UK GDP rose by 0.7% in January-March, according to the latest quarterly national accounts which show the state of the UK economy
Bad news! UK business investment was weaker than first estimated at the start of this year.
Today’s UK national accounts estimates that business investment increased by 0.5% in the January-March quarter, down from the previous estimate of 0.9% growth.
Within RHDI, nominal gross disposable income saw growth at 1.1%, because of an increase in compensation of employees of £4.3 billion. This was itself driven by an increase in wages and salaries of £3.0 billion and a decrease in households’ actual social contributions paid by employees of £3.4 billion, which was driven by the reduction of the employees’ National Insurance contribution rate.
This was offset by a rise in taxes on income and wealth of £3.6 billion, which was driven by an increase in taxes on self-employment of £3.1 billion and an increase in the implied deflator of 0.4%.
Continue reading…UK GDP rose by 0.7% in January-March, according to the latest quarterly national accounts which show the state of the UK economyBad news! UK business investment was weaker than first estimated at the start of this year.Today’s UK national accounts estimates that business investment increased by 0.5% in the January-March quarter, down from the previous estimate of 0.9% growth.Within RHDI, nominal gross disposable income saw growth at 1.1%, because of an increase in compensation of employees of £4.3 billion. This was itself driven by an increase in wages and salaries of £3.0 billion and a decrease in households’ actual social contributions paid by employees of £3.4 billion, which was driven by the reduction of the employees’ National Insurance contribution rate.This was offset by a rise in taxes on income and wealth of £3.6 billion, which was driven by an increase in taxes on self-employment of £3.1 billion and an increase in the implied deflator of 0.4%. Continue reading…