Latest articles

28 April 2015

Value of online media to consumers understated by £17 billion

By John Hawksworth Statisticians generally measure the size of the economy by GDP, which is an estimate of the total value of goods and services produced at market prices. But, as economists have increasingly recognised[1], there are limitations to GDP. One important aspect of this is that consumers can now... Read more

20 March 2015

Economic view: Light at the end of the austerity tunnel

By John Hawksworth The Chancellor largely stuck to his fiscal plans in the Budget, but the one big change was to end major spending cuts in 2018/19 - a year earlier than set out in the Autumn Statement in December. With the economy performing well, he does now see some... Read more

16 March 2015

Who are the winners and losers from the fall in oil prices?

By Jonathan Gillham and Yong Jing Teow The dramatic decline in oil prices since mid-2014 is having a significant impact on the world economy, despite some modest recovery in prices from their mid-January low point. In our latest UK Economic Outlook report, we used a computable general equilibrium model of... Read more

11 March 2015

UK economy: good progress but not plain sailing

By John Hawksworth The UK economy has performed well over the past year with growth up and inflation and unemployment down. But it has also entered some pretty choppy international economic waters. There are two main risk factors. First, despite the boost from QE and lower oil prices, Eurozone growth... Read more

05 March 2015

Will India become the fastest growing large economy?

By Anubhav Mohanty Last week, the Indian government presented its first full budget and its Annual Economic Survey (AES). The AES – a stock-take of the economy – projects growth in 2014-15 to be 7.4% and 8.1%-8.5% in 2015-16, which will make India the fastest growing large economy in the... Read more

03 March 2015

Women in Work – UK performance improves, returning to its 2000 spot

By Yong Jing Teow The latest findings from our third annual update of the PwC Women in Work Index show that the UK moved ahead, rising four places to 14th out of 27 OECD countries. The economic recovery that drove the UK’s performance in 2013 resulted in a larger improvement... Read more

10 February 2015

The World in 2050: will the shift in global economic power continue?

By John Hawksworth and Danny Chan We have just produced the latest in our series of reports looking ahead to the World in 2050. This contains our latest long-term growth projections for 32 of the largest economies in the world, accounting for around 84% of total global GDP. So what... Read more

04 February 2015

Greek lessons for Europe

By Andrew Sentance, Senior Economic Adviser, PwC The new Greek government has been in power for just over a week now – but we are not much clearer on its detailed policy programme. Greece risks becoming embroiled in a prolonged and messy dispute with other EU governments on debt relief.... Read more

20 January 2015

The Power of Shared Myths

By John Hawksworth Are shared myths the primary driver of human progress since the Stone Age? That is the central thesis of ‘Sapiens: A Brief History of Humankind’, an engrossing and provocative new book by Yuval Noah Harari, professor of history at the Hebrew University of Jerusalem. The book details... Read more

16 January 2015

What can behavioural economics tell us about the payday loan market?

By Charlotte Hacker How should payday loans be regulated? And how should financial regulators approach other similar innovations in consumer financial products? In the penultimate lecture of this year’s Beesley series, Chief Executive of the Financial Conduct Authority (FCA), Martin Wheatley, addressed these issues. He argued that the specific combination... Read more

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