News

The ONS this week announced that underemployment in the UK has risen to just over 10% of the labour force, up nearly 50% since the start of the recession in 2008. Underemployment now stands at just over 3 million, affecting 20% of young people and concentrated in low skill occupations. The ONS defines the underemployed as those who are currently working and willing to work more hours than they currently do, and are available to start within the next two weeks. The underemployed are either looking for more work from their current job, or looking to move to a job...

The London Interbank Offered Rate (Libor), which was introduced in 1984 by the British Bankers Association (BBA), provides a benchmark rate for inter-bank lending, and which is used to set other short-term rates.

Libor is based on a daily calculation of the average rate at which banks can borrow from each other in various currencies and for various maturities in the London interbank market. The increasing significance of the Libor rate reflects London’s growing importance as a global financial centre. 

October's official inflation figures for the UK, announced yesterday, took a turn for worst, and marked the end of period of falling inflation. CPI inflation now stands at 2.7%, up from 2.2% in September - which was the lowest rate since November 2009. The ONS reported that upward pressure on average prices came from increased university fees which kicked in this month. Undergraduate tuition fees in England for UK and EU students have risen to a maximum of £9000 for this academic year, contributing to an eye-watering rise in education costs of 19%. Other significant increases have come from food and non-alcoholic beverages, and transport costs. Rising...