Archive for the ‘United Kingdom’ Category

The Economic Benefits from Air Transport in the UK

December 16, 2014 Comments off

The Economic Benefits from Air Transport in the UK
Source: Oxford Economics

This study, commissioned by leading players from the aviation and tourism sectors and published at the Annual Conference & Exhibition of the Airport Operators Association (AOA), the trade body for UK airports, on 10 November, shows that all three elements of the sector made a significant contribution to the UK economy.

It brings together data for airlines, airports and other ground-based infrastructure and aerospace manufacturing. It shows that aviation provides substantial economic benefits to the UK economy and its citizens, some of which are unique and essential to the operation of a modern economy.

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UK — Families in the Labour Market, 2014

December 12, 2014 Comments off

Families in the Labour Market, 2014
Source: Office for National Statistics

Examines the labour market participation of families. Topics include the number of working and workless families, employment rates of parents and differences in the employment rates and the types of work done by mothers and women without dependent children.

Costs and Benefits of Building Faster Payment Systems: The U.K. Experience and Implications for the United States

December 9, 2014 Comments off

Costs and Benefits of Building Faster Payment Systems: The U.K. Experience and Implications for the United States
Source: Federal Reserve Bank of Boston

Key Findings

+ A new payment technology like FPS could benefit participants in the payment system by reducing float, improving information flows, and helping to avoid late fees, for example. The FPS may also yield benefits beyond speeding up individual payments, including facilitating business-to-business payments, mobile payments, payment security, 24/7/365 availability, person-to-person payments, and/or faster international payments via standards such as ISO 20022.

+ The cost to U.K. banks of building, installing, and maintaining the British FPS was relatively modest. According to sources at the entity that operates the system’s infrastructure, it cost less than ₤200 million (0.014 percent of U.K. GDP, or $307 million) spread over seven years, plus investment costs borne by each participating bank to connect to the FPS, yielding an estimated maximum total cost of less than 0.06 percent of U.K. GDP in 2008.

+ U.K. decision-makers chose to build a new system to achieve their objective of faster payments rather than speeding up existing payment systems. A decision to separate the settlement stage from the authorization and clearing stages of the payment process and to allow banks to continue to settle three times daily via the Bank of England made it possible to build and implement the U.K. FPS so cost effectively. With this simplification, the cost of constructing a new payment network did not differ very much from the cost of enhancing an existing system.

UK — Financial Literacy and Over-Indebtedness in Low-Income Households

December 5, 2014 Comments off

Financial Literacy and Over-Indebtedness in Low-Income Households
Source: Social Science Research Network

Households in Northern Ireland have an increased risk of financial vulnerability compared to the UK as a whole. Financial literacy can explain a significant proportion of wealth inequality. Among the key components of financial literacy are financial numeracy and money management skills. Our study examines the relative importance of these components in the determination of consumer debt and household net worth among credit union members in socially disadvantaged areas. The main finding from our analysis is that money management skills are important determinants of consumer debt behaviour and household net worth but that financial numeracy has almost no role to play. These findings are found to be robust when the sample is reduced to only those who have a clear role in household financial decision-making and also when controlling for potential endogeneity. These results indicate that credit unions could structure an effective programme targeted at those in financial difficulties by promoting awareness of their financial situation, by encouraging them to manage bills more effectively and by improving budgeting skills. Our findings have policy implications throughout the UK where the role of credit unions in providing financial services to the socially disadvantaged is being strongly promoted by the government and the Church of England.

UK — Modern slavery strategy

December 4, 2014 Comments off

Modern slavery strategy
Source: Home Office

Modern slavery encompasses slavery, servitude, forced and compulsory labour and human trafficking. Traffickers and slave drivers coerce, deceive and force individuals against their will into a life of abuse, servitude and inhumane treatment.

This strategy details the wide-ranging actions that we expect from government departments, agencies and partners in the UK and, importantly, internationally. Civil society organisations are equally important partners in delivering commitments across our response.

The scale of modern slavery in the UK is significant. Modern slavery crimes are being committed across the country and there have been year on year increases in the number of victims identified. Work by the Home Office Chief Scientific Adviser, Professor Bernard Silverman, has estimated that in 2013 there were between 10,000 and 13,000 potential victims of modern slavery in the UK.

UK — Family Spending, 2014 Edition

December 3, 2014 Comments off

Family Spending, 2014 Edition
Source: Office for National Statistics

  • UK households spent an average of £517 a week in 2013. See table A1 (153.5 Kb Excel sheet) for the full breakdown of expenditure.
  • The largest expenditure categories were housing (excluding mortgages) fuel and power, transport, and recreation and culture.
  • There were four regions in which expenditure over the period 2010-2013 was higher than the UK average: the South East, London, the East and the South West.
  • A graph of household expenditure over time is provided in ‘The Headlines: Household Expenditure at a Glance’.

UK — Business Enterprise Research and Development, 2013

December 2, 2014 Comments off

Business Enterprise Research and Development, 2013
Source: Office for National Statistics

Key Points

  • In 2013, total expenditure on Research and Development (R&D) performed in UK businesses, in current prices, increased by 8% to £18.4 billion compared with 2012. In constant prices, R&D expenditure increased by 6% compared with 2012.
  • Civil R&D expenditure increased by 8% in 2013 to £16.7 billion while Defence R&D expenditure increased by 7% in 2013 to £1.7 billion.
  • In 2013, expenditure on R&D performed in UK foreign owned businesses increased by 11% and constituted 54% of total expenditure.
  • Expenditure on Business R&D in 2013 represented 1.1% of Gross Domestic Product (GDP).
  • In 2013, total business employment in R&D in the UK increased by 11% to 178,000 Full Time Equivalents (FTE), the largest annual increase since 1985.

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