David Cameron has set a dangerous precedent by opening up his tax returns to public scrutiny: Business, liberty and civility will all suffer April 12, 2016 The Prime Minister’s decision to open his tax returns to public scrutiny, while understandable, sets a precedent we may come to regret. However entertaining it is to see our leaders squirm under the searchlight, it’s a shallow pleasure. Longer-term consequences could include a further increase in the power of the state, reduced individual liberties, poorer [...]
The suicide of the US political elite is a terrifying threat to global stability April 11, 2016 Political risk analysts, like most humans, have a terrible time looking at themselves in the mirror. I remember at one seminar of the prestigious Council on Foreign Relations, we were asked to list the top three political risks in the world. Dutifully, the usual suspects were called upon: global terrorism, Putin’s adventurism, financial meltdown, and [...]
Tesco full-year results: Three things you need to know April 10, 2016 Tesco may just have a shock in store for shareholders and the rest of the City – and for once, it's a good one. Call it a belated Easter gift. The struggling supermarket is about to report a surprise turnaround in sales after Dave Lewis's crack of the whip over the past several months. Belt tightening [...]
Caffe Nero is scrapping free lunch for workers due to the National Living Wage April 8, 2016 Coffee house Caffe Nero is ending its policy of free food for staff due to wage increases brought in by the government. In a letter sent to staff the company said that the National Living Wage changes mean that they would have to cut costs in other areas. The letter – partially reproduced on Buzzfeed – says the [...]
Mother’s Day and Easter fail to bring growth to high street, as March sees “disappointing” start to 2016 continue April 8, 2016 Mother's Day and Easter weren't enough to save a high street sales decline last month. Sales were down one per cent year on year in March after a month of peaks and troughs. March started strongly, partly due to an early Mother's Day, according to BDO's high street tracker, released today. Read more: High street bounces back thanks [...]
Co-operative chief executive Richard Pennycook’s basic salary and bonus cut confirmed: And here’s how much it’s dropping by April 7, 2016 The Co-op has confirmed chief executive Richard Pennycook has requested – and been given – a "very large reduction in his own remuneration package". At the same time, the group has revealed a pay rise for store staff. As reported last night, Pennycook's basic salary will drop from £1.25m to £750,000 with effect from 1 July and his [...]
Leviathan’s tentacles: How the true size of the state is hidden from the electorate April 7, 2016 The Institute of Economic Affairs published a “Nanny State” Index last week, showing the UK was the third most meddling country in the EU for intervening in lifestyle choices around cigarettes, tobacco, food and alcohol. This reminds us yet again that the Total Intervention Index (TII) for the state includes both tax and spend and [...]
Renters in London are having the hardest time of all, suffering the smallest pay rises in UK and soaring housing costs April 6, 2016 If you rent a house in London and work full-time, chances are the economic recovery has been something you read about in the newspapers but haven’t felt in your pocket. That’s because over the last three years, London has experienced the slowest growth in average wages of any part in the UK, but the fastest increases [...]
Card Factory share price climbs as profits lifted by online sales though the retailer is warning over living wage costs April 5, 2016 Online shopping sales and personalised presents have pushed retailer Card Factory to a 25 per cent increase in profits for the last year. The company's share price has jumped on the numbers climbing over three per cent by early afternoon trading. Underlying profit before tax hit £82m last year, up 25.2 per cent from £65.5m the year before. [...]
The UK: A place where everyone has an opinion about what everyone else should be paid April 5, 2016 "How much do you earn then?” You get asked this a lot when you do media work discussing pay. Last week the topic was the introduction of George Osborne’s National Living Wage – a 7.5 per cent increase in the minimum wage for over-25s from 1 April with significant hikes to 60 per cent of [...]