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NIESR (National Institute for Economic and Social Research), founded in 1938 making it the oldest independent economic research body, predict a rise of inflation to 4% in autumn 2017. They say the rise will rapidly accelerate during 2017 caused by the drop in the value of the pound.
This rate was originally estimated to be 3% back in august but since has been reassessed and raised to 4%
The economy could also face restricted growth as it faces some “significant risks”. CPI (Consumer Price Index) in September rose from 0.6% to 1% according to ONS (Office for National Statistics) Petrol, clothes and even hotel room prices rose as this figure hit its highest point in nearly two years.
In a quarterly Inflation Report due on Thursday The Bank of England is expected to raise its predictions for inflation
As we all know, since the Brexit vote the pound has fallen dramatically and NIESR expected it to remain at about $1.22 and €1.11 both this year and 2017
“the fall in sterling had been the most striking feature of the economic landscape since the EU referendum.” Said the head of macroeconomic modelling and forecasting at NIESR, Simon Kirby
“This will pass through into consumer prices over the coming months and quarters,” he said. “While we expect this to be only a temporary phenomenon, it will nonetheless weigh on the purchasing power of consumers over the next couple of years.”
CPI has fallen steadily over the last 5 years after hitting 4% back in 2011
“NIESR is right to warn that households are about to endure a renewed period of falling living standards due to soaring inflation.” Said chief UK economist at Pantheon Macroeconomics, Samuel Tombs
“Fuel, food and technology prices already are rising in response to the weaker pound, and hefty price rises will be seen across the whole spectrum of consumer goods next year.”
Tracey Houghton, 45, her sons, Ethan, 13, and Josh, 11, and her stepdaughter, Aimee Goldsmith, 11, were all killed the crash on the A34 when Polish lorry driver, Tomasz Kroker ploughed into them whilst using his phone at the wheel.
Dashcam footage has now been released by police showing the moment Kroker crashed into the family at 50mph whilst distracted by his phone.
The footage was evidence enough to sentence Kroker, aged 30, to 10 years in jail
“Ten years is not enough for loss we have suffered” said the mother of Aimee
“Our lives changed in the blink of an eye”
Tomasz Kroker (right) was changing his music on his phone when he crashed into Tracey’s stationary corsa. Mrs Houghton (left) died instantly along with her children.
Ethan, Josh and their stepsister Aimee just days before they were killed
The Video footage from the lorry that shows the family car being pushed underneath the back of a HGV and crushed to a third of its size, proved to be vital evidence during Kroker’s trial that saw him jailed for ten years, at Reading Crown Court, after admitting the crimes
Kroker, admitted to all four counts of causing death by dangerous driving and one count of causing serious injury by dangerous driving.
Businesses should get ready now for the introduction of the new 12-sided pound coin, the Treasury has said.
The Royal Mint is hosting a new website urging companies to get ready for the new pound coin suggesting that they acquired new equipment and train staff.
Any Machine currently used to that can accept cash will need t be updated to recognise the new pound coin. That’s everything from a vending machine to the lockers in your local swimming pool.
However business will have to accept either the old or the new pound coins for a 6 month transitional period until the old coin is phased out.
The website also suggests that business train their staff to recognise and become familiar with the feature of the new coin.
According to the Royal Mint, nearly 4% of pound coins are counterfeit and so the new coins are designed to be harder to fake.
The Chief Secretary to the Treasury, David Gauke, said: “The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer,”
Britain’s favourite carpark turns 30 this weekend (29th October) and has long been known as the king of ring roads. However its little know that it isn’t actually a full circle its ends almost meet around Dartford, but are instead connected by the A282 including the Queen Elizabeth II bridge. The Dartford crossing, as its more commonly known, is the last river crossing over the Thames before it joins the North Sea.
The M25 also makes up some other significant roads including some European E-routes. Around the Thurrock area of the M25 drivers are also on the E15, a huge international route that links Algeciras, a Spanish port city, to Inverness. A little further north and you’re on the E30. This 3,000-mile route stretches from Omsk in Russia all the way to Cork, Ireland. Unfortunately however, European E-routes are completely unmarked in the UK.
Since Margaret Thatcher opened it on October 29, 1986, it’s become the motorway that we all love to hate. It’s difficult to believe that without it an airport run from Dagenham would have taken you via Hyde Park Corner or a trip from Birmingham to Dover could include the Blackwall Tunnel,
The concept for the M25 was hatched in 1905 in an attempt to cope with the capital’s growing traffic problems pointed out by RCLT (Royal Commission on London Traffic). During this time, there was conflict between hooved and wheeled traffic. However, these plans were buried until two world wars and half a century later, construction finally began on the set of “ringways” that would become the M25.
At the ceremonial cone-removing by PM Margaret Thatcher marking the project’s completion, the PM addressed those who “carp and criticise”, calling the motorway “a great engineering achievement”.
Unsurprisingly theM25’s construction was met with resistance as it sliced through many communities and pushed London’s boundary further into the countryside. OS maps show that around the M25 many rights of way have been completely severed.
