UK service sector Q3 growth strongest in 16 years
Combined with surveys of British manufacturing and construction earlier this week, the data imply the economy grew 1.2 percent in the July-September period, Markit said – a rate of expansion not seen since late 2007. Employment, which is watched closely by the Bank of England as the key indicator in its new policy of guidance on interest rates, grew in all three sectors. The pound rose to near a nine-month high against the dollar, and prices of low-risk British government bonds fell further after the release. “There is no mistake the economy is growing jolly fast,” said David Tinsley, an economist at BNP Paribas. A recovery in the housing market was one of the main drivers of growth in the service sector while consumer services continued to struggle, Markit noted. Data from mortgage lender Halifax showed earlier on Thursday that British house prices are rising at the fastest annual rate in more than three years, helped by a healing economy and government lending schemes. Halifax noted signs that housing supply was beginning to pick up as well, with more homeowners putting their properties up for sale and house building on the rise. ROSY OUTLOOK The outlook for the service sector is also bright. Around half of firms polled last month expected even brisker trade in a year’s time, with the confidence index rising to 71.8. Over the third quarter as a whole, the headline services index – measuring the change in activity, including income and chargeable hours worked, from the previous month – averaged its highest level since the second quarter of 1997. Service providers reported that a jump in new business in September placed strain on resources, with backlogs of work rising at the fastest pace in more than 13 years. Markit’s composite index, which brings together surveys of services, manufacturing and construction, averaged 60.2 over the third quarter – the best reading since records began in 1998. Economists are now pencilling in a rise of around 1 percent in Britain’s gross domestic product in the quarter, although some caution that growth may subside next year.
Bloomberg: fracking unlikely to bring down UK energy bills
2, 2013 at 06:36 p.m. Updated: Oct. 2, 2013 at 06:48 p.m. 0 Likes | 0 Comments Mark Zerof-USA TODAY Sports First-year Kentucky coach Mark Stoops was not pleased with his team’s effort in practice. A 1-3 start for the Kentucky football team, followed by a poor week of practice, brought first-year UK coach Mark Stoops to a boiling point in his post-practice remarks Wednesday. And it seemed no element of the team was spared Stoops’ wrath as the Wildcats prepare for heavily-favored South Carolina. Among the harshest comments: “Guys were looking for a rock to hide under.” “It’s finger pointing, losing attitude, looking to hide. … With that attitude, we’re going to get rolled (by South Carolina).” “They don’t know what it takes (to win).” “21 points is the spread? Ain’t enough. … You can tell when guys are looking to hide.” See Stoops’ spirited news conference below, which was posted by courier-journal.com : Stoops’ team opened the season with a loss to Western Kentucky, and things haven’t gotten much better since. UK’s only win came against Miami of Ohio, and the Wildcats’ offense has only scored a combined 27 points over its last three games. Stoops spoke of a tough schedule stretch ahead for UK, which includes a visit to South Carolina this weekend, followed by defending national champion Alabama, and a road trip to Mississippi State.
Conference sessions including high profile debates on key policy issues will be hosted in two major arenas, while six seminar zones will focus on topics such as building products and design, building performance and BIM, refurbishment and retrofit, future cities, and green infrastructure and energy. Ecobuild is also actively supporting the work of UK-GBC to raise awareness and understanding of sustainability in the built environment as a founding sponsor of Pinpoint ( http://www.pinpoint.org.uk ), UK-GBC’s online platform for sustainability resources, and the Green Building Series education programme ( http://www.ukgbc.org/education ). “This partnership marks the start of a new and exciting chapter in our close relationship with Ecobuild, an event which has firmly placed sustainable construction on the UK and international agenda over the past ten years,” said Paul King. “We look forward to working with the organisers and industry to ensure that the programme of events and line-up of speakers make 2014 the best Ecobuild yet.” Alison Jackson, UBM’s newly appointed Director of Sustainability and Construction, added: “We are delighted to be working more closely withUK-GBC. Their expertise in leadingindustry action, building capability through knowledge and green transfer, and the commitment and passion of the organisation is exemplary. The partnership encourages a year round collaboration and we are delighted that UK-GBC will be the lead partner of the Ecobuild brand.” Ecobuild is also focusing on minimising the environmental impact of the event itself by implementing the ISO 20121 Event Sustainability Management System, which addresses materials use, waste reduction and carbon mitigation. A sustainable procurement process will also be put into place for all key suppliers and environmental issues promoted to all stakeholders in the run up to the show. As part of this initiative Ecobuild will be working closely with UK-GBC on the Sustainable Stands Awards. 2014 will mark the fourth year UK-GBC will be running the Sustainable Stand Awards at Ecobuild. The competition is based on the sustainable design and responsible sourcing of materials for the stands, and how energy, waste and recycling have been considered during their construction. Ecobuild takes place from 4 to 6 March 2014 at ExCeL London.
UK-GBC and Ecobuild Enter New Partnership
It says there is significant potential for shale gas in the country, but is likely to cost between 50-100% more to extract than in the USA. The research companys submission shows that the costs of shale gas extraction in the UK are likely to be between $7.10 and $12.20 per MMBtu (million metric British thermal units), compared to figures of $5-6 per MMBtu for large fields in the USA. The US shale boom has widened the gap between energy costs in that country and those in Europe, giving the US a competitive advantage in attracting industry, saidMike Lawn, head of gas and power for BNEF. Unfortunately, the UK is highly unlikely to benefit in the same way. The figures are likely to be picked up by opponents of fracking in the UK, who argue it has been over-hyped and could have serious environmental implications. A UK Government report published last month warned that drilling for shale gas was likely to increase greenhouse gas emissions without strong global policies to fight climate change. Prime Minister David Cameron has been a vocal backer of the technique, arguing it willbring down energy bills, create jobs, and bring money to local neighbourhoods. The USAs spectacular finds of shale gas over the past two decades have seen it steadily replace coal as a primary fuel to generate electricity, and enabled the country to stay on target to cut emissions 17% on 2005 levels by 2020. The difference between cost estimates in the UK and USA reflects factors including limited availability of drilling service providers in the UK, higher land acquisition costs and the lack of gas infrastructure. But the BNEF evidence is very clear when it says that even under the most favourable conditions, the UK will not be self-sufficient in gas. The reliance on continued imports will ensure that UK gas prices remain tied to European and world markets and so the direct impact of shale on the cost of electricity in the UK will be limited, the report says. Related News