Economy NEWS

UK retailers John Lewis and Next post higher profit

Retailers John Lewis and Next, two of Britain’s biggest high street names, reported an increase in half-year profit in their financial reports released today. Employee-owned partnership John Lewis, which operates John Lewis department … Continue reading “UK retailers John Lewis and Next post higher profit”


OECD lowers forecast for UK economy in 2012

The Organisation for Economic Co-operation and Development (OECD) has said that it expects the UK economy to contract by 0.7% in 2012. This is a significant decrease from the OECD’s forecast in May … Continue reading “OECD lowers forecast for UK economy in 2012”


UK business groups expect economy to shrink this year

Leading business groups in the UK have downgraded their economic forecasts and called for action from the government. The British Chambers of Commerce (BCC) announced today that it expects the UK’s gross domestic … Continue reading “UK business groups expect economy to shrink this year”


Spanish deposits shrink by €74bn as recession deepens

Depositors in recession hit Spain withdrew EUR74bn from the country’s banks in July, according to figures from the European Central Bank (ECB). The deposit loss equals 7% of Spain’s GDP in a single … Continue reading “Spanish deposits shrink by €74bn as recession deepens”


Wet weather keeps shoppers away from Britain’s high streets

There was a decrease in the number of shoppers visiting high streets, shopping centres and out of town retail parks across the UK in the three months to July, according to a report … Continue reading “Wet weather keeps shoppers away from Britain’s high streets”


Euro crisis threatens the existence of the EU — Italian PM

Italian prime minister Mario Monti has warned that the sovereign debt crisis in Europe is not only threatening the existence of the eurozone, but also the European Union itself. Monti told German news … Continue reading “Euro crisis threatens the existence of the EU — Italian PM”


Ratings agency Moody’s warns of negative outlook for Germany

Credit ratings agency Moody’s on Tuesday warned that the outlook for Germany’s AAA credit rating is negative, which is said to be the first step towards a possible downgrade. Credit ratings for the … Continue reading “Ratings agency Moody’s warns of negative outlook for Germany”


Fears of sovereign bailout for Spain grow

Asian shares fell and the euro hovered near multi-year lows earlier on Monday as Spain ignited concerns about its ability to resist a sovereign bailout after two indebted regions looked for financial assistance … Continue reading “Fears of sovereign bailout for Spain grow”


Increase in UK government borrowing for June

Borrowing by the UK government increased by more than expected in June 2012 as the economy remained weak, official figures revealed today. Estimates from the Office for National Statistics (ONS) show that public … Continue reading “Increase in UK government borrowing for June”


Many Scottish shops and hotels at risk of going under, R3 report claims

Hundreds of retailers and hoteliers in Scotland are at risk of going out of business in the next 12 months, a new report claimed today. Business recovery organisation R3 said that there was … Continue reading “Many Scottish shops and hotels at risk of going under, R3 report claims”


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