In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘UK recession’

UK economy shrinks at fastest rate for 50 years

Posted by smeddum on June 30, 2009

From Times Online
June 30, 2009
UK economy shrinks at fastest rate for 50 years
Miles Costello, Grainne Gilmore
The UK economy shrank by 2.4 per cent in the first quarter at the fastest rate in more than 50 years and far worse than expected, according to official figures today.

Revised figures from the Office for National Statistics (ONS) showed that, between January and March, the economy contracted by its fastest pace since 1958. The ONS revised down its initial estimate, showing a contraction of 1.9 per cent. Read the rest of this entry »

Posted in Financial crisis | Tagged: | Leave a Comment »

Woolworths Stores Enter Administration, Risking U.K. Jobs

Posted by smeddum on November 27, 2008

Woolworths Stores Enter Administration, Risking U.K. Jobs

By Howard Mustoe and Louisa Nesbitt

Nov. 27 (Bloomberg) — Woolworths Group Plc appointed administrators for its chain of stores and MFI Retail Ltd. collapsed, putting almost 30,000 U.K. jobs at risk, as the economy’s slide caused consumer spending to slump.

Woolworths, which opened its first shop in 1909, had Deloitte appointed as administrators today after an attempt to sell the stores ended. MFI appointed administrators yesterday.

Retailers are under pressure as a spending slump hits the U.K. The government pledged 20 billion pounds ($30 billion) of loans and tax cuts this week to spur the economy. Home- improvement retailer Kingfisher Plc today said consumer confidence was “shaken,” while DSG International Plc, the largest consumer-electronics retailer in the country, scrapped its dividend. Read the rest of this entry »

Posted in Uncategorized | Tagged: , | Leave a Comment »

Grim prospects for UK economy

Posted by smeddum on August 24, 2008

By Seasn O’Grady
Sunday, 24 August 2008 Independent

All agree we’re close to recession. The revised GDP figures released last Friday pretty much confirmed that two successive quarters of negative growth – where the economy shrinks, which is the conventional definition of “recession” – cannot be far away. In case you hadn’t noticed, the economy ground to a halt in the second quarter of the year, and almost every leading indicator suggests that activity will slow further over the next year. But how bad will things get? And what will be the consequences? Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | Leave a Comment »

Britain close to admitting recession

Posted by smeddum on July 9, 2008

Britain is close to recession, British Chambers of Commerce warns Telegraph
By Nick Allen
Last Updated: 10:15am BST 08/07/2008

Britain is on the brink of a recession and unemployment is set to rise 300,000 by the end of next year, according to the British Chambers of Commerce. Read the rest of this entry »

Posted in Financial crisis, Uncategorized | Tagged: | Leave a Comment »