Latest figures for the UK economy indicate that unemployment figures are continuing to fall, the gap between high street store closures and openings is narrowing and mortgage lenders report an increase, 43% higher than in the same month 2013.
Fall in Rate of Inflation
AS the headline rate of inflation fell again last month to 1.7%, from 1.9% in January, the Office for National Statistics (ONS) said the largest contribution came from the falling cost of transport fuel, with the lower price of clothing and household services also having an impact.
Fall in ‘work-free’ Households
New figures also show that the number of households where nobody works has fallen by 137,000 in just one a year. The figures also show that there are now 450,000 fewer workless households than there were in 2010. There are also 290,000 fewer children living in households where no one has a job.
Fall in unemployment
The UK unemployment rate was 7.2% in the three months ending January 2014, according to the ONS, down 0.2 percentage points on the three months ending November 2013 and 0.7pp compared to a year ago.The unemployment rate for those aged 18-24 fell sharply to 17.7%, from 18.6% in the three months to November 2013, and 19.2% a year ago.
High Street Gap Narrowing
The gap between high street store closures and openings is narrowing, according to research by PwC and the Local Data Company. 371 more shops closed than opened across Britain’s 500 largest town centres in 2013, compared to 1,779 in 2012. Charity shops, convenience stores and betting shops were among those increasing in number, while banks, women’s fashion and mobile phone shops fell in number.
Mortgage Lending
Gross mortgage lending in February was estimated at £15.2 billion in February by the Council of Mortgage Lenders. This was 6% lower than the previous month but 43% higher than February 2013.
Source: ONS and Glenigan