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'Osborne was wrong' to forecast economic disaster

The Organisation for Economic Co-operation and Development (OECD) has raised its growth forecast for the British economy, despite initial Brexit fears.

The OECD credited strong economic performance coupled with prompt action by the Bank of England to stabilise markets for upping its UK growth projections for 2016 by 0.1% to 1.8%.

ITV News Political Editor Robert Peston said the figure suggests former Chancellor George Osborne was wrong to issue stark warnings of an immediate economic disaster if the country voted to leave the EU.

However, despite hailing the latest figures, the OECD said growth for 2017 would be "well below" pre-referendum forecasts.


UK house prices soar £17,000 in a year to hit £217,000

The average house in the UK now costs £217,000. Credit: PA

The average house price in the UK has increased by £17,000 in the last year.

The increase means that the average house price in the UK is now £217,000.

Property values also increased by £1,000 on average in the last month, continuing a "strong" run of growth, according to the Office for National Statistics (ONS).

As of July the average house price in England stood at £233,000, while in Wales it was £145,000, in Scotland it was £144,000 and in Northern Ireland it was £123,000.

As the effects of Brexit on the housing market become clearer in the coming months, Thomas Fisher, an economist at PwC, said: "Our own expectation is that the UK housing market will cool not crash."


Inflation rate remains steady at 0.6% in August

Rising food prices and air fares were offset by a slip in the cost of clothing, wine and hotels in August. Credit: PA

The rate of inflation remained steady in August as rising food prices and air fares were offset by a slip in the cost of clothing, wine and hotels.

The Office for National Statistics has announced the rate of Consumer Price Index inflation remained at July's level of 0.6% in August.

The ONS also recalculated a dip in the rate of the rise in house prices through 2016 so far and noted an increase in the average cost of house prices in July.

The ONS said there was "little sign" of the post-Brexit plunge in the value of the pound being passed through to consumer prices.

However, the Producer Prices Index was impacted by the sterling slump, with input prices rising 7.6% in the year to August and imported material prices climbing by 9.3% over the period.

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