UK borrowing falls to lowest level in 11 years
It is good news for the UK economy. Government borrowing has fallen by £3.5bn in the past year, making last year the lowest year of borrowing for 11 years. It means that the budget deficit is being reduced at a faster rate than expected. Public debt, however, remains high, at almost twice what it was before the financial crisis.
UK high street decline continues
Almost 650 shops and restaurants have shut since the start of this year. With big names like Toys R Us shutting up shop, the decline in the UK retail industry doesn’t show signs of stopping. It has been a combination of the rise of internet shopping and rising minimum wages that has put a squeeze on the high street.
Number of zero hour contracts rises
The ONS has released figures showing that the number of zero hour contracts rose in 2017 by around 100,000. Zero hour contracts are work contracts that don’t guarantee a minimum number of hours. They have been a controversial topic recently, with some arguing that it doesn’t provide financial security. Others argue that they provide flexibility for people like students.
TSB IT update causes issues for customers
After an upgrade to TSB’s IT systems, many customers have been locked out of any online banking services. With many worrying about missing important payments, TSB has said they are working hard to resolve the issue.