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ONS figures confirm UK double-dip recession

The Office for National Statistics revised down GDP results for the first quarter, confirming that the country has entered a recession.

Today marks the second estimate of the UK’s first quarter GDP results after the ONS provided a preliminary estimate in April. The first estimate suggested a contraction of 0.2 per cent had occurred over the three months ending March 31.

This latest estimate confirms the economic contraction in the first quarter was worse than expected at 0.3 per cent.

Since these results follow a contraction of 0.3 per cent in the final quarter of 2011, the UK can officially be considered back in recession.

In its review of the UK economy, the IMF suggested further rounds of quantitative easing alongside a cut in the base rate would prove effective in terms of boosting growth.Chancellor George Osborne meanwhile has reaffirmed the government’s commitment to deficit reduction through austerity measures as the most feasible means of generating a recovery.


FTSE blog: European markets fall sharply

European stocks fell sharply in morning trades on Wednesday ahead of the European Union Summit and more concerns that Greece could leave the euro. At 14.33, the FTSE 100 was down 1.7 per cent to stand at 5310.31. The German Dax and the French Cac 40 were also down 1.4 and 1.8 per cent respectively. […]

Swip investment sales director to leave

Swip investment sales director Stephen Packter has been made redundant. Packter is set to leave the firm on June 8. Previously he was joint-head of multi-manager distribution, but from January this year, he focused on his regional sales director for the North role. Last month, Money Marketing revealed Swip had told five of its 14-strong […]


Garry Heath: Delay RDR by 2 years

The retail distribution review should be delayed for two years to allow an overlapping European directive to be introduced first, according to former IFA Association director general Garry Heath. Speaking at a PanaceaIFA conference in London this morning, Heath said the implementation of the RDR, currently set for January 1 2013 ,should be delayed until […]

Global income for Equilibrium

Equilibrium Asset Management is adding a global equity income portfolio. The portfolio will contain global equity income and regional specific equity income funds and will aim for a yield of 4 per cent. The firm uses equity income funds in its other model portfolios but does not have a specific income offering. The portfolio will […]

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The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.


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