Taylor review: Six major report recommendations for changing employment law with the rise of the gig economy July 11, 2017 The government should introduce new laws for a new world of work. That's the recommendation of the Taylor Review, a long-anticipated report into the gig economy and how employment is changing in the modern economy. It's yet to be seen if and how the government might take on such changes. Here are the main points [...]
Buried treasure: The British shadow economy is worth £200bn June 29, 2017 The British shadow economy accounted for more than £200bn last year, according to new estimates of goods and services kept away from the eyes of authorities. The murky world of the legal goods and services deliberately concealed from governments was worth 11.3 per cent of the UK’s GDP in 2016, according to the Association of [...]
Record growth across the board for Moneycorp, the foreign exchange firm, in 2016 March 21, 2017 Moneycorp, the foreign exchange currency provider has reported record income of £137m for the year ending 31 December, an increase of nine per cent year-on-year. The company revealed underlying profits of £22.3 m as well as record revenue growth of 28% in its corporate international payments business. It also stated that it handled over 7m transactions [...]
Emergency rate productivity hit was worth it to save 1.5m jobs, says Bank of England chief economist Andy Haldane March 20, 2017 Slashing interest rates in the aftermath of the financial crisis has saved 1.5m jobs, the Bank of England's chief economist said today. Speaking at the London School of Economics, Andy Haldane noted, while the ultra low interest rate environment had hampered productivity, it was worth it to keep over a million people in work compared with a [...]
Sterling drops against the dollar and the euro after Theresa May confirms Article 50 trigger date as 29 March March 20, 2017 The pound has pared earlier gains against both the dollar and the euro, after the trigger date for Brexit negotiations was confirmed this morning. Sterling was up against the dollar, hitting around $1.2431, and the euro, at €1.1546, in earlier trading, but has since declined. At pixel time, the pound was at $1.2383 and €1.152 [...]
Worrying mood music on global free trade from the G20’s summit in Baden-Baden March 20, 2017 The way in which the world’s most advanced economies understand and attempt to order global trade policy underwent a quiet revolution over the weekend. The German spa town of Baden-Baden hosted the annual meeting of the G20 at a critical and sensitive time. China has started to talk the talk on free trade, even if [...]
Britain needs a smart state, not big government, to lead the Fourth Industrial Revolution March 20, 2017 In her first party conference speech as Prime Minister, Theresa May declared it was “time to remember the good that government can do”. Setting out a new approach to the role of the state, she rightly acknowledged that Whitehall doesn’t have all the answers but should instead be a proactive “force for good”. That’s certainly the right [...]
Consumer spending growth heading for four-year low as wages stagnate March 20, 2017 Real earnings growth is forecast to be up just 0.1 per cent in 2017, slowing sharply from 1.8 per cent in 2016. As a consequence consumer spending will rise by only 1.7 per cent, its weakest rate since 2013, according to the EY ITEM Club. Last year saw a 12-year high of 3.1 per cent [...]
Euro falls against the US dollar after construction fall hints at weakness in recovery March 17, 2017 The euro fell sharply today against the US dollar as new data cast doubt on the narrative of an uptick in economic activity in the European Union. The euro fell to lows of $1.0728 against the dollar after having reached highs of $1.078 earlier this morning. Construction in the Eurozone dipped markedly in January, falling [...]
Former chancellor George Osborne has been appointed editor of London daily the Evening Standard – Twitter reacts March 17, 2017 George Osborne has announced yet another new job, and Twitter has gone a bit nuts… The former chancellor has just been appointed Editor of the Evening Standard and it's fair to say the news came as a surprise to basically everyone. I am literally dumbfounded. Trying to imagine Osbo drumming up page leads. "Don't we need a nib [...]