A report published by the Guardian Online at the end of April 2015, a little over a week before the general election, showed that the economic growth of the UK has come to a major slow-down.
Slowing Growth Rates
It appears that, according to the most recent official figures, the UK’s economy failed to achieve the growth rate of 0.5% expected by economists. Instead, the growth rate slowed to just 0.3% in the first quarter of 2015 (January to March), which is just half of the rate experienced during the last quarter of 2014 and the slowest rate of growth since 2012, when dismal figures raised fears of the country sliding back into recession.
Breakdown into Sectors
A breakdown of figures into sectors shows that the services sector (including hotels, restaurants and bars) was the only sector showing growth (0.5%, a slow-down compared to the growth rate of 0.9% in the final quarter of 2014), with construction, industrial production and agricultural output shrinking by 1.6%, 0.1% and 0.2% respectively. While the overall gross domestic product (GDP) for the first quarter this year was, at 4% above its pre-economic crisis peak, it is only the service sector that now exceeds its peak before its individual pre-crisis peak.
While the coalition’s plans for the economy may have been beneficial, working families have been struggling to survive. As the cost of living continues to rise faster than people’s wages, the vast majority of working families in the UK have ever increasing difficulties making ends meet. This leaves them unable to cater for unexpected expenses, such as if a car or household appliance breaks down, for example. Fortunately, help is at hand in the shape of payday loans.
Payday Loans and Responsible Lenders
Designed to assist in emergency situations, payday loans are meant to be taken out for short periods of time only. Making sure you have the ability to repay such a loan on time without causing yourself further financial distress is obviously imperative.
Responsible lenders like Uncle Buck will not offer loans to consumers likely to end up in deeper financial difficulties by defaulting on their repayments.
You can learn more about payday loans by calling Uncle Buck on Tel.: 01959 543 400 (Call charges may vary depending on your phone provider. Calls may be monitored for security and/or training purposes).