Pay row: M&S accused of threatening to sack staff who reject new contracts July 12, 2016 Marks & Spencer has become embroiled in a dispute over staff pay as it grapples with a sales slide in its clothing division. Chief executive Steve Rowe told shareholders at yesterday's AGM that the retailer faces "tough decisions" in the coming months. M&S is consulting staff over the axing of premium pay on Sundays, and cuts [...]
The National Living Wage has led to hiked prices since its introduction in April, but there is little evidence of linked job losses July 11, 2016 The introduction of the national living wage has seen businesses hike their prices, according to a new study from the Resolution Foundation, but there is limited evidence of linked job losses. The living wage, which starts at £7.20 an hour, was introduced by George Osborne in the 2015 Budget, and came into force in April [...]
Small business confidence fell to a four-year low before the EU referendum July 4, 2016 Small business confidence was at a four-year low before the EU referendum, according to data from the Federation of Small Businesses (FSB). A survey from the FSB, conducted before the Brexit vote, also found smaller companies are planning to cut jobs for a second quarter in a row. Members said their profits are falling due to the increased [...]
Global: Move over Hong Kong. Macau, China’s former sin city is suddenly looking like a safe bet on the property market June 29, 2016 Established in the 1960s as a gambling hotspot, Macau was once infamous in Asia as the ultimate vice town. Gambling was entirely legal, but it wasn’t the sort of place you went for a weekend unless you had friends in the people-removal business. Skip forward to 2002 and the lifting of the monopoly on Asian [...]
What’s behind the rise of anti-establishment politics? From Brexit to Trump and Bernie Sanders, frustration at inequality is rising – and some experts think central bank policies are to blame June 28, 2016 Anti-establishment sentiment is growing, with political leaders seen as “alternative” drawing support across the Western world – from the rise of Bernie Sanders and Donald Trump in the US, to France’s National Front, Germany’s AfD, Italy’s Lega Nord and Syriza in Greece. The surprise triumph of the Brexit movement falls into this camp too. And a [...]
Financial worries of retail employees is costing the sector £7bn a year June 21, 2016 Britain's retail workers are so stressed about their personal finances that the industry is paying £7bn for employees taking time off work. Research out today found that 1.7m hours are lost by retail employees taking time off due to financial stress. Nearly three quarters (74 per cent) of staff admitted to being burdened by money worries, a [...]
“Project Fear” blamed for adspend slowdown in run-up to referendum June 21, 2016 Politicians and "Project Fear" have been blamed for reduced spending in the UK’s advertising market. GroupM, part of Sir Martin Sorrell’s WPP, has reduced its forecast for adspending growth in 2016 from 7.2 per cent to 6.3 per cent. The TV industry and national newspapers have been worst hit in the forecasts. The former is expected [...]
Asda Income Tracker shows average UK household’s discretionary income rose to record level in May 2016 June 21, 2016 UK households had more money at their disposal in May than any other month over the last eight years, according to new data from Asda – but the supermarket warned that uncertainty around this week's EU referendum makes it hard to predict how income will fare in future. Discretionary income was up to £201 per week in [...]
Unemployment rate hits lowest level for 11 years and wage growth holds up June 15, 2016 The unemployment rate has fallen to its lowest level in 11 years, as EU referendum fears and the introduction of the national living wage failed to hold back UK firms. Falling from 5.1 per cent last month to five per cent, the headline unemployment rate in the three months to the end of April was the [...]
Nearly half of London households worried about impact of EU referendum on pound in their pocket June 8, 2016 Nearly half of London households are worried about the impact of the EU referendum on the "pound in their pockets", new research has found. Households are particularly concerned about financial fragility and external shocks despite a £34 increase in monthly disposable income in the last quarter, bolstered by continued low rates of inflation, the introduction of [...]