Economics

The World's richest one per cent took home 82 per cent of the wealth last year, according to shocking new figures released by Oxfam. According to the findings the level of inequality veered once again in favour of the rich, with the vast majority of newly generated money going to the wealthiest one per cent. Data shows that of the £7.3 trillion generated between July 2016 and June 2017, around £6 trillion (82 per cent) went to 75 million people, while...

A pro-Brexit group of economists has claimed Britain will gain £651 billion from a "no deal", whereas the European Union will lose more than £500 billion. The Economists for Free Trade group - formerly known as Economists for Brexit - used a classic trade model to predict that GDP will spike by nine per cent, amounting to a one-off gain of £180 billion, if Britain leaves on March 29, 2019, without a deal. They predict the UK would make an additional...

Big corporations are not going to volunteer to really rein themselves in, which is why we need greater restraint on the excesses of those at the top, says union. GMB, Britain’s general union, has commented on ‘Fat Cat’ pay day tomorrow – when the UK’s top bosses will have made more money than the typical UK full-time worker will earn in the entire year, according to calculations from independent think tank The High Pay Centre, and the CIPD, the professional body...

Gig economy workers juggle as many as two or more jobs at the same time, according to new research. One in three hold at least two jobs, while one in 14 hold three or more. And one in ten undertake seasonal work or employment during the holidays. The research also revealed that more women have just one form of gig work than men (55 per cent vs 42 per cent), whereas more men hold three to five gig jobs than...

The Northern Powerhouse seems to have failed to close the gap between the wealth of the north and the south. George Osborne’s vision of revitalising the great northern cities appears to have been hot air. EY have indicated that the gap between the two areas will continue to grow until 2020 as the economy fails to rebalance. London and the south-east will bring in 2.2 per cent and 2 per cent growth respectively, while the rest of the UK will...

The rate of inflation rose to 3.1 per cent in November as the squeeze on households continues. With average weekly wages growing at just 2.2 per cent Brits are starting to feel the pinch in the run up to Christmas. Inflation rose at the highest rate in nearly six years last month, according to ONS figures, with airfares and computer games contributing to the increase. Mark Carney, the governor of the Bank of England, will now have to write a letter...

The EU have created a blacklist of tax havens, which contain 17 names. Crucially for the UK, the main list excludes a number of British Overseas Territories such as the Cayman Island and Bermuda that were on a previous EU blacklist from June 2015. There is also a “grey” list of a further 47 countries who do not meet the EU tax standards but have pledged to change their rules to improve their tax arrangements. Bermuda, the Cayman Islands, the...

Train companies have announced largest ticket increase for five years, signalling a depressing start to the new year for struggling commuters. Fares for all journeys in 2018 show an average rise slightly below the 3.6% set by the government in August for regulated fares, which include season tickets. Rail operators said it showed the industry was attempting to keep down the cost of travel. It is unlikely that many passengers, dealing with the creaking rail service, will agree with their...

Here is an obscene fact for you: Bitcoin uses more electricity than 159 of the planet's countries. The cryptocurrency worth under $1 in 2011 hit a new record this week, making headlines as it soared above $11,000 on Wednesday morning, after which its value has been going up and down like a rollercoaster.   But the other record that Bitcoin is breaking is as the world's most obscenely energy-guzzling currency. Bitcoin is the world's first payment network that's completely decentralized,...