Europe

Martin Stabe

The European Central Bank on Sunday released the long-awaited results of its stress test.

The test, conducted on 130 euro area lenders, requires banks to have common equity tier one ratios of more than 5.5 per cent even under a “adverse scenario” of falling economic output, rising unemployment and declining house prices.

The stress test found 25 banks had capital shortfalls under the adverse scenario applied to banks’ balance sheets as of the end of 2013. However, that number fell to 13 once capital raised by the banks in 2014 was taken into account.

This sortable table shows a summary of the results of the stress test, including any shortfall after net capital raised since December 2013 is taken into account. Read more

Even before the dispute with Russia began battering their economy, hundreds of thousands of Ukrainians fled their country looking for a better life elsewhere. Ukrainians are now the largest group of migrants from non-European Union countries applying for residence in the bloc.

Eurostat said on Wednesday that the number of Ukrainians issued with EU residence permits rose by 48 per cent in 2013. Most Ukrainians moved to Poland looking for work. In total 236,691 permits were granted to Ukrainians, which means that the country has overtaken the US as the most common source country for migrants to the EU — India has also overtaken the US to take second place. Read more

Emily Cadman

What to do about British manufacturing? There is hardly a politician in the country who hasn’t called for the sector to get a boost. But the Office for National Statistics is set to stress today that popular perceptions manufacturing is disappearing from the UK are wide of the mark.

New analysis, to be presented by ONS chief economist Joe Grice at a conference on the changing shape of manufacturing, will focus on the sector’s move up the value chain despite an unquestioned reduction in employee numbers. Read more

More than half of children born in Britain in 2013 had a mother above the age of 30. For the first time since the government began keeping track. The mean age has been rising since a record low in the mid-1970s, after it fell from 29 just before the second world war. The average used by the Office for National Statistics is standardised to take account of the changes in the age distribution of the whole and allows the trends over time to be understood.

 

More migrants die crossing the Mediterranean than any other border in the world. In total the Mediterranean accounts for 75 per cent of the world’s migrant deaths. So far this year the Italian navy’s Mare Nostrum rescue operation has saved 100,000 migrant who tried to make the crossing but it is set to be replaced by a smaller and EU-managed force known as Triton.

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by Gavin Jackson and Keith Fray

On Tuesday the International Monetary Fund released its latest World Economic Outlook. A striking new finding emerges: the seven largest emerging markets are now bigger, in gross domestic product terms, than the long established G7 group of industrialised nations, when measured at purchasing power parity (PPP). Read more

No one knows how many Chinese people live in Europe.

The United Nations estimated Europe’s China-born population at 886,882 in 2010, its most recent count, while Chinese-based social scientists put it somewhere between 2m and 3m.

Why, in the age of big data, is there so much uncertainty where our neighbours are from? Read more

This weekend the FT Weekend Magazine publishes its first guide to all things gastronomic in the French capital. All the articles – on fine dining, natural wine bars, street markets, specialist coffee hangouts, food politics and more – can be found on the magazine’s website.

The interactive map below shows the locations of more than 100 restaurants, bars, shops and cafes listed in the magazine.

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The price of salad is about to jump after prices for olive oil, lettuce and tomatoes have soared following a lengthy drought in Spain. Read more

By John Burn-Murdoch and Aleksandra Wisniewska

Scotland voted on Thursday to remain in the United Kingdom, with the pro-union camp securing 55.3 per cent of the vote. Read more


Based on the voter registration data and the Press Association’s estimated declaration times, here is an approximate timetable of what to expect during the night of the count Read more

It’s impossible to know just how seriously to take the polling for the Scottish independence referendum. Pollsters haven’t had the same opportunity to calibrate their forecasts through trial and error while observers don’t have a past record to go on, and as we reported yesterday, there’s a lot of disagreement between them. Read more

In news that will delight statisticians everywhere the distinction between the mean and the median finally has the political profile it deserves.

Yesterday Sir Andrew Dilnot, chair of the UK statistical authority, wrote a letter clarifying an ongoing debate between Labour and Conservative politicians on waiting times in accident and emergency rooms. Read more

So the UK economy grew 0.8 per cent in the second quarter of 2014, leaving output on this preliminary estimate at just about the previous peak set in Q1 2008, over six years ago. For an economy that produces almost £400bn a quarter in gross domestic product, exceeding the previous peak by £752m is really small beer, as our first chart below the break shows.

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Keith Fray

The UK economy has finally recovered. Today’s estimate by the Office for National Statistics of gross domestic product for the second quarter takes output (adjusted for inflation) to a new high, above the level of the first quarter of 2008*.

Hurrah. But, although welcome, this is nothing to celebrate. The government will not be ordering church bells to be rung. That the sum total of everything produced in the economy is only now returning to the levels of six years ago is astonishing. To give some context, the recession and recovery have lasted about nine months longer than the second world war. Read more

Since 2008, the Tier 1 (General) visa has allowed 33,756 people to come to the UK as highly skilled migrants. They brought 47,535 dependents with them.

On December 22nd, 2010, the visa route was closed to new overseas applicants.

For those who came to the UK on this visa and have been here for five years, there is one last test to pass in order to be allowed to stay in the UK indefinitely – without further visa restrictions.

Would you qualify to stay in the UK as a highly skilled migrant?

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The 2013 British Social Attitude survey, released today, mainly focuses on questions of national identity and alongside asking everyone about questions on immigration and Britishness, asks Scots specifically a set of questions about their attitudes to nationhood and independence. Read more

As an aid to debates about the referendum on whether Scotland should be independent from the UK, Britain’s Office for National Statistics has published a compendium that allows for comparisons to be made between the four countries of the UK.

Thanks, in part, to devolution, the UK has four organisations that produce official statistics: the Office for National Statistics, the Scottish Government, StatsWales and the Northern Ireland Statistics and Research Agency who all release different surveys that gather data in different ways.

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The Office for National Statistics has, for the first time, included estimates of the impact of prostitution and illegal drugs in the national accounts. By the ONS’ reckoning they add about £10bn to the British economy.

Estimates of anything to do with the black economy are always going to be uncertain at best, but the statistics available are pretty interesting. Read more