What Brexit vote? The number of foreign workers in the UK is still going up, despite the EU referendum and sterling’s drop November 16, 2016 The number of foreign nationals working in the United Kingdom has increased by 241,000 to 3.49m in the past year, despite the Brexit vote in June which was seen by many as a referendum on migration controls. This increase was 28,000 higher than the number of UK nationals with UK jobs, which grew by 213,000 [...]
Wage increases under threat as slowdown in UK manufacturing weighs on productivity growth November 16, 2016 UK productivity growth fell two-thirds between July and October, despite better than expected GDP growth, new figures have shown. Data from the Office for National Statistics (ONS) showed the main measure of productivity, growth in average output per hour worked, declined to 0.2 per cent from July to September, down from 0.6 per cent in [...]
Brexit effect? Wage growth stays slow as unemployment benefit claimants rise November 16, 2016 Is this a sign the Brexit vote is beginning to have an impact on the jobs market? Growth in average weekly earnings including bonuses remained resolutely flat at 2.3 per cent between July and September, figures published today showed – although real wage growth could only muster a disappointing 1.7 per cent. The figures, by [...]
The number of deaths might be reducing but terrorism is costing the global economy billions of dollars each year November 16, 2016 Terrorism cost the global economy an eye-watering $90bn during 2015 according to a report by a leading global think tank. The Institute for Economics and Peace today produced its Global Terrorism Index, which revealed the impact terrorism is having on the world's finances. Read more: How nuclear terrorism is a $1bn opportunity for this UK firm Perhaps unsurprisingly, [...]
Trump does not mean the end of liberalism November 16, 2016 We are told the fifth stage of grief (following denial, anger, bargaining, and depression) is acceptance, and for some people in the US and beyond who this time last week found themselves aggrieved by the outcome of the presidential election, the journey to this final step has been swift. “Trumpism could be a solution to the [...]
German GDP underperformance weighs on Eurozone growth but analysts aren’t too concerned November 15, 2016 Eurozone GDP grew at a rate of 0.3 per cent in the third quarter of 2016. The underperformance of the German economy ensured that growth for the region remained stable, but analysts did not see much cause for concern in the face of improving sentiment for the German economy. Growth was weighed down by unspectacular performances [...]
Dollar pressure continues to beat down Asian currencies in wake of Trump election November 15, 2016 China’s yuan today fell to its weakest point since December 2008 against the dollar as concerns over US President-elect Donald Trump’s policies led investors to pile more pressure on Asian stocks. The yuan fell to 0.146 against the dollar, continuing a steady decline from a peak of 0.165 in 2014 and a 52-week peak of [...]
We’ve hit peak gig economy, according to JP Morgan November 15, 2016 The number of people racing to make money from driving an Uber, offering their services on TaskRabbit or renting out a spare room on Airbnb has peaked, according to one top investment bank. Growth in the number of people participating in the gig economy has slowed and is now plateauing, new research from JP Morgan has [...]
Sterling falls back below $1.24 after a surprise fall in inflation – pushed down by tuition fees and clothes November 15, 2016 So much for the Trump rally. The pound fell back below $1.24 this afternoon after figures from the Office for National Statistics (ONS) showed prices rose 0.9 per cent in October – missing expectations. Economists had expected the weaker pound to push consumer price inflation (CPI) to a two-year high of 1.2 per cent, from September's one [...]
Mark Carney accuses politicians of a “massive blame-deflection exercise” and warns City firms to hold off leaving UK November 15, 2016 Mark Carney today defended central bank policies in front of MPs, saying that politicians blaming inequality on the actions of central bankers were engaged in a “massive blame-deflection exercise”, while also warning firms not to leave the City because of Brexit. The Bank of England governor held firm on the bank’s forecast of inflation above [...]