City A.M. shadow mpc votes 6-3 to hold policy September 9, 2015 CITY A.M.’s panel of economists said the Bank of England should hold fire on rates when its committee votes today. Expectations of the first rate rise have been pushed back after market turmoil in China and commodity price falls. However, Bank of England governor Mark Carney has played down the impact of both on inflation [...]
Labour leadership election: Key business policies from Jeremy Corbyn, Andy Burnham, Yvette Cooper and Liz Kendall September 9, 2015 With three days until the new Labour leader is announced, we've looked at the business policies from each of the four candidates. Read more: Candidates clash over business as Kendall urges party to back "wealth creation" Jeremy Corbyn Corbyn has argued for a fundamental shift in economic policy. Corbyn is considered the most left-wing candidate [...]
EU data boost FTSE amid hope for China upturn – London Report September 9, 2015 The UK’S top share index rallied yesterday, extending its gains from the previous session with a boost from better-than-expected Eurozone second quarter GDP data and hope for further market stimulus on Chinese markets. The FTSE 100 was up 1.2 per cent at 6,146.10 points at the close, lagging blue-chip German stocks. The European Union’s statistics [...]
CBI chief Paul Drechsler sounds alarm over the National Living Wage September 8, 2015 The boss of one of Britain's biggest business bodies has warned over the unforeseen impact of the National Living Wage, amid growing concern from some of the companies that will be affected. "I've talked to several chief executives and been surprised by the impact on their profits of the change," Paul Drechsler, chief executive of [...]
Watch out Mike Ashley: Unite the union protesters to target Sports Direct AGM dressed as Dickensian workers over “Victorian” zero-hours contracts September 8, 2015 Sports Direct's AGM tomorrow is set to be an even more lively affair than usual. Unite the union has revealed plans for a protest outside the AGM with members dressed as Dickensian workers. They will be demanding "an end to ‘Victorian’ work practices at the retailer’s nearby Shirebrook warehouse and that the company pays [...]
Costa Coffee and Premier Inn parent Whitbread plans to raise prices to mitigate “substantial” National Living Wage costs September 8, 2015 Picked up a coffee on your way into work this morning? You might find it starts costing a little bit more in future. Costa Coffee and Premier Inn parent group Whitbread has warned that it will be forced to introduce "some selective price increases" across the business as part of measures to tackle rising [...]
Employer confidence falls to lowest level since 2012 as the introduction of living wage looms September 8, 2015 Employer confidence is at a three-year low, a new survey of 2,000 companies shows. Data from recruiters Manpower show that the UK has a net employment outlook of four per cent, when you subtract the number of companies who intend to reduce staffing levels from those intending to hire. Manpower attributes this to employers worried [...]
Winners and losers of Living Wage campaign – The City View September 7, 2015 The problem with nuance and complexity is that they get in the way of simple government announcements. Take, as a prime example, the debate around the national minimum wage (NMW). The Low Pay Commission (LPC) was created in 1998 to offer independent advice on the NMW – precisely because politicians were deemed incapable of resisting [...]
Small firms less upbeat as skills gap gets wider September 6, 2015 The supply of skilled workers available for London firms to hire is plunging at its fastest rate for 18 years. The skills shortage adds to the headache of small businesses, which have had a worrisome summer after the introduction of a national living wage and higher dividend taxes. The Recruitment and Employment Confederation’s (REC) barometer [...]
Living wage is set to boost women’s pay September 3, 2015 Three in every 10 female employees in the country are set to receive pay rises due to the new minimum wage for over-25s, according to a report out today by independent think-tank the Resolution Foundation. The measure, announced in July’s Budget, will initially be set at £7.20, 50p above the National Minimum Wage which [...]