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There is nothing like a bit of good news about the economy to kick start your weekend!
There is some great finance news buzzing around today with results saying that the UK economy is set to grow by 2.5% in 2014 and 2.1% in 2015. This has been forecast by the National Institute of Social and Economic Research who have also estimated that UK unemployment will fall below 7% by the end of 2014.
The falling unemployment rate, and rise in house prices, have meant that people have been spending more which has helped to fuel the economic recovery. Consumer spending is vital in helping the economy to recover and expansion has even been seen in sectors that it is not usually expected such as construction and engineering.
A growth in wages and salaries has also been seen along with a shift to permanent placements. All of which also help to increase consumer spending.
Another bit of good finance news is that 2013 saw the lowest number of individual insolvencies since 2005. This could be down to the fact that people are finding it harder to borrow money at the moment but the 2013 figure is down 8% from the 2012 figure showing that at least part of this drop has happened recently.
With all of that positive finance news in mind we hope that you have a great weekend!
By Sasha Davison
7th February 2014
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