Obiturtary of the high street and other companies - UPDATED

Please follow the link to see updated list of high street and companies that have gone in administration since January 2008

Obituary of the high street and other companies

Obiturtary of the high street and other companies - UPDATED

Please follow the link to see updated list of high street and companies that have gone in administration since January 2008

Obituary of the high street and other companies

Latest figures confirm the Great British Recession

July 2, 2009

LONDON: The recession is now on a par with the very worst year of the Great Depression. Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.

The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said. The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.

"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup. The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".

The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent. This was the biggest one-quarter fall in 35 years.

read full article at  The Sydney morning herald

Latest figures confirm the Great British Recession

July 2, 2009

LONDON: The recession is now on a par with the very worst year of the Great Depression. Revised figures on Tuesday uncovered the full extent of Britain's economic contraction.

The economy shrank by 4.9 per cent in the year to the first quarter of 2009, the Office for National Statistics said. The fall in gross domestic product was far greater than previously calculated, as the government statistician realised the full scale of the fall in company activity.

"Clearly this is now the worst peacetime recession since the 1930s," said economist Michael Saunders of Citigroup. The worst contraction then was a year of about -5 per cent and "this year will not be hugely different".

The contraction in GDP during the first quarter alone was 2.4 per cent - the previous estimate was 1.9 per cent. This was the biggest one-quarter fall in 35 years.

read full article at  The Sydney morning herald

We are in a recession, we have a labour goverment so that all strike

Cadbury workers 'vote on strike'

Cadbury's produces some of the UK's best known chocolate bars Cadbury workers begin voting on possible strike action on Saturday, according to the union Unite. Ballot papers consulting on action will begin to arrive at the homes of workers at the UK's best-known chocolate maker, it said. Unite claims that Cadbury is breaking a long-standing pay deal with workers at its Bourneville, Chirk, Marlbrook and Somerdale plants. About 1,300 people work across the sites, the union said. The ballot will run to 18 August, it added. sourced from THE BBC Postal staff set to strike again The union has warned a national strike could take place Industrial action at the Royal Mail is set to escalate with strike action scheduled for three days next week, the BBC has learned. The strike action on 25, 27 and 28 July comes on top of Friday's one-day walkout by 12,000 Royal Mail employees. The escalating action is in defence of workers who, the Communication Workers Union (CWU) say, are being unduly pressured by Royal Mail managers. The Royal Mail has accused the union of standing in the way of modernisation. 'Illogical cuts' Union members in London and other selected regions are to down tools in the dispute over job cuts and working conditions. This could result in no deliveries of mail on Saturday 25 July, and no work at Royal Mail's London distribution centres on 27 and 28 July, says BBC business correspondent Joe Lynam. The CWU has accused Royal Mail managers of trying to "break the union for good" and accused them of "illogical and arbitrary" job cuts. Deputy General Secretary of the CWU, Dave Ward, said his union recognised that the Royal Mail is "facing huge problems" but said that it had a very different view of what modernisation is needed. The vision that Royal Mail has put to workers involves "endless job cuts, hugely damaging cuts to the service and continuous cuts in our members' pay, pensions and conditions," he said. Paul Tolhurst at the Royal Mail countered that with "mail volumes falling and our profits under huge pressure, there is no real opportunity for us to stop [making] the changes." "Particularly," he added, "as these changes we are trying to put in were agreed with [the union] in 2007." Earlier on Friday, about 400 employees marched on Westminster to deliver letters of protest to the Business Secretary Lord Mandelson. Sell off The Royal Mail is suffering from a big drop in demand for letters as more and more people use the internet to communicate. The government announced last month that it was delaying controversial plans to sell a stake in the postal service to a private company. It maintains that the partial sell off of Royal Mail is required as part of measures to tackle the company's finances - in particular a pensions deficit said to be near £8bn. Lord Mandelson has said the company cannot survive without the sale. The Royal Mail employs more than 150,000 people in the UK, most of whom are represented by the CWU. sourced from THE BBC

We are in a recession, we have a labour goverment so that all strike

Cadbury workers 'vote on strike'

