the new gadgets, smartphones, tablets, computers that are constantly must have products and launched day by day, traditional retailers are struggling to manage stock level.

On the other hand, online retailers with streamlined systems and superior stock control gain a competitive advantage when replacing unsold and outdated stock of consoles, tablets, phones and cameras.

5. ‘Super’ stores

As well as promoting lower prices, online retailers have huge warehouses full of stock. Instead of offering, say, 5,000 to 10,000 different products, their product ranges and stock levels are magnitudes greater. For example, Amazon has 1.5 million different books for sale – a range that cannot be matched by any high street outlet.

Stores also suffer from ‘browsers’ – consumers who visit shops to compare goods, only to return home to buy their goods online at lower prices.

Also, costumers prefer to shop online to avoid crowded aisles, checkout queues and busy car parks.
6. ‘High’ street costs

A bricks-and-mortar business costs vastly more to run than a website. Thanks to high rents (payable quarterly in advance), business rates and staffing costs, traditional retailers operate at a competitive disadvantage to nimble, web-based rivals. In addition, high-street shops cannot up sticks and relocate offshore and pay the same corporation tax and VAT as Amazon and Starbucks, for example.

7. Death by debt

By becoming ‘leaner and meaner’ through cost-cutting, a few high-street retailers have managed to overcome declining sales, lower margins and reduced cash flow. However, those who fail have generally been brought down by their banks when lenders lose patience with rising debt levels.

In fact, thanks to a credit famine and rising borrowing costs, excessive debt is probably the single biggest killer of British retailers – as the likes of HMV (with debts exceeding £176 million) will confirm.

8. Housing problems

The sluggish housing market is yet another setback for retailers. At the market peak in 2006, nearly 1.7 million UK homes changed hands, falling to 1.6 million in 2007. Unfortunately, housing transactions haven’t risen above 900,000 a year since 2008 and are running at roughly half of their peak.
Due to lack of first time buyers and home-movers, retail sales found fail,especially at firms such as Comet and Carpetright, which rely heavily on consumers kiting out their new homes.

9.Who loses out when retailers fail?

Every British person suffers when big businesses fail.

Hardest hit are workers who lose their jobs when companies crash. It’s an uphill struggle to find work while struggling to get by on benefits as welfare cuts bite.

Comet’s collapse left our Government with a £23.2 million bill for outstanding pay for nearly 6,900 ex-employees.In addition, insolvent companies often leave large tax bills unpaid. For Comet, this unpaid tax debt came to £26.2 million – a little over £1 for each of the UK’s 26 million households.
Banks and other lenders lose out when businesses fail, as bad debts batter their balance sheets. Inevitably, these losses are passed on in the form of higher interest rates, charges and fees to both corporate and individual borrowers.

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Facebook ‘Suffers December Traffic Dip As It Reaches Saturation Point

Facebook ‘Suffers December Traffic Dip As It Reaches Saturation Point

  • Posted: Jan 19, 2013
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According to a web traffic measurement firm, Facebook drops its audience in December with 600,000 suggesting it has reached saturation point.

It remained by far the biggest social networking service, with more than 33 million British visitors, or 53 per cent of the market. The way the figures are calculated means members who access their account from more than one device are counted separately on each computer, smartphone or tablet, however.

United States its been consider Facebook’s most developed market with 168 milion users folllowed  by Britain.

Like most websites Facebook normally experiences a slowdown in traffic over the festive period as people unplug from the internet. Among Facebook’s top 10 biggest markets, Britain was the only one where the number of visitors actually fell.

Social networking observers have long expected the service to reach saturation point at around 50 per cent, and have seized on SocialBakers’ December data as supporting evidence. Facebook’s growth curve has been slowing for several years.

Jan Rezab, SocialBakers chief executive, agreed Facebook was probably at saturation point in Britain but warned against seeing the December data as evidence it had begun to go backwards. He concluded that 15 per cent of the population are under 13 years old and not allowed on Facebook and 16.5 per cent are in the over-65 age bracket, which accounts for only 4 per cent of the 33 million British members.

“This effectively means that UK is inflecting in terms of numbers at near full penetration on Facebook,” he said.

