UK unemployment falls to 6.2 per cent – its lowest since 2008 September 17, 2014 The UK's headline unemployment rate fell to 6.2 per cent in the three months to the end of July – its lowest level since 2008. The figure was roughly in line with expectations, having fallen steadily as the economy recovers, although wages are yet to catch up. There are still 2 million unemployed and 30.6 [...]
The UK could be the world capital of the sharing economy if we take these steps November 25, 2014 EVERYONE seems to be talking about the “sharing economy”, and while this may not be a model that will work for every industry, it is a trend that requires attention. So much so that, in September 2014, the UK government raised the need for an independent report to examine the social and economic potential of [...]
Carney: Low wages have brought surge in new jobs September 9, 2014 UNEMPLOYMENT has dived thanks to low wages, Bank of England governor Mark Carney said yesterday, arguing that poor pay growth had had some positive effects in the UK. But as joblessness has fallen rapidly, pay is likely to start rising at last as firms have to compete for staff once more. “Although the adjustment has [...]
So much for talk of a 2014 rate hike: Mark Carney says he “expects spring 2015 interest rate rise” at TUC speech September 9, 2014 Mark Carney has all but ruled out an interest rate hike this year. In a speech to the Trades Union Congress (TUC) this morning, the Bank of England governor said inflation lower than the Bank's two per cent target, slack in the labour market and downward pressure from strong sterling mean the current inflation environment [...]
Ed Miliband promises minimum wage rise should Labour win next general election September 21, 2014 Ed Miliband has promised an increase in the national minimum wage to £8 per hour should his party win at the next general election. The Labour leader has said it is "not good enough" that one in five people in the UK "are in low pay". Ahead of the Labour party conference in Manchester this week, [...]
Wages increase by 0.6 per cent, 0.9 per cent behind inflation September 17, 2014 The gap between wages and consumer price inflation is still stubbornly wide, official figures published this morning showed. Earnings not including bonuses were up 0.7 per cent over the 12 months to the end of July, but inflation is almost a percentage point higher at 1.5 (1.6 during July). Unemployment data was also out this [...]
Autumn Statement 2014: Reactions to George Osborne’s announcement – from the City economist to the property expert December 3, 2014 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Growing firms will benefit from business rates reform. We welcome continued commitment to deficit reduction. “These major changes on stamp duty and business rates will be a shot in the arm for families and growing firms as they look towards 2015. [...]
Scrap minimum wage for more jobs, UK told April 1, 2014 SCRAPPING the minimum wage (NMW) for apprentices and under-18s could help cut youth unemployment and boost growth, the Institute of Economic Affairs said today. Countries without a minimum wage like Germany have far lower youth unemployment rates, the IEA argues, while Britain’s has soared since it was introduced in 1999. The think-tank’s recommendation contrasts starkly with [...]
Government may face legal hurdles in regulation of zero hours contracts December 19, 2013 In the wake of the governments announcement of a 12-week public consultation on zero hours contracts, some have been questioning whether it is possible to impose to any clear regulation on the employment arrangements due their lack of of legal definition. Global law firm Eversheds commented on the announcement: The major problem faced by the [...]
The Funding for Lending pivot may take the gloss off Osborne’s economy November 28, 2013 THE ANNOUNCEMENT that the Funding for Lending Scheme (FLS) is being redirected away from mortgages is one of the most significant economic policy developments of the year. FLS was launched in the summer of 2012 as a joint Treasury and Bank of England initiative to boost bank lending to the real economy. Unlike 2011’s Project [...]