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18/10/2004
Rising costs and fuel bills threaten manufacturing recovery, claims CBI
Manufacturing sector recovery is under threat because of the rising price of oil, gas, electricity and metal, according to the head of the Confederation of British Industry (CBI).
The CBI understands that employers have been reporting 40% average price rises for electricity and gas over the past year alone. Taking account of forecasts for winter prices, the cost of gas and electricity could rise by more than £5 billion next year.
In addition, metal prices are more than 55% higher than the same period last year. This comes hard on the heels of rise in the price of oil, which has soared by almost 75% over the past 12 months.
At the CBI's national manufacturing dinner in Birmingham tonight, where some 900 business leaders will gather for the biggest annual manufacturing event in Britain, Digby Jones will urge the Bank of England to keep interest rates on hold and the government to avoid any moves that would raise prices further.
The employers' body also called on the Chancellor Gordon Brown not to "raise the spectre of further business tax increases" in next month's pre-budget report.
Digby Jones will say: "I am worried that rising costs will take the wind out of the sails of the manufacturing recovery. Earlier in the year - when global demand was stronger - companies were able to raise prices and pass on some costs but this may become more difficult if demand weakens.
"The government should take note of the pressures that companies are facing. There are key decisions coming up on the levels of carbon targets and business taxation. If ministers do anything to harm manufacturers now, they will be scoring a real own goal."
(gmcg/mb)
The CBI understands that employers have been reporting 40% average price rises for electricity and gas over the past year alone. Taking account of forecasts for winter prices, the cost of gas and electricity could rise by more than £5 billion next year.
In addition, metal prices are more than 55% higher than the same period last year. This comes hard on the heels of rise in the price of oil, which has soared by almost 75% over the past 12 months.
At the CBI's national manufacturing dinner in Birmingham tonight, where some 900 business leaders will gather for the biggest annual manufacturing event in Britain, Digby Jones will urge the Bank of England to keep interest rates on hold and the government to avoid any moves that would raise prices further.
The employers' body also called on the Chancellor Gordon Brown not to "raise the spectre of further business tax increases" in next month's pre-budget report.
Digby Jones will say: "I am worried that rising costs will take the wind out of the sails of the manufacturing recovery. Earlier in the year - when global demand was stronger - companies were able to raise prices and pass on some costs but this may become more difficult if demand weakens.
"The government should take note of the pressures that companies are facing. There are key decisions coming up on the levels of carbon targets and business taxation. If ministers do anything to harm manufacturers now, they will be scoring a real own goal."
(gmcg/mb)
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13 August 2007
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
01 September 2005
Fall in house prices reported
House prices fell by 0.2% in August, according to the latest figures from the Nationwide. The building society said that the rate of annual house price growth had fallen to 2.3%; it’s lowest level in nine years.
Fall in house prices reported
House prices fell by 0.2% in August, according to the latest figures from the Nationwide. The building society said that the rate of annual house price growth had fallen to 2.3%; it’s lowest level in nine years.
14 June 2005
Inflation remains steady at 1.9%
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Inflation remains steady at 1.9%
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07 May 2009
British Gas Cuts Electricity Prices By 10%
British Gas, the biggest supplier of electricity to homes in Britain, has cut an average 10% off its standard electricity prices. The price cut for 4.5 million customers takes effect immediately. British Gas's electricity rates are now as much as £111 lower than the local supplier.
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British Gas, the biggest supplier of electricity to homes in Britain, has cut an average 10% off its standard electricity prices. The price cut for 4.5 million customers takes effect immediately. British Gas's electricity rates are now as much as £111 lower than the local supplier.
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Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
