Economics

Wage growth excluding bonuses, an important measure for the Bank of England, slipped to 2.8 per cent, down from 2.9 per cent previously. The TUC's General Secretary, Frances O'Grady, said: "Wage growth is stuck in the slow lane. At this rate pay packets won't recover to their pre-recession levels for years. "We need to speed things up. Extending collective bargaining would boost living standards and help workers get a fairer share of the wealth they create." Suren Thiru head of economics...

Between Trump wanting to slap tariffs on our steel and the UK Government refusing to be in a European customs union, UK manufacturing risks being stranded. The sharpest fall in UK manufacturing output since 2012 offers more worrying news about the state of the UK economy. The drop is in April was the highest in almost six years, with a 1.4 per cent fall in factory production marking the third consecutive monthly fall. The April dip was the steepest fall...

The UK has nine out of the ten poorest regions in northern Europe, with suggestions that the rapid industrial decline brought about under Margaret Thatcher is chiefly responsible for creating pockets of poverty in one of the World's richest economies. West Wales, Durham and Tees Valley, South Yorkshire and Northern Ireland all rank highly as the poorest areas in Europe in a report by Inequality Briefing. The report notes that despite Britain having a similar economic make-up to its northern European...

The UK parliamentary constituencies most at risk from Donald Trump’s steel tariffs have been revealed in new analysis. Trump protectionist administration has slapped a 25 per cent tariff on steel and a 10 per cent tariff on aluminium, citing national security interests. Britain's steel industry directly contributes £2 billion to the economy every year, official figures show. In total, more than a billion pounds are paid in wages to steelworkers across the country each year. That adds up to more than...

The UK economy has been hit with some depressing economic statistics…and it can’t be blamed on the “beast from the east.” In the first quarter of 2018 GDP growth was a tiny 0.1% reported the Office for National Statistics. Household spending has been weak and business investment at reduced levels has meant that this is the worst performance for the economy for five years. The construction industry declined by 2.7% and business investment fell by 0.2%. These figures will heighten...

The Institute for Fiscal Studies and Health Foundation said the NHS would need an extra 4% a year - or £2,000 per UK household - for the next 15 years. The report said the NHS has been struggling to cope after the toughest financial constraints in its 70-year history had been imposed on the service. Niall Dickson, chief executive of the NHS Confederation, which commissioned the report and represents 85% of NHS bodies, said: “This report is a wake-up call. And its...

Mark Carney, governor of the bank of England has indicated that Brexit has already hit the UK economy and it hasn’t even happened yet. Carney said that Brexit has taken two per cent off the size of the economy in the UK and has left each household £900 worse off. He described this amount as “a lot of money.” The Bank of England boss has compared forecasts from before the referendum, assuming that remain had won the national vote. Carney...

A group of MPs have signalled that dodgy Russian money flowing into the British banking sector is harming UK national security. Even after Salisbury attack, it appears to be business as usual, and the flow of illicit money has continued regardless of the tough talk from the highest levels of government. The MPs have called upon the British government to take stronger action to halt money laundering by ‘kleptocrats and human rights abusers.” The foreign affairs select committee said the...

What have the Conservatives got against the UK shipbuilding industry, asks GMB? GMB, the union for shipbuilding workers, says the Conservative Government must not be allowed to downgrade the Royal Navy any more by ‘sneaking’ out of their obligation to build three Royal Navy Auxiliary vessels. The Ministry of Defence today announced it may only commission two new Fleet Solid Support ships – rather than the three that were expected. The new ships are required to replenish the UK’s £6.3 billion...