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UK GDP revised upwards in Q3

The Office for National Statistics has revised the UK GDP figure upwards by 0.1 per cent in the third quarter of 2011.

According to the office’s latest figures, GDP grew by 0.6 per cent during the three months to the end of September. The ONS previously estimated economic growth of 0.5 per cent across the quarter.

Output of the production industries increased by 0.2 per cent, the organisation says, within which manufacturing rose by 0.1 per cent. Services’ output rose by 0.7 per cent, while the construction industry expanded by 0.3 per cent.

A statement by the ONS says: “The profile of GDP growth in recent quarters continues to point towards a rather fragile economic picture.

“During the nine quarters of the recovery, the economy has gained just over half of the output lost during the five quarters of contraction.”


Government set to approve banking split

The Government is set to approve calls for a separation of a banks’ retail arm from its investment activities. The move was made by Sir John Vickers in his report into the banking system in the wake of the 2008 financial crisis. Speaking to the BBC, Business Secretary Vince Cable (pictured) said the Government would […]


IMA “disappointed” with draft financial services bill report

The Investment Management Association has expressed some reservations over the Joint Committee on the Draft Financial Services Bill’s report. In the report, which was published today, the Joint Committee calls on the Government to amend the Draft Financial Services Bill to prevent a repeat of the recent financial crisis. Among the committee’s suggested changes are […]

Moody’s warns UK faces “formidable and rising challenges”

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What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]


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