“I can’t imagine their fans could grow by 10–20M new users, although this depends if they allow teens under 13 on the platform and furthermore largely depends on their mobile adoption.”

Mr Rezab declared that was quite chalenging to compare years due to rapid growth of social networks in recent years and hard to assess the impact of the Christmas season on Facebook traffic.

“The monthly active user count is statistically vulnerable to more casual users of the platform, users that don’t use it that often and might fall out of the 30-day range from time to time… my grandpa might sometimes not be an active user on Facebook, even though he is using it,” Mr Rezab said.

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CES 2013 Tech World Prepares For Las Vegas Launches

CES 2013 Tech World Prepares For Las Vegas Launches

  • Posted: Jan 19, 2013
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The devices promise to be slimmer, bigger and faster – but is CES itself still relevant?

Consumer Electronics Show in Las Vegas its ready to unlease new gadgets and software.It is a chance for tech makers, big and small, to highlight the innovations and trends they think are about to take off.

Some things did not developed as planned, smart TV services and 3D screens going mainstream have failed to pan out.

But never mind, say the organisers, there is another round of next-generation technologies such as 4K ultra-high definition televisions and bendy phones ready for a go.

New displays will definitely be one of the year’s big themes.

But other tips include:

• a flood of devices and apps focused on making us healthier

• a push towards the connected home with all our various devices talking to each other

• self-driving cars and other technologies to make journeys safer for the driver and more entertaining for passengers

• and wearable computing including augmented reality glasses and smart watches.

“We have over 150,000 people coming,” the man responsible for the event, US’s Consumer Electronics Association president Gary Shapiro, tells the BBC.

“We have retailers, manufacturers, distributors, the financial community and everyone who matters in the ecosystem. It’s all about the innovation industry getting together in one place each year.”

Sales of many devices, such as digital cameras, camcorders and MP3 players, are tumbling. Smartphones and tablets are overtaking the market, and firms have typically held back New Year launches of these products until February’s Mobile World Congress in Barcelona

But for now CES seems to be in rude health – 2013’s event is bigger than ever. Microsoft’s floor space was snapped up within minutes – much of it, tellingly, by a Chinese company: HiSense.

And CES has embraced mobile, boasting that this year’s event will be the biggest app showcase the world has ever seen. Furthermore Sony, LG, Huawei, and ZTE will be among those unveiling new flagship smartphones at the event.

One of this year’s first-time attendees is Paul Landau, chief executive of the British firm Fitbug.His company makes a range of activity tracking devices that transmit details to computer servers detailing how much exercise their owners do, allowing the business to provide feedback such as congratulating them on their efforts, or giving them a nudge to do more.

The company recently expanded to the US and Mr Landau is now trying to drum up attention for new products to be launched at the show.”But it’s probably the show of the year where the tech writers are all there, looking for the emerging trends and the new technologies coming out.

“Not many people have heard of us because we’re a small British company who have jumped into a very big pond over in the US. We feel this will be a great showcase to spread the word.”

Another Uk based tech firm will showing its wares: Imagination Technologies’ Pure division; has a stand to promote its latest internet radio streamers and TV set top boxes.

But its newly knighted boss will be spending most of his time in nearby private meeting rooms where he will focus on his company’s core business: licensing its graphics processor chip designs to tablet, smartphone and TV manufacturers such as Samsung, Sony and LG.

Hossein Yassaie, chief executive of Imagination Technologies

Hossein Yassaie, chief executive of Imagination Technologies

 Sir Hossein is a CES veteran. He reckons this will be his 17th year and despite his lack of love for Sin City’s attractions he would not entertain the idea of skipping a year.

The commitment underlines the point that while the hi-spec stands and flashy presentations dominate press coverage, much of the real work that goes on at CES takes place out of sight.

“We have three to four rooms and we have almost continuous meetings all the way through the show. To be honest, the deals never get concluded at the show – they get concluded by the sales and contract people later – but it moves discussions forward significantly.”






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Boxing Day Sales

Boxing Day Sales

  • Posted: Dec 26, 2012
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Boxing Day sales records have been smashed after shoppers sent tills into meltdown across Britain.

