Economy

Troubled Co-op Group can take many years to stabilise

Beleaguered Co-op Group's members recently unanimously endorsed Paul Myners' proposed reforms, but the group's interim chief executive Richard Pennycook has warned that that it could take as many as five years to stabilise the mutual.

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Retailers in Northern Ireland enjoy nearly 13% rise in footfall

High street stores and shopping centres in the Northern Ireland enjoyed their highest footfall levels in the month of April since 2012, just released fresh data showed.

According to the Northern Ireland Retail Consortium/Springboard Footfall data, Northern Ireland's retailers enjoyed an impressive year-on-year increase of 12.8 per cent in the number of people passing through stores in April.

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Govt. may pare back “Help to Buy” housing scheme

The "Help to Buy" scheme that helps people buy their first home could be rolled back to addresses overheating housing market, Deputy Prime Minister Nick Clegg has indicated.

Mr. Clegg said that the government could pare back the mortgage help scheme in case the Bank of England (BoE) determines that the country's housing market is overheating.

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UK unemployment rate slips to 6.8%

Increase in self-employment dragged the UK's unemployment rate to its lowest level in more than past five years in the first quarter of this year, according to figures revealed by the Office for National Statistics (ONS).

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BoE not to hike interest rates to slow housing boom

Bank of England (BoE) Governor Mark Carney on Wednesday said that the British economy was returning towards "normal" but declared that the central bank had no plans to hike interest rates in the near future.

Many analysts are of the view that BoE should increase interest rates to tackle soaring property prices.

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