Latest news with #OfficeforNationalStatistics'
Spectator
19-05-2025
- Business
- Spectator
Under Labour, Britain is living beyond its means
The bleak future of the UK's public finances can be summed up in a few statistics. For the financial year just ended, the Office for National Statistics' provisional estimate for the government's deficit – the gap between income and expenditure – is £151.9 billion. The Office for Budgetary Responsibility's estimate is that spending on welfare (including the state pension) will rise from £313 billion in 2024/25 to £377 billion in 2029/30 in today's money – an increase of £64 billion. The government, meanwhile, has proposed changes to the welfare system, reducing Personal Independence Payments (PIPs) which it hopes will save £4.8 billion a year. These changes have been opposed by 42 Labour MPs who have written to the chief whip to object, although it is reported that a further 100 of them – more than enough to wipe out the government's majority – have also expressed their intention to rebel.
Daily Record
17-05-2025
- Business
- Daily Record
Scots area is UK's 'homebuyer's dream' where owners can climb property ladder in just 18 months
The best places to live in the UK if you are desperate to attempt to save for a house deposit have been revealed and seven of the locations are in Scotland For most, buying their first home in the UK isn't easy. With soaring house prices and hefty deposits, it often feels impossible for first-time buyers to get onto the property ladder. Purchasing a home is not only one of the biggest decisions anyone can make, but also one of the most significant financial commitments. There are several factors to consider when saving for a house, and it can take years to get to the amount you need for a deposit. With this in mind, experts have now revealed the best places to live in the UK for those looking to save a house deposit quickly - and Scotland has landed on top. Property Buyers Today have compiled a list of the top ten areas across the UK that are the ideal location for those who are hoping to climb the property ladder. The property company found Inverclyde in Scotland to be the best place in the UK to save for a house deposit. With people in the area requiring just 18 months to save enough money for the average down payment. By analysing data from the HM Land Registry's House Price Index and the Office for National Statistics' Gross Domestic Household income figures, the study looked at where people could save for a deposit the fastest while making manageable mortgage payments. Seven out of the top 10 most affordable locations to save for a home are in Scotland. Inverclyde takes the top spot, with an average house price of £112,849 and a required deposit of £11,285. With an average household income of £37,964 buyers can realistically save for a deposit in just 17.8 months, while facing the UK's lowest monthly mortgage payments of £627. Aberdeen City and East Ayrshire followed closely, both requiring just one year and eight months to save for a house deposit. While the average house price in Aberdeen is £140,831, East Ayrshire is slightly less expensive with £127,521. The average mortgage payment in Aberdeen averages at £783, and £709 in East Ayrshire. Other Scottish regions in the top five are West Dunbartonshire and North Ayrshire, each needing less than one year and 10 months to save for a deposit, with mortgage payments in West Dunbartonshire being £690 per month and £723 per month in North Ayrshire. Saif Derzi, the founder of Property Buyers Today, stated: "These findings clearly show the North-South divide in housing affordability, with Scottish locations offering a much faster path to homeownership. "First-time buyers face a genuine struggle to get on the property ladder in many parts of the UK, especially in the Southeast where saving for a deposit at current rates would take decades rather than years." "Relocating to more affordable areas like Inverclyde or Aberdeen could be life-changing for prospective homeowners, reducing the deposit saving time from potentially decades to less than two years," he concluded.
