An economy crib sheet

Bank of England interest rate
0.5%                It’s been at this level since March 2009, when it was cut by 0.5%.  In mid 08 it was 5.0%.
The Bank has made purchases of £375bn of mainly government bonds as part of its Quantitative Easing programme.
 
GDP growth
First quarter 2013                +0.3%
Twelve months to Q1           +0.6%
Since level before recession: -2.6%
 
Office for Budget Responsibility forecasts for GDP growth
2011       2012         2013       2014      2015      2016     2017
+0.9%     +0.2%       +0.6%     +1.8%     +2.3%    +2.7%    +2.8%
(actual)
 
Inflation
Consumer Price Index +2.4%              (12 months to April 13)
Retail Price Index                     +2.9%              (12 months to April 13)
 
Unemployment
ILO unemployment rate           +7.8%              (3 months average to March 13)
Unemployment number            2.5 million         (to March 13)
 
There are 29.7 million people in work, up over 400,000 over 12 months.
 
Wages
Average weekly earnings      +0.8%              (ex bonus, 3 month average annual, to March 13)
                                            +0.4%              (with bonus, as above)
 
House prices
Nationwide                           +0.9%              (year on year, April 13)
 
Office for Budget Responsibility forecasts on government borrowing
 
Deficit (annual borrowing) (underlying ie excluding Royal Mail and Asset Purchase Scheme transfers)
2011/2    2012/3    2013/4    2014/5    2015/6    2016/7     2017/8
£121bn    £121bn    £120bn    £108bn     £96bn      £67bn       £48bn
 
%GDP  7.9%          7.8%         7.5%        6.5%         5.5%         3.7%          2.3%
         (actual)
 
Public sector net debt % GDP
2011/2      2012/3     2013/4    2014/5    2015/6    2016/7     2017/8
            71.8%        75.9%        79.2%       82.6%      85.1%       86.5%       84.8%
 
 

Stephen Beer, 23/05/2013

 
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