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UK trade deficit hits seven-month high in February

UK trade deficit worse than expected in February

Britain’s goods trade deficit widened more than expected to a seven-month high in February as the value of exports fell to its lowest level in more than four years, according to official data. The trade deficit in goods and services worsened to £2.9bn from £1.54bn in January, said the report ...

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Small increase in UK house prices in March, says Halifax

The bank's March house price index shows a slight increase in price

UK house prices increased 0.4% in March compared to the previous month— higher than expected as house price growth continues to slow, according to a survey by Halifax. Economists had previously forecast a marginal 0.1% growth. Prices in the three months to March were 8.1 percent higher than they were ...

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UK service sector growth accelerates

PMI figures for services indicate faster 2015 growth than in the same period in 2014

Activity in the UK’s service sector has accelerated to its fastest pace since August last year, according to a survey. The Markit/CIPS Purchasing Managers’ Index (PMI) survey rose to 58.9 in March, its strongest reading since August last year and up from the 56.7 recorded in February. Any reading below ...

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UK introduces Google Tax today

Firms that move profits overseas are now subject to the Google Tax

The Budgetary measure has been introduced today and companies that move their profits overseas to avoid tax will be subject to a “diverted profits tax”, also known as the Google Tax. The tax follows criticism of multi-national companies such as Google, Starbucks, Amazon and Apple. Some of those companies are ...

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Financial well-being in the UK improved in 2014

Optimism in UK households has increased in the 2014

 The financial well-being of UK households has improved in 2014, however, it also revealed that the overall situation has not significantly improved compared to five years ago, according to a report by the Office for National Statistics (ONS). The report showed that Read Household Disposable Income (RHDI) had increased by ...

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More firms failing to pay minimum wage named and shamed

Government continues to name National Minimum Wage offenders

 Ministers have publicly named another 48 employers— amongst those are French Connection and Foot Locker— that have paid their workers less than the minimum wage. The companies owe workers £162,000 and face fines of £67,000. The companies span across the fashion, publishing and hospitality sector. The accused companies have 28 ...

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UK homes to have debts of £10,000 by 2016, says PwC

Debt of average British household to reach record £10,000 in 2016

The average UK household will have unsecured debts of £10,000 by the end of 2016, according to accountancy firm PricewaterhouseCoopers (PwC). The figure includes spending on credit cards, bank borrowing and student loans, but does not include mortgages. The total amount of non-mortgage debt equated to nearly £9,000 per household ...

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