The Independent
27-04-2025
- Health
- The Independent
How to tackle money stress
Stress. It's a word we bandy around often but what does it actually mean? According to the NHS, stress is the body's reaction to feeling threatened or under pressure. A bit of stress is normal – after all, things challenge us daily. The key is recognising when stress is a problem. When we're stressed, our body releases hormones such as adrenaline and cortisol and this can be helpful, as it can help us focus and get things done. But too much stress can affect our mental and physical health – from money worries keeping us awake at night to bristling with irritability and snapping at loved ones. Stress Awareness Month has been held every April since 1992 to raise awareness of the causes and cures for our modern-day stress epidemic. Around one in four adults in Great Britain say they find it fairly or very difficult to get by financially, according to the Office for National Statistics' National Wellbeing Dashboard. Here's what my clients tell me about stress: 'Talia, I want to stop stressing about money. I want to know I have enough money to live well – now and in future. I live with a constant level of stress because money is always nagging away at the back of my mind.' So, what can be done to alleviate money stress? Knowing you're stressed about money is one thing but knowing isn't doing. It's important to focus on what you can control. Pause and reflect In my experience, it's common for people to spend more time stressing about their finances than actually working on their finances. The result? Nothing changes. And people live with a constant level of stress because money is always nagging at the back of their mind. Stress is a sign that something needs dealing with, so listen to what your stress is telling you. Reflect on what's causing your stress and consider what changes are needed. It can help to put pen to paper to slow your racing mind and write down what's causing you stress. Seeing it written down can give you clarity needed to take action. Give yourself permission to learn There's an assumption that because we all use money, by the time we're adults we should all know how to manage money. And if we struggle, it's easy to consider it a personal failing. But let's consider managing money a skill like any other. A skill that has to be learned, honed, developed. Give yourself permission to learn about money – your money. And understand the cause of your financial stress so you can address it. One step at a time Baby steps to bigger goals is what I say to my clients. It's easy to be overwhelmed by all the things that need to be done and then to be 'overwhelmed into inaction', as one client said to me. The result is that nothing changes. Instead, focus on what you can control. Work backwards and break that bigger financial goal down into small steps, baby steps. And then take action one step at a time. Keep doing what keeps you well When stressed, it's common to drop all of the things that keep us well, such as exercising or spending time with family and friends. Can't manage a workout? Go for a walk. Can't spend time with a group of friends? See people one-on-one. Self-care isn't just a nice to have – looking after your physical and mental wellbeing is key to managing stress levels. Open up, seek help A problem shared is a problem halved. A trusted person can listen and provide new perspectives and solutions. Is there a friend, family member, colleague or peer you could speak with? Does your workplace or trade union or professional body offer a financial support service? There are brilliant organisations doing great work to support people with money. If you're worried about debt, charities such as StepChange can help. Citizens Advice can help with money, legal and other problems. Financial guidance website MoneyHelper has a range of resources. Talia Loderick is a money coach. Talia helps people understand and take control of their behaviour with money so they can stop stressing about money and have enough to live well – now and in future. Visit:
Reuters
18-03-2025
- Business
- Reuters
UK statisticians add VR headsets to inflation basket, cut newspaper ads
March 18 (Reuters) - Virtual reality headsets will enter Britain's inflation data next month while classified newspaper print adverts will disappear in an annual shake-up of the basket of goods and services used to calculate price rises. The renewal of the inflation basket offers a snapshot of technological shifts and Britons' changing tastes. "The addition of virtual reality headsets for the first time shows our appetite for emerging technology, while the loss of printed newspaper adverts demonstrates a continuing shift towards the online world," Stephen Burgess, Office for National Statistics' deputy director for prices, said. "Consumers are choosing easier options in the kitchen, so oven-ready gammon joints make way for the quicker choice of pulled pork," Burgess added. The ONS also added a new category for household energy bill prices: fixed-rate tariffs, which are popular among consumers who want to avoid fluctuating electricity and gas bills. Britain's first modern inflation basket appeared in 1947 including unskinned wild rabbits, condensed milk and lamp oil. In the 1970s - a decade many would prefer to forget in fashion terms - statisticians put home perm kits and hair dryers into the index. This year the ONS added smoked salmon, mangos and men's pool sandals - "a rapidly growing and previously unrepresented area of the footwear market" - to the consumer price index basket.
Zawya
18-03-2025
- Business
- Zawya
UK statisticians add VR headsets to inflation basket, cut newspaper ads
Virtual reality headsets will enter Britain's inflation data next month while classified newspaper print adverts will disappear in an annual shake-up of the basket of goods and services used to calculate price rises. The renewal of the inflation basket offers a snapshot of technological shifts and Britons' changing tastes. "The addition of virtual reality headsets for the first time shows our appetite for emerging technology, while the loss of printed newspaper adverts demonstrates a continuing shift towards the online world," Stephen Burgess, Office for National Statistics' deputy director for prices, said. "Consumers are choosing easier options in the kitchen, so oven-ready gammon joints make way for the quicker choice of pulled pork," Burgess added. The ONS also added a new category for household energy bill prices: fixed-rate tariffs, which are popular among consumers who want to avoid fluctuating electricity and gas bills. Britain's first modern inflation basket appeared in 1947 including unskinned wild rabbits, condensed milk and lamp oil. In the 1970s - a decade many would prefer to forget in fashion terms - statisticians put home perm kits and hair dryers into the index. This year the ONS added smoked salmon, mangos and men's pool sandals - "a rapidly growing and previously unrepresented area of the footwear market" - to the consumer price index basket. (Reporting by Andy Bruce Editing by William Schomberg)
