Economics

Moodys have downgraded UK debt to AA2, the lowest ever credit rating for UK citing "Brexit challenges" as the main reason for the drop. The UK lost its remaining AAA rating (S&P) four days after Brexit vote - but this is the first ever time a major credit rating agency has cut the country to third rank. Further "loss of economic strength" was cited as the main reason for the cut with growth expected to halve this year. The business also...

The OECD has published its Interim Economic Outlook showing the world economy is picking up momentum - except for the UK. The pace of expansion is projected to be faster this year than in 2016, with a further uptick expected in 2018. The US is projected to grow by 2.4 per cent in 2018 and Germany, France, Italy and the general Euro area are also forecast to post strong results. Conversely, the previously identified growth slowdown in the United Kingdom is...

Climate change is a divisive issue. The US’ stance on the Paris Agreement of 2015 is just one example of that. And while disagreements over the extent of the threat posed by climate change are all too common, the world’s countries are even more divided on how best to address that threat. From reforestation to electric cars, the potential solutions are many and diverse in nature. One mooted remedy is altering the surface albedo of the earth. For the unfamiliar,...

The recent skyrocket in Bitcoin’s market value has caused there to be a great deal of speculation about how long lasting this success will be and whether it is just a matter of time before it sees a significant crash (as was the case on previous occasions). As Bitcoin is decentralised by nature, it is possible that it will perform differently than other currencies as it is not controlled by any company, government or a particular organisation. Bitcoin, the very...

You would think the banking industry would learn but sadly it appears not, according to a new report. The Adam Smith Institute, a leading think-tank, have said that the banking sector is an “accident waiting to happen.” The report has been published to coincide with the 10th anniversary of the Northern Rock crisis, that led to a run on the bank. This new report, which was authored by Kevin Dowd, Finance and Economics Professor at Durham University, was scathing on...

‘Government con trick’ sees billions stripped from budgets to deny real-pay rise to lower-paid 55 per cent of workers GMB, the union for public sector workers, accuses Theresa May of ignoring the ‘forgotten’ three million public sector staff in a major new report today [September 13 2017). The majority of public sector workers – 55 per cent - including council workers, front-line school and police support staff, and civil servants are not covered by a Pay Review Body, For years,...

Almost half of adults (49%) aged between 18-75 said they would consider some form of Universal basic income. The poll had been commissioned by IPR for Ipsos-MORI and the support is for surprisingly high for an income that meets every citizen’s basic needs, regardless of social demographic and existing wealth. Every person in the UK would benefit from a state payment. However, when individuals were asked to consider UBI funded through increased taxation, support dropped to 30%, with 40% opposed....

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...

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...