Apr112017

BCC: Inflation weakening UK growth

British Chambers of Commerce
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BCC’s Head of Economics, Suren Thiru, comments on the inflation statistics for March 2017.

11th April 2017 

Commenting on the inflation statistics for March 2017, released today by the Office for National Statistics, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“Although the inflation rate was unchanged in March it is still above the Bank of England’s 2% target. The continued elevation in costs at the factory gate suggests that consumer prices are likely to resume their upward trend in the coming months.

“Businesses say they are facing an uphill struggle to absorb the increasing cost of imports – a task made more difficult by the raft of additional upfront costs imposed on businesses at the start of the new tax year. As a result, the rising price of imported raw materials are expected to increasingly filter through into higher prices, stifling consumer spending, a key driver of UK growth.

“It is probable that rising inflation helped weaken UK GDP growth in the first quarter of 2017, with growth likely to have slowed to 0.4%, from 0.7% in the previous quarter. The UK’s growth prospects are expected to remain subdued over the near term, as higher inflation continues to squeeze consumers and businesses. 

“Against this backdrop, it is vital that government does more to ease the cost pressures facing firms by tackling the burden of upfront costs and taxes associated with doing business in the UK. The MPC must also continue to ‘look through’ the expected rises in inflation and opt for an extended period of monetary stability. This will help businesses to continue to invest, recruit and support the wider economy.”

Ends

 

Notes to editors:

The British Chambers of Commerce (BCC) sits at the heart of a powerful network of 52 Accredited Chambers of Commerce across the UK, representing thousands of businesses of all sizes and within all sectors. Our Global Business Network connects exporters with nearly 40 markets around the world. For more information, visit: www.britishchambers.org.uk

Media contacts:

Allan Williams – Senior Press Manager

020 7654 5812 / 07920583381

Orla Hennessy – Press and Communications Officer

020 7654 5813 / 07825746812

Apr112017

Bakers fined after workers suffer hand injuries

HSE
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Penrith based bakery Bells of Lazonby Limited has been fined after two workers suffered hand injuries while operating machinery on site.

Carlisle Magistrates’ Court heard that on the 26 January 2016 a worker lost the top of their right hand middle finger, after it caught the moving blade of a dough-dividing machine.

The second incident occurred on the 29 March 2016 when an employee’s left index finger made contact with the cutting jaws of a wrapping machine.

An investigation by the Health and Safety Executive (HSE) found the company failed to equip the machinery with the correcting guarding to avoid incidents like this occurring.

Bells of Lazonby Limited of Edenholme Bakery, Penrith have pleaded guilty to breaching two charges of Regulation 11, of the Provision and Use of Work Equipment Regulations 1998, and have been fined £40,000 for the first offence and £30,000 for the second offence and ordered to pay costs of £7990.

Speaking after the hearing HSE inspector Leona Cameron said: “This case demonstrates the importance of checking and assessing all dangerous equipment and machinery to prevent injuries to employees operating such machinery.”

Notes to Editors:

  1. The Health and Safety Executive (HSE) is Britain’s national regulator for workplace health and safety. It aims to reduce work-related death, injury and ill health. It does so through research, information and advice, promoting training; new or revised regulations and codes of practice, and working with local authority partners by inspection, investigation and enforcement. www.hse.gov.uk
  2. More about the legislation referred to in this case can be found at: www.legislation.gov.uk/
  3. HSE news releases are available at http://press.hse.gov.uk

Journalists should approach HSE press office with any queries on regional press releases.

Apr112017

Press release: UK House Price Index (HPI) for February 2017

HM Government
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The February data shows an annual price increase of 5.8% which takes the average property value in the UK to £217,502. Monthly house prices have risen by 0.6% since January 2017. The monthly index figure for the UK was 114.1.

In England, the February data shows an annual price increase of 6.3% which takes the average property value to £234,466. Monthly house prices have risen by 0.8% since January 2017.

Wales shows an annual price increase of 1.8% which takes the average property value to £145,293. Monthly house prices have fallen by 0.9% since January 2017.

London shows an annual price increase of 3.7% which takes the average property value to £474,704. Monthly house prices have fallen by 0.9% since January 2017.

The UK Property Transaction statistics showed that in February 2017 the total number of seasonally adjusted property transactions completed in the UK with value of £40,000 or above decreased by 1.9% compared with February 2016. See the economic statement.

Sales during December 2016, the most up-to-date HM Land Registry figures available, show that:

  • The UK House Price Index (HPI) is published on the second or third Tuesday of each month with Northern Ireland figures updated quarterly. The March 2017 UK HPI will be published at 9.30am on 16 May 2017. A calendar of release dates is available.

  • Data for the UK HPI is provided by HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency.

  • The UK HPI is calculated by the Office for National Statistics andLand & Property Services/Northern Ireland Statistics and Research Agency. It applies a hedonic regression model that uses the various sources of data on property price, in particular HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from ONS and Northern Ireland Statistics & Research Agency.

  • The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three month moving average has been applied to the latest estimate to remove some of this volatility.

  • Work has been taking place since 2014 to develop a single, official HPI that reflects the final transaction price for sales of residential property in the UK. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.

  • Information on residential property transactions for England and Wales, collected as part of the official registration process, is provided by HM Land Registry for properties that are sold for full market value.

  • The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).

  • Repossession data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.

  • For England this is shown as volumes of repossessions recorded by Government Office Region. For Wales there is a headline figure for the number of repossessions recorded in Wales.

  • The data can be downloaded as a .csv file. Repossession data prior to April 2016 is not available. Find out more information about repossessions.

  • Background tables of the raw and cleansed aggregated data, in Excel and CSV formats, are also published monthly although Northern Ireland is on a quarterly basis. They are available for free use and re-use under the Open Government Licence.

  • As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Energy and Industrial Strategy, HM Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been open to public inspection since 1990.

  • With the largest transactional database of its kind detailing more than 24 million titles, HM Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.

  • For further information about HM Land Registry visit www.gov.uk/land-registry.

  • Follow us on Twitter @LandRegGov, our blog, LinkedIn and Facebook.

    • Apr112017

    Premier Li grants appointment certificate to Lam Cheng Yuet-ngor

    East Asia
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    Premier Li grants appointment certificate to incoming HKSAR chief executive

    Premier Li Keqiang grants the official certificate of appointment to Lam Cheng Yuet-ngor, who will take office as the fifth-term chief executive of Hong Kong Special Administrative Region (HKSAR) on July 1, in Beijing, April 11, 2017. [Photo/chinadaily.com.cn]

    Premier Li Keqiang Tuesday granted the official certificate of appointment to Lam Cheng Yuet-ngor, who will take office as the fifth-term chief executive of Hong Kong Special Administrative Region (HKSAR) on July 1.

    He said that the central government would give full support to the chief executive and the SAR government in developing the economy, improving people’s quality of life and enhancing exchanges and cooperation with the mainland.

    Apr112017

    Harris Education and Recreation Association – new term enrolment

    Fraser Macpherson
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    Harris Education and Recreation Association had an excellent start in its first term running a great choice of evening classes at the school.

    The new Spring session of evening classes will commence later this month with the following options :

    • Holiday Spanish 
    • Introduction to Photography
    • Pilates 
    • Painting & Drawing
    • Beginners Art for Fun
    • Foods of the World 
    • Ballroom Dancing for Beginners 
    • The Therapeutic Art of Crochet 

    Enrolment night will take place on Wednesday 19th April at 6pm in Harris.  Spaces will be allocated upon registration and payment at that time.  

    You can read more by clicking here.