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Danny Alexander the chief secretary to the Treasury has said that he will demand an assurance from fuel suppliers and distributors that they are doing all they can to cut prices further after recent declines in the cost of oil.

This week Brent Crude has slumped as low as $82 (£51) per barrel which is its lowest level in just over four years due to concerns about over supply.motorway-at-night

Petrol in the UK has fallen from 131.7 pence per litre to 124.22 pence which sees a decline of about 6%. For diesel the drop is from 136.37 pence per litre to 1.28.58 pence.

This news has seen the start of the supermarket price war and we are starting to see this locally. The cheapest fuel that we found locally so far is Asda in St. Leonards, they are as of 17.11.2014 selling at 118.7 pence per litre and diesel is currently at 123.7 pence per litre this has also seen Tesco’s and Sainsbury’s following suit with 1p cuts of their own.

The declining price of fuel can only be a good thing for the local economy. The knock on effect that fuel costs have on every aspect of the economy from the distribution of pretty much everything from food to consumer and business products should start coming down in price as the cost of transporting them goes down.

It will also naturally benefit everyone’s customers as they will have more disposable income which could translate into more spending.

Posted by: In: Economy, Infographic 20 Aug 2014 Comments: 0 Tags: , ,

Ever wondered how the UK economy is doing on a global level but don’t have the time to go through stacks of economic data to find out? Well there no need for that. See for yourself as this infographic does a great job of explaining our place in the global economy.

UK economy vs world infographic
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Employment in the the UK creative industries grew by 8.6% between 2011 and 2012, compared to the UK average of 0.7%, according to official statistics.

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Creative Industry in the UK is growing massively.

The Creative Industries, which range from advertising, design and crafts to TV, film, music and games, accounted for 1.68 million jobs in 2012, 5.6 per cent of the total number of jobs in the UK.

Employment in the Creative Industries increased by 8.6 per cent between 2011 and 2012 a much higher rate than for the UK Economy as a whole (0.7%).

The figures, which present a significant increase on previous data, were released by the Department of Culture, Media and Sport.

Secretary of State for Culture, Media and Sport, Maria Miller commented:

“These incredible statistics are confirmation that the Creative Industries consistently punch well above their weight, outperforming all the other main industry sectors, and are a powerhouse within the UK economy.

“We are committed to ensuring that the energy, innovation, skills and talent existing in this dynamic sector continues to translate into economic success, and  provide a remarkable platform from which, we can showcase Britain to the world.”

Download the DCMS stats here.

This story originally appeared here.

Some more great news today regarding employment which hopefully further solidifies the UK’s continued growth which is predicted to be as high as 2.8% in 2014.

According to the ONS ,UK unemployment has fallen again by a further 99,000 in the last three months bringing the official figure down to 2.39 million. At 7.4%, this is the lowest it’s been since the Feb-Apr period in 2009.

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Unemployment falls again in the UK.

This 7.4% unemployment rate compares with a figure of 7.6% for the three months to September, his figure is below the rate analysts had been expecting.

The total number of people claiming Jobseeker’s Allowance in November has fallen by 36,700 to 1.27 million.  It worth noting that some of this could be due to seasonal employment for the Christmas period.

The South-east has the lowest unemployment rate in the UK with a rate of 2.4% which is significantly lower than the national average.

weekly pay in the period grew by 0.8% (excluding bonuses) and whilst this sounds good it is still short or inflation which is still higher at 2.1%. Another factor reported today is the number of people in part-time work may still not provide enough to contribute to growth.

All in all though its not a bad report at all and is a positive end to 2013 and the fall is happening faster than predicted by the Bank of England who have pegged any future interest rate rises on unemployment getting down to 7% which they will probably revise again as it was originally set at being reached by 2015.

Heres the link to the full report. The next report is due on the 22nd January 2014 so hopefully the news will be even better in the new year which if it is the case will start the year on a very positive note.

 

The Office for National Statistics (ONS) has reported that  UK industrial industrial output and production has increased more than expected in September.

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The Manufacturing sector has beaten economists predictions for September 2013

Economists’ predictions of 0.5% for September were surpassed as Industrial output increased by 0.9% in this period. The increase was due to increased productivity in manufacturing, mining, quarrying, and water management contributed to September’s growth.

Considering that the industrial sector currently makes up about a sixth of the UK economy this can only be another positive sign of a recovering and growing economy.

Output in September was 2.2% higher compared with the same period a year ago, marking the strongest annual growth since January 2011. Increased productivity in manufacturing, mining, quarrying, and water management contributed to September’s growth.

The ONS also said that manufacturing saw a 1.2% rise in output between August and September, with UK companies making more pharmaceuticals, transport equipment, computers, and electronics.

September’s growth lies in contrast to August, where industrial output fell unexpectedly, showing its biggest decline for nearly a year.

This news is great for Hastings and the surrounding areas as Hastings is a major manufacturing hub in the Southeast. Growth in sectors like this will help other sectors increase and generally raise confidence in the economy both locally and nationally. You can read more about Hastings industrial heritage and why manufacturing is well established and the advantages of moving your business, here.

Posted by: In: Economy, Funding, Investment, News 31 Oct 2013 Comments: 0 Tags: ,

If you wondering what the current state of the economy is and what the short to medium term outlook is looking like then you may want to have a look at the Office of National Statistics latest ONS Economic Review (November 2013) which takes all the statistics and information they compile and produces a general overview of how the UK economy is looking. In a nutshell the report contains the following.

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  • The UK’s economic recovery appears to have strengthened during Q3 2013.  The preliminary estimate of Gross Domestic Product (GDP) indicated that output grew by 0.8% during the three months to September.
  • The extent of the contraction in construction output during the downturn was cushioned by a large increase in public sector and infrastructure activity. This effect is reduced in more recent periods, when construction output has instead been supported by a pick-up in private sector new housing activity.
  • The economic position of households remains under pressure. Following relatively strong growth in Real Households’ Disposable Income (RHDI) during the downturn, RHDI has been broadly flat since Q3 2009, despite cumulative real GDP growth of 4.2% over this period. This suggests the recovery is broadly similar to previous experience.
  •  The proportion of household income accounted for by expenditure on ‘essential’ household goods has risen from 19.9% in 2003 to 27.3% in 2013. The proportion accounted for by gas and electricity has risen from 1.8% in 2003 to 3.1% in 2013, despite very little overall change in the volume of household energy consumption.

For a more detailed overview head over to the site here