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UK avoids fall into triple-dip recession

The UK has managed to avoid dropping into an unprecedented triple-dip recession after the economy grew in the opening three months of the year.


Figures published by the Office for National Statistics shows the UK expanded by 0.3 per cent in 2013’s first quarter. This follows the 0.3 per cent contraction that was witnessed in the final three months of 2012.

IHS Global Insight chief UK and European economist Howard Archer says: “In reality, it makes very little difference whether the economy expanded modestly in the first quarter, contracted marginally or was flat.

“It is evident that the economy is still finding it tough to generate even modest sustainable growth.”

The news comes after the International Monetary Fund downgraded the UK’s growth forecast by 30 basis for both 2013 and 2014, while Fitch recently became the second agency to strip the country of its prized AAA credit rating.

According to the ONS, the UK’s dominant services sector grew by 0.6 per cent in the first quarter, being the largest contributor to the increase by adding 0.47 percentage point to the overall GDP number.

The country’s production industry expanded by 0.2 per cent, although construction output fell by 2.5 per cent.


Sally Laker MS blog

If an opportunity knocks, however small, grab it

Here we are at the start of the second quarter of 2013 and we are still poised for the flurry of lending that has been predicted for the beginning of the year. We can see all the signs and are all frantically busy, working harder than ever, but are the signs strong enough to fulfil […]

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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