Bargain-hunters queued overnight in preparation for stores opening this morning, with thousands pouring through the doors from as early as 6am.

More than £50m would have been taken on London West End’s famous shopping destinations of Bond Street, Regent Street and Oxford Street at closing time.

Selfridges, situated on Oxford Street reported its most successful first hour of trade ever, with £1.5 million rattling through the tills.

Sue West, Selfridges director of operations, reported handbags and menswear were among the items flying off the shelves first.

“Online sales have been great, but year-on-year people still want to experience the Boxing Day sales,” she said.

John Lewis made a record start to its online sale which began on Christmas Eve with hourly orders up 70% on last year.

Andy Street, managing director of John Lewis, said: “To be announcing another record-breaking pre-Christmas week along with such a fantastic start to our online clearance is marvellous news.”

Kent’s Bluewater shopping centre saw about 120,000 visitors pass through its doors, with queues forming at 1am.

The British Retail Consortium had described high-street spending as “acceptable but not exceptional” this festive period, but the Boxing Day sales would add gloss to the figures.

A strike by London tube drivers about bank holiday pay it made no difference on the sales on Boxing day.

Extra buses were laid on for those travelling to the West End, as well as the Westfield shopping centres in Stratford, east London, and White City, west London, Transport for London said.

Jason Tyrrell from the New West End Company told Sky News: “We were prepared for this strike and had coaches for staff. The shoppers are out in force, but I hope both sides get round the table and sort it out.”

Online retailers tried to stay one step ahead of the competition by offering heavy discounts on Christmas Day with Amazon’s UK website seeing a 263% rise in sales over the last five years.

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Bank of England 2012 Economy Q4

Bank of England 2012 Economy Q4

  • Posted: Dec 18, 2012
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 The 2012 Q4 issue of the Bank of England Quarterly Bulletin is published today.

The Funding for Lending Scheme (FLS) was launched over the summer by the Bank of England and HM Treasury. It is designed to incentivise banks and building societies to boost their lending to UK households and businesses. Specifically, banks and building societies are offered funding with both the amount and its price depending on the amount they lend. An article in this edition describes in detail the thinking behind the scheme, including describing the mechanics of how the scheme will work. The Article notes that by reducing funding costs, the FLS should lead to more and cheaper credit flowing into the real economy than otherwise. Early signs have been encouraging: market funding costs for UK banks have fallen sharply and many loan rates have fallen. But given the usual lags from credit being offered to loans being made, the FLS is unlikely to materially affect lending volumes until 2013.
The UK economy has received a significant amount of monetary stimulus since the onset of the financial crisis. Bank Rate has been reduced to its lowest level in its 300-year history and the MPC has purchased £375 billion worth of assets since the launch of its asset purchases programme (or QE) in early 2009. But despite this significant amount of stimulus, broad money growth has been persistently weak since 2008, without any precedence in the past half century. So it is important to investigate what impact QE has had on broad money. The article – What can money data tell us about the impact of QE? – analyses the impact of QE by using a money accounting framework, focusing on the period during which the second round of asset purchases took place. It shows that the monetary impact of QE2 looks very similar to that of QE1, with around 60% of asset purchases having fed through into broad money. But whereas in QE1 most of the 40% ‘leakage’ could be explained by bank balance sheet repair, during QE2 the largest ‘leakage’ came from sales of government debt by banks. So whereas the first two rounds of QE seem to have had a similar proportionate impact on money, there is some evidence that the transmission mechanism of QE may have varied over time.
The financial crisis has powerfully demonstrated the need for a new approach to financial regulation. Major reforms are therefore under way, aiming to establish a UK regulatory framework which is more focused on the issues that matter and better equipped to deliver financial stability. These reforms will come into effect in April 2013. The Financial Services Authority will cease to exist in its current form, and its responsibilities will be transferred to two new bodies – the Prudential Regulation Authority (PRA), a part of the Bank of England, focusing on prudential issues; and the Financial Conduct Authority, a separate body, focusing on business and market conduct. Additionally, a Financial Policy Committee will be established within the Bank, focusing on the stability of the financial system as a whole. The article in this edition focuses on the Prudential Regulation Authority. It sets out the PRA’s role in the new regulatory framework, describing the PRA’s statutory objectives of promoting the safety and soundness of firms and contributing to policyholder protection. The PRA will advance these objectives by setting out expectations that firms should meet. The article goes on to describe how the PRA will supervise firms against these expectations. Importantly, it will do this using a judgement-based approach, and one that is both forward-looking and focused on the key risks posed to the stability of the UK financial system.
This edition also includes analysis from the 2012 NMG Consulting Survey which looks at influences on household spending and saving; an article on The role of designated market makers in the new trading landscape; and the regular Markets and Operations article reviewing developments in financial markets and the Bank’s official operations in the period between the previous Bulletin and 26 November 2012.
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Bank Of England Says UK Economy Set To Shrink

