Summary – Subscribe and read the full update here (all the links & more)
In the latest DEMSA bulletin, a focus the Consumer Duty, a review of the personal insolvency framework, and the outcome of a consultation on Insolvency Service Official Statistics. The UK economy witnessed growth in the three months leading up to June 2023, with a notable increase in GDP. However, household incomes faced a decline due to increased tax payments and reduced energy subsidies. The housing market also showed signs of contraction, with house prices falling for the fourth consecutive month.
Key Points
- The UK economy experienced growth in the three months to June 2023.
- GDP increased by 0.2% in Q2 and saw a rise of 0.5% in June alone.
- A significant decline in household incomes was observed in the first three months of the year.
- This decline was attributed to a sharp increase in tax payments and cuts to energy subsidies.
- The Organisation for Economic Cooperation and Development (OECD) highlighted these economic shifts.
- Concerns are emerging regarding private rental prices.
- Mortgage lending is showing signs of contraction.
- UK house prices have fallen for the fourth consecutive month.
- This data on house prices was provided by Halifax.
- Average pay is expected to rise faster than inflation soon.
- The bulletin also discussed the Consumer Duty and its implications.
Key Statistics
- The UK’s GDP rose by 0.2% in Q2 of 2023.
- In June 2023 alone, the GDP was up by 0.5%.
- Household incomes saw a steep decline in the first three months of 2023.
- UK house prices experienced a drop for the fourth month in a row.
Key Take Aways
- The UK economy is showing signs of growth, but household incomes are under pressure.
- Tax hikes and subsidy cuts are major contributors to the decline in household incomes.
- The housing market is facing challenges, with falling house prices and potential contraction in mortgage lending.
- Economic indicators suggest that average pay might soon outpace inflation.
- The Consumer Duty and its implications are crucial topics of discussion in the financial sector.
- The review of the personal insolvency framework is a significant focus area.
- Official statistics on insolvency services are under consultation.
- Economic shifts and trends are closely monitored by organizations like the OECD.
- The current economic landscape requires careful analysis and strategic planning.
- Stakeholders in the housing market need to be vigilant given the recent trends.
- Training events and collaborations are essential for staying updated in the financial sector.
Access the full update here (with all the links & more)
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime
