Need to know

A round-up of essential news and statistics

UK Economy
Surprise jump in mortgage approvals

House prices in England and Wales declined by 2 per cent month-on-month in February, according to the Land Registry, taking the annual rate of decline from 15.1 per cent to 16.5 per cent. The price of an average property was £153,862, down by £30,361 compared to a year earlier. Meanwhile, mortgage approvals for UK house purchases rose by more than expected in February: according to the Bank of England, there were 38,000, up from 32,000 in January.

GDP fell by 1.6 per cent in the last quarter of 2008, the most severe quarterly decline in nearly 30 years; Output in construction fell by 4.9 per cent, while manufacturing output slowed by 4.5 per cent. The number of new cars built in the UK fell by 59 per cent year-on-year in February, to 59,777, according to the Society of Motor Manufacturers & Traders.

The Retail Price Index measure of inflation fell from an annual rate of 0.1 per cent in January to zero in February, its lowest rate in nearly 50 years. Meanwhile, the Consumer Prices Index measure rose to an annual rate of 3.2 per cent, up from 3 per cent in January; analysts blamed higher import prices for imported fruit and vegetables, due to the weak pound. Retail sales growth slowed to an annual rate of 0.4 per cent in February, after a 3.6 per cent rise a month earlier.

The UK survey-based measure of unemployment rose by 165,000 in the three months to January, to just over 2 million. Meanwhile, 138,400 more people claimed jobless benefits last month, taking the total to 1.39 million, according to the ONS.

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