National living wage hurting UK productivity and low-wage sectors, claims think tank May 31, 2016 The national living wage has had a detrimental impact on the UK’s low-wage sectors, a study by the Institute for Public Policy Research (IPPR) has found. The think tank said that businesses are trying to offset the cost of the national living wage by cutting overtime, bonuses and other staff perks. It said that the UK’s low-wage sectors, [...]
Soaring demand for bankers, insurers and accountants, but graduates left out in the cold May 31, 2016 Finance firms across the UK are on a hiring spree, as the number of job vacancies in banking jumped by ten per cent last month. The new analysis of job openings by a group of recruitment firms will provide welcome respite from reports of swingeing job cuts, as the Association of Professional Staffing Companies (Apsco) [...]
Iain Duncan Smith: “Immigration is the economy, stupid.” May 31, 2016 Former work and pensions secretary Iain Duncan Smith has warned that unchecked immigration will hit both wages and the affordability of homes as a new report has forecast that almost half a million refugees could arrive in the UK from 2020 onwards. According to a report from lobbying group Migration Watch, up to 968,000 of the 1.7m refugees already in [...]
Week ahead: Data set to steer the FTSE after four day rising streak May 30, 2016 Markets are set to be moved by data this week after the FTSE 100 posted its biggest weekly gain since mid-April last week. The blue-chip index closed at 6,270.79 on Friday, a fourth straight day of gains and up two per cent on the week. The FTSE’s winning run is largely due to an oil [...]
Mario Draghi to keep stimulus on ice in this week’s ECB meeting May 30, 2016 Mario Draghi will put his weapons out on display but keep the ammunition locked away at this week's European Central Bank (ECB) monetary policy meeting, experts have predicted. The president is expected to hold fire on another bout of quantitative easing or further interest rate cuts, as early indications appear that the ECB's latest efforts to [...]
UK employers are plagued by an “absenteeism crisis” costing the British economy £100bn a year May 30, 2016 The UK is suffering from an "absenteeism crisis" in the workplace, according to the on-demand hiring platform Catapult. Small- and medium-sized enterprises are most affected by employee absenteeism, Catapult has said, which includes both "genuine" and "non-genuine" absences taken off work. UK businesses are losing 6.9 days a year per employee due to the absenteeism trend, while nearly [...]
New economic data to underline UK’s struggle for growth this week May 30, 2016 The UK economy is still struggling for momentum, fresh data out this week is likely to confirm. Economists expect the bellwether purchasing managers’ indexes (PMIs) to remain glued at three-year lows as businesses and consumers remain cautious until after the EU referendum. Readings on all three measures – which cover the services, manufacturing and construction [...]
Setback for Greece as GDP shrinks faster than first thought in first quarter May 30, 2016 The Greek economy contracted by a shaper amount that previously thought in the first three months of the year, in a reality-check for the troubled nation following a string of upbeat developments. Economic output in Greece fell by 0.5 per cent between January and March – sharper than the 0.4 per cent contraction previously pencilled in. [...]
Cameron and Khan team up to launch Remain “guarantee card” May 30, 2016 Prime Minister David Cameron and London mayor Sadiq Khan will today unveil a new list of five guarantees offered by a vote to Remain in the EU. Volunteers will distribute the list as a “guarantee card” as the EU referendum campaign reaches its final weeks. The guarantee card reads: “Vote Remain on June 23rd, and [...]
Economic sentiment reaches four-month high in fragile Eurozone May 30, 2016 Confidence across the Eurozone jumped in May as strong consumer spending and a financial services sector on the mend helped repair a fragile feel-good factor across the single currency bloc. The official European monitor of confidence – the Economic Sentiment Indicator (ESI) – came in at 104.7 for the Eurozone on an index where 100 marks the [...]