Mosaic Accountancy & Finance Newsletter

Recession over!

The UK has exited recession with the fastest growth in two years. The economy grew by 0.6% between January and March, the fastest rate for two years, official figures showed.

UK inflation dropped to 2.3% in April - down from 3.2% in March. This was less than expected - and the chances of a June interest rate cut are judged to have fallen.

A drop to 2.1% had been expected by the Bank of England - but it still shows the fight against price rises is being won.

A fall in the energy price cap at the start of April is a key reason for the drop - energy prices have been a driver of the huge price rises seen in the last two years.

Stat Attack!!

• Average total debt per household as of February 2024: ￡65,569
• Average debt per household as of February 2024: ￡2,485
• On average, a UK household spends ￡3.43 a day on water, electricity and gas.
• 273 people a day were declared insolvent or bankrupt in England or Wales in November 2023 to January 2024. this was equivalent to one person every 5 minutes and 16 seconds.
• It costs an average of ￡25.28 per day for a couple to raise a child from birth to the age of 18.

Recruitment related...

• Data from The Office for National Statistics (ONS) signalled that the UK economy may be stalling, with the unemployment rate increasing to 4.2% between December and February - the highest level for six months.
• The estimated number of vacancies in February to April 2024 was 898,000, a decrease of 26,000 or 2.8% from November 2023 to January 2024. In January to March 2024, the number of unemployed per vacancy was 1.6, up from 1.4 on the previous quarter.
• A recent survey of 35 UK universities has found that international students and graduates are struggling to find jobs in the UK, with many considering options outside of the UK.
• As part of a national campaign, Britain’s largest businesses are being urged by the government to recruit prison leavers to reduce reoffending, plug skills gaps, and grow the economy.