Cadbury's produces some of the UK's best known chocolate bars Cadbury workers begin voting on possible strike action on Saturday, according to the union Unite. Ballot papers consulting on action will begin to arrive at the homes of workers at the UK's best-known chocolate maker, it said. Unite claims that Cadbury is breaking a long-standing pay deal with workers at its Bourneville, Chirk, Marlbrook and Somerdale plants. About 1,300 people work across the sites, the union said. The ballot will run to 18 August, it added. sourced from THE BBC Postal staff set to strike again The union has warned a national strike could take place Industrial action at the Royal Mail is set to escalate with strike action scheduled for three days next week, the BBC has learned. The strike action on 25, 27 and 28 July comes on top of Friday's one-day walkout by 12,000 Royal Mail employees. The escalating action is in defence of workers who, the Communication Workers Union (CWU) say, are being unduly pressured by Royal Mail managers. The Royal Mail has accused the union of standing in the way of modernisation. 'Illogical cuts' Union members in London and other selected regions are to down tools in the dispute over job cuts and working conditions. This could result in no deliveries of mail on Saturday 25 July, and no work at Royal Mail's London distribution centres on 27 and 28 July, says BBC business correspondent Joe Lynam. The CWU has accused Royal Mail managers of trying to "break the union for good" and accused them of "illogical and arbitrary" job cuts. Deputy General Secretary of the CWU, Dave Ward, said his union recognised that the Royal Mail is "facing huge problems" but said that it had a very different view of what modernisation is needed. The vision that Royal Mail has put to workers involves "endless job cuts, hugely damaging cuts to the service and continuous cuts in our members' pay, pensions and conditions," he said. Paul Tolhurst at the Royal Mail countered that with "mail volumes falling and our profits under huge pressure, there is no real opportunity for us to stop [making] the changes." "Particularly," he added, "as these changes we are trying to put in were agreed with [the union] in 2007." Earlier on Friday, about 400 employees marched on Westminster to deliver letters of protest to the Business Secretary Lord Mandelson. Sell off The Royal Mail is suffering from a big drop in demand for letters as more and more people use the internet to communicate. The government announced last month that it was delaying controversial plans to sell a stake in the postal service to a private company. It maintains that the partial sell off of Royal Mail is required as part of measures to tackle the company's finances - in particular a pensions deficit said to be near £8bn. Lord Mandelson has said the company cannot survive without the sale. The Royal Mail employs more than 150,000 people in the UK, most of whom are represented by the CWU. sourced from THE BBC

UK recession set to be confirmed

The UK is set to go into recession on Friday 23rd January 2009

The Press  Association

The UK's slide into recession is due to be confirmed on Friday when output figures for the fourth quarter of 2008 are released.

The contraction in Britain's economy for the final three months of the year follows a 0.6% decline in GDP for the third quarter - a 'technical' recession as defined by two successive quarters of negative output.

Experts, including the deputy Governor of the Bank of England Sir John Gieve, have warned that the contraction will be sharp.

Most economists are forecasting that the economy shrank at double the pace seen the previous quarter.

A 1.2% decline in GDP would be the worst performance since the third quarter of 1990, at the height of the last recession, when GDP also fell 1.2%.

However, some experts are warning that the decline could be as much as 1.3%, which would be the biggest fall in more than 28 years.

GDP would last have fallen by more in the second quarter of 1980, when it plunged by 1.8%. The annual rate of output in 2008 is also set to make for grim reading in what will be a far cry from the 3% seen in 2007.

It will also make the Treasury's initial forecasts for growth of between 2% and 2.5% look woefully optimistic.

This year is predicted to be far worse, with the economy forecast by some to shrink by 2% or even closer to 3% in what could be the biggest decline since the Second World War.

In a week dominated by economic news, inflation figures are also due out on Tuesday and minutes of this month's Bank of England interest rates meeting will follow on Wednesday.

The reduction in VAT together with the recession's impact on demand and firms' pricing power is set to have pulled inflation down again sharply, to 2.6% in December.

The predicted drop in the Consumer Prices Index (CPI) marks an exceptionally steep decline on the 4.1% seen in November and will likely lead to further fears over deflation.

article sourced from The Press Association

UK recession set to be confirmed

The UK is set to go into recession on Friday 23rd January 2009

The Press  Association

The UK's slide into recession is due to be confirmed on Friday when output figures for the fourth quarter of 2008 are released.

The contraction in Britain's economy for the final three months of the year follows a 0.6% decline in GDP for the third quarter - a 'technical' recession as defined by two successive quarters of negative output.

Experts, including the deputy Governor of the Bank of England Sir John Gieve, have warned that the contraction will be sharp.

Most economists are forecasting that the economy shrank at double the pace seen the previous quarter.

A 1.2% decline in GDP would be the worst performance since the third quarter of 1990, at the height of the last recession, when GDP also fell 1.2%.

However, some experts are warning that the decline could be as much as 1.3%, which would be the biggest fall in more than 28 years.

GDP would last have fallen by more in the second quarter of 1980, when it plunged by 1.8%. The annual rate of output in 2008 is also set to make for grim reading in what will be a far cry from the 3% seen in 2007.

It will also make the Treasury's initial forecasts for growth of between 2% and 2.5% look woefully optimistic.

This year is predicted to be far worse, with the economy forecast by some to shrink by 2% or even closer to 3% in what could be the biggest decline since the Second World War.

In a week dominated by economic news, inflation figures are also due out on Tuesday and minutes of this month's Bank of England interest rates meeting will follow on Wednesday.

The reduction in VAT together with the recession's impact on demand and firms' pricing power is set to have pulled inflation down again sharply, to 2.6% in December.

The predicted drop in the Consumer Prices Index (CPI) marks an exceptionally steep decline on the 4.1% seen in November and will likely lead to further fears over deflation.

article sourced from The Press Association