Net borrowing, excluding the temporary effects of financial interventions, was £15.9bn in August 2011, an increase of £1.9bn on last year according to data from the ONS. Public sector net investment (PSNI) was £2.1bn and public sector current budget (PSCB) deficit was £13.8bn.
The current budget deficit, excluding the temporary effects of financial interventions, was £13.8bn in August 2011, an increase of £2.2bn on 2010. Over the last three months the budget deficit has decreased from £44.5bn to £43.5bn.
Net debt (PSND), excluding the temporary effects of financial interventions, was £944.5bn, equivalent to 61.4% of GDP from £810.5bn or 55.3% GDP.
The public sector net borrowing figure of £15.9bn can also be arrived at by a calculation using data relating to central and local government borrowing. Central goverment borrowing was £14.7bn, local government borrowing was £1.5bn and public corporations borrowing was a negative figure of £0.3bn. Central government net cash requirement increased by £4.9bn from £5.8bn to £10.7bn.
Friday, 23 September 2011
Falls In UK Productivity Levels
Productivity per worker in the UK fell relative to all G7 countries except Italy and Germany in 2010, but it was above that of Japan and similar to Canada. The productivity gap between the UK and the US is the biggest since 1994. All G7 countries have seen an increase in GDP per worker and GDP per hour between 2009 and 2010. UK productivity was lower than the G7 average on both measures. GDP per worker was lower than in France, Italy and the US (the highest in G7).
All G7 countries experienced productivity growth in GDP per hour worked in 2010. In the UK growth was the result of a combination of a fall in actual hours worked and an increase in GDP. While the UK experienced a fall in hours worked per worker between 2009 and 2010 other countries saw a reduction in total hours as a result of lower employment.
The US saw the largest growth in GDP per worker of the G7 countries. The UK previously a fast growth country saw falls similar to those in Canada, France and Germany due to employment falling more slowly than GDP.
All G7 countries experienced productivity growth in GDP per hour worked in 2010. In the UK growth was the result of a combination of a fall in actual hours worked and an increase in GDP. While the UK experienced a fall in hours worked per worker between 2009 and 2010 other countries saw a reduction in total hours as a result of lower employment.
The US saw the largest growth in GDP per worker of the G7 countries. The UK previously a fast growth country saw falls similar to those in Canada, France and Germany due to employment falling more slowly than GDP.
Friday, 9 September 2011
UK Companies Spending Big Abroad
UK companies expenditure on acquisitions abroad in Q2 2011 reached its second highest since Q1 2008 spending total of £10.2bn even though it represents a fall of 51% from £20.7bn. The 6 month figure of over £30bn is also above any 6 monthly period in 2009 or 2010. The number of acquisitions fell from 58 to 41.
The number of inward acquisitions increased from 43 to 46 and to a value of £8.5bn in the second quarter. The value of domestic acquisitions rose from £1.3bn in Q1 to £2.2bn in Q2 2011. The number of acquisitions fell from 68 to 59.
The largest transaction abroad by a UK company was the acquisition of Pride International of the USA by Ensco Plc for about £4.6bn. The acquisition of Netto Foodstores by Wal-Mart Stores Inc for £778m was a significant transaction in the Uk by the US company. Boparan Holdings acquisition of Northern Foods for £343m and Carillion acquisition of EAGA Plc for £298m were other significant transactions in the UK by UK companies.
The data is often affected by one or two very large transactions which may skew the trends underlying the data.
The number of inward acquisitions increased from 43 to 46 and to a value of £8.5bn in the second quarter. The value of domestic acquisitions rose from £1.3bn in Q1 to £2.2bn in Q2 2011. The number of acquisitions fell from 68 to 59.
The largest transaction abroad by a UK company was the acquisition of Pride International of the USA by Ensco Plc for about £4.6bn. The acquisition of Netto Foodstores by Wal-Mart Stores Inc for £778m was a significant transaction in the Uk by the US company. Boparan Holdings acquisition of Northern Foods for £343m and Carillion acquisition of EAGA Plc for £298m were other significant transactions in the UK by UK companies.
The data is often affected by one or two very large transactions which may skew the trends underlying the data.
Business Confidence Continues To Fall Across Europe In August
The Busines Climate Indicator (BCI) for the euro area fell for the sixth month in a row in August 2011 from 0.44 to 0.07. It reflects pessimism among managers about order books and export order books. Production expectations and observation of production trends also contributed to the low feeling. Stocks appraisals are recovering from historic lows.
The Economic Sentiment Indicator (ESI) fell to 97.3 in the EU and to 98.3 in the euro area. Loss of confidence was particularly marked in services, retail trade and in the consumer confidence indicator.
The Economic Sentiment Indicator (ESI) fell to 97.3 in the EU and to 98.3 in the euro area. Loss of confidence was particularly marked in services, retail trade and in the consumer confidence indicator.
GDP In Europe Increased By 0.2% In Q2 2011
There was an increase of 0.2% in GDP in both the euro area and the EU27 in the second quarter of 2011 compared with the first quarter according to a statistical news release from Eurostat the statistical office of the European Union. Growth rates in the first quarter were 1.8% in the euro area and 0.7% in the EU27. On a yearly basis, the second quarter results increased by 1.6% in the euro area and 1.7% in the EU27.
Household expenditure decreased by 0.2% after growing by 0.2% in the previous quarter and decreased by 0.1% in the EU27. Gross fixed capital formation, exports and imports all grew during the second quarter.
Household expenditure decreased by 0.2% after growing by 0.2% in the previous quarter and decreased by 0.1% in the EU27. Gross fixed capital formation, exports and imports all grew during the second quarter.
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