Economics
Coastal communities among the most deprived in UK, report finds
The picturesque seaside resorts many of us visit are not what they seem to be. Behind the sunshine (and showers) is a worrying level of deprivation. The Social Market Foundation has found that the coastal communities of the UK are among the worst off for employment, health, education and earnings. Behind the sandcastles and picture postcard vistas average wages are £3,600 a year behind the national average. The Think Tank found that five of the 10 local authorities in the...
Annual FTSE100 CEO pay would take average worker over 150 years to earn
Figures released by High Pay Centre are a ‘scandal’, says GMB union It would take a worker on a normal salary more than 150 years to earn the average yearly pay packet trousered by top chief executives FTSE100 companies, says GMB. Figures released by the High Pay Centre and the Chartered Institute of Personnel and Development today show the average pay received by CEOs of FTSE100 listed companies in 2016 was £4.5million. The average median full time wage in the...
Here’s How the Pound Sterling Could Fare as Brexit Negotiations Get Underway
The Pound Sterling crashed to a 31-year low last year after the historic Brexit referendum in which Britain voted to leave the European Union. Some people believe that Brexit will ultimately benefit the economy of the UK even though there mere might be some initial turbulence; many others believe that Brexit can only trigger chaos in the UK and EU as the populist voice becomes louder. Economists have been pitching their tents on both sides of the divide but it...
Union attacks “double bite of austerity” as government sneaks out pension age increase
Millions of workers set to work longer as Government bring forward state pension age increase. The GMB Union has attacked a Government announcement that a rise in the pension age to 68 has been brought forward. Ministers confirmed it will be phased in between 2037 and 2039, rather than by 2046 as was originally proposed. Six million men and women aged between 39 and 47 will have to wait a year longer to get their state pension as a result of...
London’s growth is wobbling, says capital’s dedicated Think Tank
New analysis published today by Centre for London suggests that Brexit may already be having an impact on the capital, with fewer Europeans coming here for work, a slowdown in job creation, a loss of momentum in business confidence, and decelerating house price growth. Published to coincide with the launch of Centre for London’s new research programme, the analysis draws together unfolding demographic, housing, transport, economic and quality of life data. This analysis is found in The London Intelligence, Centre...
The jobs outlook: Where to look as the market heats up
Job vacancies in London rose by an impressive 11 per cent in the second quarter of 2017. Despite growing uncertainty in the run up to the general election last month, data published today suggests that businesses in London remained confident in Q2 2017, with job vacancies and applications showing a promising increase. The Q2 job market report from CV-Library, compared data from April, May and June 2017 with data from the same period last year, and found that there were 11 per cent more...
Taylor Review is a “missed opportunity” that fails to tackle the “big picture”
The GMB Union responded to the 'disappointing' Taylor Review as the report was published today. While the union welcomed recommendations such as scrapping the long despised Swedish Derogation and the acceptance that the Gig Economy isn't working for workers, it challenged the Government to grasp the nettle and tackle the whole of the precarious economy. Matthew Taylor, who was commissioned last year by the Prime Minister to carry out this review, will today publish his 7 principles to achieve “good...
Is Philip Hammond v Theresa May a battle about Brexit realities?
By Barry Jotter Philip Hammond's statement that the global trade deals promised by Theresa May after Brexit will make little difference to the British economy is the smoking gun of pragmatism. ‘Much of our trade with the world is service trade, where free trade agreements won’t make any particular difference,’ said the Chancellor. What this statement means is that of the 14.6% of the UK economy that is based on production, very little is of it is exported outside...
Frankfurt “confident” of poaching Britain’s €930 billion clearing industry after Brexit
Germany's financial centre Frankfurt is "confident" of poaching London's €930 billion clearing industry after Brexit. Hubertus Väth, managing director of Frankfurt Main Finance, which lobbies for its financial centre, told Business Insider he was confident the EBA, Europe's banking authority, would move to Frankfurt, and confident in the arguments for bringing Euro clearing to the city if it does move from London. He said: "We are confident about it. I cannot say it will be the likely decision of such a...