Economist. Economist. 2016 was a dismal year for liberal internationalism.
Britain voted to leave the European Union; Donald Trump was elected as America’s president and the grip of authoritarians tightened in China, Russia and Turkey. Despite all efforts to dissuade it, North Korea continued its march towards nuclear-power status; bloody wars continued in South Sudan, Syria and Yemen. London Stock Exchange-Deutsche Boerse deal blocked by EU. China cuts growth target to 6.5% this year - Premier Li Keqiang. Economy tracker: GDP. 28 January 2014Last updated at 10:41 ET Continue reading the main story Latest news: BBC's Declan Curry explains just what GDP stands for and why we should care The UK economy grew by 0.7% in the fourth quarter of 2013, down slightly from 0.8% in the third quarter of the year, according to the latest figures from the Office for National Statistics (ONS).
The figures mean that in 2013 the economy showed its strongest growth since 2007. Net migration to UK falls to 273,000. Housing market broken, ministers say ahead of White Paper. Image copyright Getty Images Ministers will admit England's housing market is "broken" as they unveil new plans to build more affordable homes.
The government says 250,000 new homes are needed each year and says it is lagging behind schedule. The new housing strategy for England includes forcing councils to plan for their local housing needs and giving them powers to pressure developers to start building on land they own. Labour accused the government of "seven years of failure" on housing.
UK service sector growth 'slows' Image copyright Getty Images Growth in the UK's dominant service sector slowed last month, according to a closely watched survey, while price pressures "remained intense".
Growth in UK house prices weakens, Nationwide says. Image copyright Getty Images Annual UK house price inflation fell to its weakest level since November 2015 in January, according to mortgage lender Nationwide.
The 0.2% rise in house prices last month was down from a 0.8% rise in December, although that left prices 4.3% higher than at this time in 2016. "The outlook for the housing market remains clouded," said Nationwide economist Robert Gardner. Will globalisation take away your job? Image copyright Getty Images Millions around the globe may have taken to the streets in recent years to protest against the impact of globalisation on their jobs and communities - but this backlash is only likely to grow as globalisation itself becomes more disruptive.
The stark warning comes from Richard Baldwin, president of the Centre for Economic Policy Research think-tank, who has been studying global trade for the past 30 years. Technological advances could now mean white-collar, office-based workers and professionals are at risk of losing their jobs, Prof Baldwin argues.
David Smith's EconomicsUK.com. Austerity myths revisited Posted by David Smith at 01:00 PM Category: Thoughts and responses My piece on Friday, The Myth of Abandoned Austerity, has attracted quite a lot of interest.
It had a simple aim - to demonstrate that fiscal consolidation, deficit reduction, continued throughout the parliament, alongside recovery. Simon Wren-Lewis, a professor of economics at Oxford, devoted a blog post to it, here. Jonathan Portes, director of the National Institute of Economic and Social Research, was typically condescending, tweeting that I was "confused (& confusing)". Consumer price inflation - Office for National Statistics. The Consumer Prices Index (CPI) rose by 0.5% in the year to June 2016, compared with a 0.3% rise in the year to May.
The June rate is a little above the position seen for most of 2016, though it is still relatively low historically. Rises in air fares, prices for motor fuels and a variety of recreational and cultural goods and services were the main contributors to the increase in the rate. The Economist explains: How Nigeria’s economy grew by 89% overnight. ON SATURDAY, April 5th, South Africa was Africa’s largest economy.
The IMF put its GDP at $354 billion last year, well ahead of its closest rival for the crown, Nigeria. By Sunday afternoon that had changed. Nigeria’s statistician-general announced that his country’s GDP for 2013 had been revised from 42.4 trillion naira to 80.2 trillion naira ($509 billion). Help to Buy loan guarantee scheme comes to an end. China's economy grows steadily at annual rate of 6.7% Image copyright AFP China's economy grew at an annual rate of 6.7% in the three months to September, government data showed, a sign that growth is stabilising.
China's economy grows 6.7% in 2016. Image copyright Getty Images China's economy grew by 6.7% in 2016, compared with 6.9% a year earlier, according to official data, marking its slowest growth since 1990. The figure is in line with Beijing's growth target of between 6.5% and 7%. But the data comes days after the leader of one Chinese province admitted GDP data was faked for several years. China is a key driver of the global economy and a growth slowdown is a major concern for investors around the world.
Fewer beds, higher patient demand - NHS pressure mounts. Image copyright Thinkstock With many hospitals close to full in these difficult winter weeks, there has been much debate about the resources available in the health service. Patient demand is rising faster than the budget increases allocated to the NHS in England. Yet the number of hospital bed numbers has fallen steadily in recent years. 'Silk Road' freight train from China arrives in Barking. The first direct rail freight service from China to the UK has completed its 18-day trip and arrived in London. The train left the city of Yiwu, on China's east coast, this month and travelled 7,500 miles (12,000km), crossing seven countries, before arriving at a freight depot in Barking.
The service delivered 34 containers of clothes and high street goods. China Railway already runs services between China and other European cities, including Madrid and Hamburg. The service passed through Kazakhstan, Russia, Belarus, Poland, Germany, Belgium and France before entering the UK via the Channel Tunnel. 300.000 INDICATORS FROM 196 COUNTRIES.
British American Tobacco takes control of Reynolds for $49bn. Image copyright Reuters British American Tobacco has agreed a $49.4bn (£40bn) deal to take control of US rival Reynolds, creating the world's largest listed tobacco firm. May rejects 'partial' EU membership in Brexit speech. Image copyright Reuters. UK Manufacturing Statistics. Manufacturing contributes £6.7tr to the global economy. Everything you might want to know about the UK's trade with the EU. UK GDP: The chart that shows how much the UK contributes to global growth.
UK trade - Office for National Statistics. Trade is measured through both imports and exports of goods and/or services. GDP: UK economy in five charts. The UK economy looks like it has been losing momentum, stymied by China’s downturn, a construction slump and ailing manufacturers. Problem loading page. Seven things you need to know about the UK economy. Britain's economic recovery appears to be well under way but, with growth apparently secured and the outlook bright, the focus has shifted to the nature of the recovery. ECB keeps interest rates at record low. Image copyright Reuters The European Central Bank has kept its main interest rate on hold at zero for another month. Tax credits firm Concentrix will not have contract renewed. Nobel prize in economics: the top contenders. The era of robots: thousands of builders to lose jobs as machines take over, says construction boss. Mastercard faces £14bn card fee claim. Image copyright Reuters A £14bn legal claim has been filed against Mastercard on behalf of UK consumers seeking damages for anti-competitive card fees.
In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees - the fees retailers pay banks to process card payments. The pound’s fall and why it matters. Flash crash sees the pound gyrate in Asian trading. Does the UK give more aid than other countries? France's Hollande: Jungle camp to be demolished by end of year. Chinese authorities need to guard against bad debt crisis. Pound falls as Theresa May indicates Brexit date. 100 reasons why Brexit was a good thing. Liam Fox predicts free EU trade post-Brexit. Workless figures show North-South divide getting starker. UK spending grew strongly post-Brexit vote, ONS data shows. Consumer confidence bounces back to pre-EU referendum levels. Brexit: Italian PM Matteo Renzi warns UK over EU rights. Liam Fox predicts free EU trade post-Brexit. What Next? Economics After Brexit. Economy grew faster than expected before the referendum. Pigeon lofts and tulip fever: What is going on in China’s property markets?
UK growth forecast cut by BCC after Brexit. Rail season tickets cost 10% of net pay.