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Household wealth in Britain has risen five-fold in the past 50 years, according to Halifax. The assets of the household property, savings and investment has reach 6.3 trillion at the end of last year. There is an average value per household of £ 237,000, three times the £ 73,000 in 1959.

The difference between household wealth and the value per household has been on the rise in the number of households at that time. There were 16.7 million private addresses 50 years ago, compared with 26.6 million last year. Of these, 22.1 million – in private hands. Fifty years ago the figure was 12.1 million.

At its peak in 1981, the social sector – for example, the share housing – for 33% of households. Property prices have risen faster than earnings for the period. Average earnings rose by 2% annually, with house price inflation 2.7% on average. As a result, housing wealth accounts for more than a third of the assets, compared with just over one fifth in 1959. The 1980s saw the most significant change in values, if people plant more than doubled the collective.

Despite the steep rise in value since 1959, households were less well off at the end of 2009, when they were in 2007. Collective wealth fell by 15% between 2007 and 2008 because of falls in the housing and share markets, despite some recovery from last year, it is still 8% below the peak reached in 2007.

Nitesh Patel, economist at Halifax, said government policies had significantly to the change: “The last half century has seen a dramatic increase in wealth for British households. “In addition to the overall economic prosperity, government measures such as legislation on the acquisition and privatization of nationalized industries, coupled with the liberalization of financial markets, the impetus for increased household wealth in the two forms of housing and financial assets provided.

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The owners of Currys and PC World—DSG, has just reported a 6% rise in its sales for the 28 weeks to May 1.
A year ealier, DSG reported an annual profit of £56.1 million. The company saw significant trade in electricals in the UK, the Nordic countries, Spain and Italy. Analysts expect profits of the company to be between £80 million and £90 million in the year to April 30.
The group plans to refurbish around 100 stores in the Britain and Ireland in the 2010-11 financial year.

Supermarkets have been locked in a fierce competition to grow sales in a hostile economic climate. These days, supermarket Sainsbury’s has bettered City expectations by announcing a 17% rise in annual profits. Underlying pre-tax profits at UK’s third largest grocer rose to £610 million for the year, whereas experts had pencilled in £600 million. Staff will be sharing in the success as a bumper bonus pot of more than £80 million will be handed out among 127000 employees.

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It is announced that RBS will axe 2600 British jobs at its insurance and retail banking arms.
The beleaguered bank, 83% owned by the British taxpayer, said that 2000 jobs will be cut in its insurance business, which includes the Direct Line, Green Flag, Churchill and Privilege brands. It will also shed 600 of its 2100 retail banking staff, based at its London and Edinburgh HQs.
The latest redundancies bring the total job losses ever since the economic crisis began to 22600. about 16600 have fallen in the UK. The decision has been condemned by the United union, which said it was completely opposed to compulsory redundancies.

Marks and Spencer has announced plans to pump a total capacity of £ 800m to fill in its final salary pension scheme in an attempt to demonstrate the growing funding gap. The plan includes M & S to make cash contributions, the scheme of around EUR 376 million over the next eight years, and other investments.

The scheme, which has more than 120,000 members, reported a deficit of £ 1.3 billion in March this year. It is hoped that the rising stock markets, you will be to finance the rest of this deficit.

“We have a comprehensive financial plan with the Pension Scheme Trustees, the efficient use of our existing assets has been agreed,” said Ian Dyson, M & S departing head of the finance department. He said the plan would provide the pension fund with an income in order to close their deficit in a “reasonable time frame.”

M & S will make it worth £ 35m per year for three years, followed by £ 60m per year until 2018. A further £ 300 million is an indication of the insurance provides a larger share in a current real estate-backed Investment Partnership made available. In addition, £ 124m will be made available, by freeing up money currently invested in U.S. dollar hedging contracts.