This is what you get with a Conservative majority: A national living wage July 15, 2015 Why do we care about the economic recovery? Sometimes economists seem to forget, that we care about recovery not for some statistics on a chart, but because recovery creates more jobs giving people the dignity of work, and pay rises for those in work. In short, the purpose of economic recovery is to make people [...]
Where can you earn most? Wages grow fastest in Northern Ireland, Wales and North East – but London still has the highest salaries July 15, 2015 Yes, wages are still highest in London – but the capital isn’t where salaries are growing fastest. Wage growth is higher than it’s been for five years, showed fresh labour market statistics released by the Office for National Statistics today. This is far from evenly split, however. Those working in Northern Ireland, the North East [...]
Inflation back to zero: Here’s what the analysts said July 14, 2015 Falling clothing and food prices sent Britain back into "noflation" in June, down from 0.1 per cent in May, according to figures releases today by the Office for National Statistics. Read more: Britain falls back into "noflation" territory Here's what analysts had to say: Chris Williamson, chief economist at Markit, said: Core inflation (excluding energy, food, [...]
Ignore the rhetoric: George Osborne’s July Budget was a retreat from market liberalism July 13, 2015 George Osborne’s desired message was clear. He claimed last week’s Budget was a new settlement for a “higher wage, lower tax, lower welfare country”. The Tory media duly reported it as such. But political rhetoric often doesn’t match reality. Osborne’s Budget fails on his own terms, and marks a retreat from the market-based consensus of [...]
Business secretary Sajid Javid defends “regressive” Budget on Marr July 12, 2015 Business secretary Sajid Javid has defended criticism of the government's Budget as regressive, following an analysis by the Institue of Fiscal Studies, concluding it was "not the Budget of a tax reforming chancellor". "As in every Budget, there will be some losers and some winners," said Javid, responding to questioning on the BBC's Andrew Marr [...]
City plays down living wage cost fears but hospitality industry could struggle July 9, 2015 Analysts predicted yesterday that UK retailers would largely dodge the effects of the new national living wage but warned the leisure and hospitality industry would face tough times. In a surprise move on Wednesday George Osborne announced a new minimum wage of £7.20 per hour from April next year for workers over the age of [...]
Building an Opportunity Society is critical to Britain’s competitiveness July 9, 2015 While bolstering Britain’s economic growth and giving working people financial security is rightly this government’s most pressing priority, building the Opportunity Society must be its distinct legacy. A society where everyone can fulfil their potential, no matter what their starting point in life, is what a new generation of Conservatives is determined to help deliver, [...]
July Budget 2015: From the pensions expert to the PwC economist, reactions to the chancellor’s statement July 9, 2015 THE BUSINESS GROUP Confederation of British Industry director general John Cridland Firms will welcome measures to boost investment but will be worried about paying living wage. “This is a double edged Budget for business. Firms will welcome measures to balance the books and boost investment, but they will be concerned by legislating for wage increases [...]
July Budget 2015: Living wage bill hurts retailers and small firms July 8, 2015 Retail and hospitality industry insiders warned yesterday that their sectors face a huge rise in labour costs after a Tory pledge to introduce a minimum wage of £9 for over-25s by 2020. From April next year, businesses will be required to pay £7.20 per hour to workers over the age of 25, rising to [...]
July Budget 2015: George Osborne cuts benefits and the family tax credit July 8, 2015 Chancellor of the exchequer George Osborne announced major cuts to welfare spending yesterday, using the summer Budget to set out how he planned to save the Treasury a further £12bn in the next three years. The chancellor said that his Budget was designed to take Britain "from a low wage, high tax, high welfare [...]