Britain in the late 2009 last nation G20 still in recession
admin 1/3/2010 5:20:24 PM
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The British economy has survived one of his turbulent years, and 2009 with the words of unemployment has finished lower than expected, but still in recession.
Chancellor of the Exchequer Alistair Darling to come to the end of the year with a pre-budget report for 2009 to moderate growth in the fourth quarter, but also requires a year of decline year in GDP of 4, 75 per cent.
As the United States, France and Japan moved into the growth of the third quarter of Great Britain has been officially recognized as a nation ultimately G20 still in recession left.
Negative growth in six quarters, and took the longest since records began in 1955.
Darling said a return to modest growth in the fourth quarter of 2009.
Several banks - primarily the Royal Bank of Scotland (RBS) and Lloyds TSB Group were saved - in 2008 and 2009, additional aid has been transferred to them.
According to figures from the National Audit Office, the British government was up to 117 billion pounds ($ 189 billion) was crushed on his artists the most vulnerable financial rescue.
The same players are preparing to causes are rewarded with a bonus one year after the government bailout of public anger.
Darling replied proposed a tax bonus of 50 percent on premiums bankers more than 25,000 pounds (40,400 dollars).
He also introduced the requirement of public sector financing for 2009to a historic high of 178 billion pounds (287 billion U.S. dollars) and 176 billion pounds (284 billion U.S. dollars) for the year 2010, deserves 'be criticized for its inability to be explicit, as these expenses should be reversed in the medium term.
In the first half of 2009, the Bank of England (BoE reduced) interest at a historically low 0.5 percent, and has for nine months to encourage lending.
In addition, she has used for the first time quantitative easing lending increase.
Value A year earlier, the British government had reduced VAT or VAT to 15.0 per cent boost in order to lift the recession plagued the economy and consumer spending.
Confirmed, however, Darling last month that the tax should be returned to its pre-recession level of 17.5 percent January 1.
Inflation reached 2.2 percent in May, but shows again the way back up to the latest figures available, in November, it reached 1.9 per cent surge followed by rising fuel prices.
The BOE estimates that inflation would be through the threshold of 2 percent in 2010.
In its final quarterly report for the year, said the BOE, the rate of wage increase has slowed, and were household incomes under pressure.
The BoE said in its report for the fourth quarter: "A significant portion of the slower growth of wages has been recent movements in the wage agreements. Average wage agreements have declined over the past year, and many companies have frozen pay a fine. "
"The decline was general all sectors. The decline of settlements are likely to reflect both the weakening of labor demand and the sharp decline in official measures of inflation."
The Bank said that 35 percent of workers saw their pay frozen, but it was only 1 per cent of workers to accept wage cuts.
The result is that nearly one third of workers have seen their household incomes have declined by at least 1,200 pounds (€ 1,930) per year.
The unemployment rate remained unchanged during the three months to October (the last) figures available, as in the previous three months by 7.9 percent, said the Office for National Statistics (ONS).
Thus, the total was 2.49 million unemployed, an increase of 608,000 over the previous year and the highest figure since early 1995, but are less concerned than experts.
The ONS said that while the number of unemployed has increased again, which was the lowest quarterly increase in the number of unemployed from March to May 2008.
The latest figures from the ONS showed that industrial production in Britain was in October, unchanged from the previous month. Compared to the same month last year, production fell 8.4 percent.
Economists had an increase of 0.4 percent per month return forecast of 7.7 percent yoy.
Manufacturing output was also flat in October, registering a fall of 7.8 percent from a high in October 2008 to see. Economists had an increase of 0.4 percent per month and down 7.2 percent expected.
Commenting on the production figures, David Kern, chief economist at the British Chamber of Commerce, said: "The failure of the manufacturing sector to show any increase in October, is disappointing and raises the concern that the return to growth in Q4 (fourth quarter) is still not guaranteed. All long-term comparisons - both three months and 12 months - shows that industrial production continues to decline. "
"A recovery in the manufacturing sector is crucial to ensure that much-needed restructuring of the British economy," he said.
The housing market seems to have recovered from the recession faster than other sectors.
Nationwide Building Society said Thursday that the average price of a home was £ 162,103 (262,000 dollars), against £ 153,048 (€ 247,400) in December 2008.
Low interest rates, which had re-register the buyer on the spot market and a continued lack of homes for sale provide all the upward pressure on prices, although only a modest increase in demand.
Gahbauer Martin, chief economist at Nationwide, said: "The average price of a typical property of the United Kingdom ended the year 5.9 percent higher than at the end of 2008."
"Although house prices are still 12.2 percent below its cyclical peak in October 2007, they now have an impressive 8.9 per cent since its low point in February 2009 on the recovery."
With general elections no later than the end of May 2010, the new government, given the immense task of continuing the slow and uneven recovery, the British economy has experienced in 2009.
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