UK economy; includes related statistical appendix

Article Abstract:

The UK economy has seen a rise in output of some 2.3% for 1st half 1996 as consumer spending has revived and retail sales are growing faster than recorded since 1988. Mortgage interest rates have fallen, taxes have been cut and wages have risen by more than the rate of interest. House prices could rise by between 5% and 10% in 1996 and inflation in house prices could lead to concern. Official forecasts are for growth of 3.25% for 1997 with inflation dropping to 2.25% in Dec 1997. Interest rates look set to rise in 1997 and could reach 7.5%.

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Flirting with a hard landing?

Article Abstract:

United Kingdom economic growth was 3.1% in 1997, higher than levels seen as consistent with stable inflation. Interest rates were raised in 1997 in order to reduce inflationary pressures. Growth appears to be slowing in 1998 and unemployment is dropping less rapidly. There is concern that economic growth could slow sharply and that a stock price fall could exacerbate a downturn. UK interest rates look set to remain stable in 1998, though they may be reduced if there is a rapid weakening of output.

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UK economy

Article Abstract:

The UK economy looks set to see a drop in growth due to slower growth in spending by consumers. Pound sterling has been under pressure in 1995, but this should not give rise to undue inflationary pressure due to the consumer slowdown. Sales of housing and cars are weak, as are general retail figures. There is a need to be cautious over interest rate policy. Medium term propects for growth with low inflation and low rates of interest are encouraging.

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