Bank Of England Says UK Economy Set To Shrink

  • Posted: Nov 14, 2012
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Britain’s weak economy may shrink in the last three months of the year and growth will remain sluggish into 2013, the governor of the Bank of England warned Wednesday.

The central bank in the UK warning came after the country’s gross domestic product on annual basis unexpectedly grew by 1 percent in the third quarter, ending a nine-month recession.

“Welcome as that is, it is not a reliable guide to the future,” Governor Mervyn King said at a news conference while introducing the Bank’s quarterly Inflation Report.

“Output growth is likely to fall back sharply in Q4 as the boost from the Olympics in the summer is reversed – indeed output may shrink a little this quarter.,” King said.

The bank also lowered its Global domestic product growth forecast for 2013 to about 1 percent.

“We face the rather unappealing combination of a subdued recovery with inflation remaining above target for a while,” the governor added.

King said the Bank “has not lost faith” in quantitative easing, the economic stimulus program of asset purchases which has pumped 375 billion pounds ($595 billion) into the British economy since 2009.

But there was a growth spurt in the third quarter  and the persistence of inflation above the official 2 percent target led the Bank’s Monetary Policy Committee to decide against any increase in Quantitative easing this month.

The Office for National Statistics said Wednesday that that the U.K. unemployment rate fell to 7.8 percent in the July-September period, down from 8.0 percent in the previous three months and from 8.2 percent in the year-earlier period.

There was in increase of 10,000 in the number of people claiming unemployment benefits in the month of September. Martin Beck, an analyst at Capital Economics, says that may signal that the job market is starting to weaken again.

“The labor market’s recent resilience may finally be starting to fade,” Beck said.

Meanwhile the statistics agency said that pay growth of 1.8 percent in the last year continued to lag behind the rate of inflation, currently 2.7 percent.

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Sir Mervyn King  UK GDP May Contract Again In Q4

Sir Mervyn King UK GDP May Contract Again In Q4

  • Posted: Nov 14, 2012
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Bank of England governor Mervyn King has said the UK economy may contract once again in the fourth quarter of 2012 despite moving out of recession in Q3.

Speaking after the publication of the Bank’s quarterly inflation report, Mervyn King  said it is “difficult to discern” the true path of GDP and said the UK recovery may start later than previously forecast.

He also pointed to the strength of sterling as a negative factor for the economy, saying a strong pound is undermining competitiveness and may result in a slower recovery.

The governor said the Q3 GDP rise, estimated to be 1% according to the Office for National Statistics, was fuelled by one-off factors, meaning “headline growth is consequently likely to fall back sharply in Q4”.

The Bank has also lowered its  Gross domestic product estimates for future quarters.

The Bank of England upped its inflation forecast, citing “unexpectedly large” rises in energy prices, and now expects CPI inflation to fall back to its target a full year later than it forecast in August’s report.

The Bank’s charts suggest the consumer price index will drop to 1.8% in two years’ time.

Sir Mervyn King added the Bank’s Monetary Policy Committee had not lost faith in the ability of its quantitative easing programme to help the economy, but said the transfer of QE proceeds to the Treasury was equivalent to a further round of asset purchases.

He said that decision, coupled with the Bank’s higher inflation forecasts, were the principal reasons behind the decision not to unveil further asset purchases this month.

Sterling fell against the dollar following the governor’s comments, moving to a day low of $1.5862, while the euro rose to the highest level against the pound since 1 November at 80.35p.

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