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