The busiest stretch of M25 is the 10 miles approaching Heathrow airport. Each day around 200,000 cars pass junction 14, a number that will no doubt rise once the airport has expanded. The expansion includes ideas to build a runway over the M25 to save diverting traffic through a tunnel. This idea is popular as it means the M25 could remain open easier whilst work was carried out.
The M25 has been evolving ever since it was built. After just few months traffic exceed the intended 100,000-a-day capacity, projects to widen the motorway soon followed. Recently a fourth service station was added at Cobham
The 1280-PRO is the latest release from the Fleet Focus development team and boasts some impressive features.
Check it out at www.fleetfocus.co.uk/1280-pro
Fleet Focus have recently come to light as the leading provider of fleet vehicle safety systems, proving that their unrivalled knowledge is invaluable when it comes to choosing the right kit for fleets across the UK.
Looking at the features the 1280-PRO seems to have all the competition pipped, offering more camera input channels than all of its competitors from Roadhawk, SmartWitness and Brigade. It has more storage space, better video quality and extra connectivity options such as WIFI, 3G, GPS and remote diagnostics.
Fleet Focus have integrated their SSD technology in this already hi spec DVR rather than a standard hard drive. Whats SSD you say? SSD (solid-state drive) the benefit of an SSD hard drive is that there are no moving parts within the hard drive, which in turn means there’s nothing to go wrong. In a traditional hard-drive a disk spins at over 10,000 RPM as the read-write arm swings a read-write head back and forth across it. The head passes the disk less than a hair’s width away from the disc and
In a traditional hard-drive a disk spins at over 10,000 RPM as the read-write arm swings a read-write head back and forth across it. The head passes the disk less than a hair’s width away from the disc and is therefore, susceptible to what’s known as a disk crash (or head crash). Disk crash is when a tiny piece of dust or even a slight bump makes the read-write head bounce up and down, crashing into the disk and damaging it.
Obviously, in a vehicle of any kind, bumps, vibrations and dust are unavoidable and Fleet focus tells us that the number 1 reason for DVR failure is disk crash/Head crash. For this reason, they are offering the 1280-PRO with an SSD.
Other unique features of the 1280-PRO include a Bluetooth mouse option for ease of use when changing settings on the DVR or transferring the data and footage to an external hard-drive or memory stick via the conveniently placed USB port on the front of the DVR.
When it comes to FORS and CLOCS the 1280-PRO is not only capable of fulfilling the highest standards but is also future proof with more inputs and outputs than any other DVR on the market right now.
So right now your probably thinking so what does all this cost? Well, the answer is not as much as you’d think, the 1280-PRO is well in line with its under-specced rivals with Fleet Focus also offering a range of introductory offers. for full details check out www.fleetfocus.co.uk/1280-pro
Fleet Focus are so confident in the 1280-PRO that they have a demo kit that the will bring to you for you to see for yourself. They can set it up on your own vehicle in a matter of minutes using magnets to attached the cameras so you can see exactly how the kit will work for you and your fleet.
A recent survey suggested that the manufacturing industry in the UK is growing at its fasted rate since June 2014.
The PMI (purchasing managers’ index) is an indicator of the economic health of the manufacturing sector. It is based on major indicators within the industry. The manufacturing sector PMI score rose from 53.4 in August to 55.4 in September. A score above 50 shows growth.
The survey found, that the drop in value of the pound after the Brexit vote has continued to boost exports for the UK Despite the weak pound pushing up costs for companies.
UK goods are cheaper for overseas buyers with a weaker pound but it also increases the cost of imported goods to the UK.
The pound has fallen in value by more than 10% since the Brexit vote
Rob Dobson, IHS Markit senior economist, said “The weak sterling exchange rate remained the prime growth engine, driving higher new orders from Asia, Europe, the US and a number of emerging markets,”
“The domestic market is also still supportive of growth, especially for consumer goods.”
The survey found that the higher import costs caused a “substantial” increase in average purchase prices which was in turn, passed on to customers by the manufacturers
However, this rise is now easing, said Mr Dobson. “It looks as if the recent surge in inflation may not quite reach the peaks of previous bouts such as in 2008 and 2010-11.”
Wonga, UK’s biggest payday lender, has admitted double-charging 7,000 of its customers.
They claim an “internal system error” caused extra payments to be taken from bank accounts.
Customers with “Flexi Loans” were affected by the error. Flexi Loans are usually paid off in 3 payments over 3 months.
Any extra costs and charges incurred will be refunded Wonga has promised.
One customer said an extra £574 was taken from his account which meant his mortgage payment bounced and was unable to buy his food shopping or fill up his car over the weekend.
Wonga said that the extra payments were refunded on the same day (Friday) However, some may not have reached customers’ bank accounts yet.
“We experienced an internal system error on Friday morning which resulted in Flexi Loan payments being debited twice from some customers,” said one of Wonga’s spokespersons.
“We notified all those affected and took action to credit the right amounts back to customers on Friday. We apologise for the inconvenience caused.”
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