Employment rate jumps to record high as labour market shrugs off Brexit concerns March 19, 2019 The UK’s employment rate soared to a new record high today and unemployment fell to a fresh low as the labour market shrugged off Brexit concerns. The employment rate hit 76.1 per cent for November 2018 to January 2019, Office for National Statistics data revealed today, to a new record of 32.7m people – 473,000 higher [...]
We don’t need to break up big tech to make a better internet – we just need more competition March 19, 2019 Last week saw the release of the government-commissioned Furman Review into digital competition. The commission, chaired by former Obama administration chief economic adviser Jason Furman, found that Google, Amazon, and Facebook don’t face enough competition. This shouldn’t come as a surprise, given the recent attention on tech giants’ business models by governments across the world. [...]
Corbyn fails yet again to grasp the magic of competitive markets March 19, 2019 It is not the worst thing that Jeremy Corbyn has ever said. But it’s certainly one of the most revealing. A year ago, the Labour leader was explaining why he wanted to leave Europe’s Single Market while staying in the customs union – a stance memorably described by my fellow think tanker Kristian Niemietz as [...]
London climbs world’s most expensive cities ranking March 19, 2019 London has become a dearer place to live in the last year, causing it to climb eight places in the world’s most expensive city list, according to the latest worldwide cost of living survey. After dropping considerably last year the capital is now the world’s 22nd most expensive city to live in, far behind its [...]
The UK government should take inspiration from an unlikely source when writing its post-Brexit migration plan March 19, 2019 Another day, another chance for UK politics to reach hitherto unimaginable levels of farce. But while Downing Street reels over speaker John Bercow's characteristically dramatic intervention, it's worth remembering that the government is capable of making a complete mess of many things – not just Brexit. Take immigration, for example. We have a Prime Minister who [...]
Wage costs grow in Britain amid record high employment rates March 18, 2019 Wage costs in the UK grew 1.7 per cent in the fourth quarter of 2018 from the quarter before, compared to an average of 0.5 per cent quarter on quarter growth over the last 10 years. Wage costs per hour worked in Britain – meaning benefits in kind, wages and salaries – were 3.2 per cent higher in the [...]
EU trade surplus with US grows as deficit with China rises March 18, 2019 The Eurozone’s trade in goods surplus in January was half the level of a year earlier, slipping to €1.5bn from €3bn, the latest figures have revealed. Meanwhile the European Union’s goods trade surplus with the US rose in January while its deficit with China increased, in news likely to anger US President Donald Trump. Read more: [...]
UK statistics body to start using new, quicker indicators March 18, 2019 The UK’s main statistical body will move to new, faster economic indicators to keep up with demand from policymakers and analysts and to compete with other services, it said today. Read more: UK economy rebounds in January after December slump The Office for National Statistics (ONS) announced today that from mid-April it would use new [...]
Raghuram Rajan: The central banker trying to save globalisation from itself March 18, 2019 Political and economic debate generally divides around two pillars: markets and state. Free-marketeers see a world where, when people are free to buy and sell according to the laws of supply and demand, business competition naturally drives quality up and prices down, resulting in prosperity and productivity for all. At the other end of the [...]
UK export growth nearly slips into contraction due to Brexit and wider economic slowdown March 18, 2019 UK export growth almost slipped into contraction in the first quarter of this year due to Brexit concerns and a global economic slowdown. German export growth also slowed, falling for the fifth consecutive quarter, due to weaker car sales, according to a survey by accountancy firm BDO. Read more: German export confidence slides as last [...]