Tel: +353 (0)579328732

Call Menu

UK October 2016

Published: Nov 02, 2016
  • Theresa May has confirmed the timeline for the UK to trigger Article 50 saying it will be enacted by March 2017.  It will be a 2 year process from then, meaning the UK will no longer be part of the EU by 2019. 
  • UK Parliament will introduce a ‘Great Repeal Bill’ which will replace the existing EU laws in the UK with British legislation. 
  • 4th October 2016: Sterling fell to a 3 year low against the Euro and a 31 year low against the US dollar on the back of Theresa May’s clarification of when the UK will trigger Article 50.
  • Tesco Group reported a 60% increase in its first half profits and it was the third quarter in a row that growth was recorded. 
  • 18th October: Sterling has dropped 18% in value since the vote to leave the EU took place in June.
  • UK inflation has reached its highest level in 2 years coming in at 1% in September.  The Bank of England’s target for 2017 is currently 2%.  Some believe inflation will peak at 3% to 4% by 2018.  Clothes prices increased by 6% in September.
  • The unemployment rate in the UK as a whole is at an 11 year low of 4.9% to the end of August, however Northern Ireland recorded its unemployment rate as 5.5%.  According to Markit, it is the first time since Brexit that ‘UK households saw a noticeable downturn in current finances’.
  • According to the Financial Times, investments in offices in London for Q3 2016 are down 64% vs Q3 2015 as the Brexit vote starts to bite.
  • The UK enjoyed growth of its GDP by 0.5% for Q3 reducing the possibility for a further interest rate cut by the Bank of England.  According to the Office for National Statistics the growth was solely because of the strong services sector with a vast increase in film and television production.  Manufacturing and construction were among the industrial products that contracted with the drop in construction the largest in 4 years.

Read Next...

Property Spring 2018
Minister for Housing Eoghan Murphy has laid out plans to help first-time buyers purchase a home.&n...
Read More
World Spring 2018
Australia: 55 Irish companies flew to Australia to pitch their products to the country in November...
Read More
Europe & UK Spring 2018
UK: the IMF predicts global growth this year and 2019 to be 3.9%, the biggest expansion since 2011...
Read More
web design by Dmac Media