The Economic Research Council’s fifth annual Clash of the Titans economic forecasting event was held on Wednesday 2nd December, where three economic experts gave their opinions on what will happen to the UK economy in 2016.
On Monday, the Office for National Statistics issued a revised measure of both real household disposable income and the household saving ratio, which made them seem worse than previously thought.
According to data released this morning, earnings growth remained strong in the three months to August at 2.8% in nominal terms.
The labour market statistics released this morning showed regular average earnings (excluding bonuses) growing by 2.8% in the second quarter of the year (compared to Q2 2014).
In this year’s edition of our annual chart on housing affordability in the UK (you can see last year’s chart here), the average house price has continued to grow to more than five times earnings, while mortgage affordability has started to improve.
After peaking at a new record level in March, total employment levels fell very slightly in April (but the trajectory remains promising), while real earnings have recovered somewhat in the last year.