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Highlights
- The OBR has announced its revised projections to go along with UK chancellor Jeremy Hunt's autumn statement.
- The latest figures show an estimated decline of 7% in household incomes over the upcoming two years.
- The OBR expects a contraction of 2% in the UK economy, pushing unemployment up by 505,000 by 2024's later half.
The latest data has unveiled that UK households are dealing with the most significant fall in the overall living standards ever since records began to be maintained. The Office for Budget Responsibility (OBR) has announced its revised projections to go along with UK chancellor Jeremy Hunt's autumn statement, according to which the country has sunk into a recession phase, which would potentially go on for over a year. Approximately half a million UK citizens are set to lose their jobs.
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The spending watchdog of the government estimated a decline of 7% in household incomes over the upcoming two years, limiting what one of its representatives defined as a gloomy decade for growth. The acute decline in household purchasing power would erase the country's growth over the last eight years. This comes with the discrepancy between wage hikes and rising inflation and interest rates. According to the OBR, the clock would be turned back to 2013 due to this.
The last time such continual declines in living standards were seen in the UK was after the global financial crisis. As per OBR's data, there will be a contraction of 2% in the UK economy, pushing unemployment up by 505,000 by 2024's later half. However, by the end of 2024, GDP is projected to reach the level at which it was prior to the pandemic. Amid these speculations, UK investors check out the performances of the following stocks listed on the London Stock Exchange.
ME Group International plc (LON:MEGP)
The market cap of the vending machine operator, ME Group International plc, stood at £395.06 million as the market opened on Friday morning. At around 8:00 AM (GMT) as trading began, MEGP shares stood at GBX 104.50. The group has offered a return of 65.87% on a YTD (year to date) basis, while its return annually as of 18 November stood at 67.47%. At the time of writing, the group offered a positive EPS (earning per share) of 0.06.
RPS Group plc (LON:RPS)
The market cap of the FTSE250-listed professional services supplier, RPS Group plc, stood at £610.52 million as the market opened on Friday morning. At around 8:00 AM (GMT) as trading began, RPS shares stood at GBX 220.00. The group offered a return of 77.71% on a YTD basis, while its return annually as of 18 November stood at 76.00%. At the time of writing, the group offered a positive EPS of 0.02, and its turnover was at £22,679.80.
Energean plc (LON: ENOG)
The market capitalisation of the FTSE250-listed hydrocarbon enterprise, Energean plc, stood at £2,535.30 million as the market opened on Friday morning. At around 8:00 AM (GMT) as trading began, ENOG shares stood at GBX 1,424.00. The firm offered a return of 66.67% on a YTD basis, while its return annually as of 18 November stood at 56.25%. At the time of writing, the group offered a negative EPS of -0.54, and its turnover was at £53,187.14.
