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 [...]
European Commission fines British Airways £90m for its role in an air cargo cartel March 17, 2017 British Airways is to be fined €104m (£90m) by the European Commission for its role in a major price-fixing scandal dating back to 1999. Some 11 airlines will be fined a total of €776m for their role in a cartel to fix fuel and security charges on flights to and within the European Economic Area between [...]
Emerging markets and junk bonds suffered as investors thanked the Fed for the promise of higher US yields March 17, 2017 Investors pulled money out of emerging markets and high-yielding bond funds at the fastest rate this year, positioning instead for bigger returns from US assets as the Fed continued on the path to normal monetary policy. High-yield bond funds, which target junk bonds from riskier but higher-rewarding companies, saw their biggest outflows since the end [...]
The majority of gig-economy workers want employment rights such holiday and sick pay – but they’re still happy March 17, 2017 The majority of people who are part of the gig economy want access to the same benefits as traditional employees such as holiday pay, new research reveals. Some 1.3m people in the UK are workers in the gig economy, the human resources trade body CIPD estimates, with 63 per cent saying the government should regulate to ensure [...]
Editor’s Notes: Only a lack of ambition can hold Britain back, says the Legatum Institute’s researcher tasked with finding the upside of the Brexit vote March 17, 2017 Britain faces an enormous challenge in the wake of Brexit, but the prize is more than worth the fight. That’s according to one experienced former trade negotiator who now finds himself at the heart of the UK’s trade debate. Shanker Singham is director of economic policy and prosperity studies at the Legatum Institute in London. He’s [...]
Moving clearing from London to Europe is no piece of cake March 17, 2017 "Britain cannot have its cake and eat it over Brexit negotiations.” Comments such as this from the Prime Minister of Luxembourg at the height of political tensions following the EU referendum have, perhaps unsurprisingly, become synonymous with the Brexit debate since 23 June. But with the triggering of Article 50 just around the corner, it [...]
As Toyota says it’ll invest £240m in its UK plant, has the threat of Brexit to carmakers been overplayed? March 17, 2017 Daniel Mahoney, deputy director at the Centre for Policy Studies, says Yes. The prospect of a 10 per cent tariff on UK car exports to the EU is unnerving for the automotive industry. However, developments since the EU referendum are reason to remain positive. Both Nissan and now Toyota have announced major investments in the [...]