Britons’ income from work surged in August as low unemployment made its mark August 20, 2018 Britons’ work income rose at its fastest pace on record in August, as historically low levels of unemployment helped household finances cope with inflation pressures. Data from IHS Markit’s published today showed the tenth consecutive month of employment income gains, in spite of an increase in the feeling of job insecurity. The figures will be [...]
AI could lead to mass unemployment, warns Bank of England August 20, 2018 Widespread reskilling is essential to avert a future in which AI creates long-term unemployment, the Bank of England’s chief economist warned on Monday. Andy Haldane predicted that machine automation will lead to a “hollowing out” of the jobs market “on a much greater scale in the future” than during the revolutions of coal, electricity and computing [...]
Turkey’s crisis shows the danger of mixing politics with economics August 17, 2018 There is a longstanding debate about the proper relationship between politics and economics. While many economists maintain that their discipline is a “neutral science” that deals in facts rather than values, politicians have long sought to use economics for their own ends. The financial crisis in Turkey is a perfect example of what happens when [...]
Pound sinks to 11-month low after Liam Fox’s no deal Brexit warning August 17, 2018 The pound has fallen to its lowest in 11 months this morning, following warnings over the weekend by international trade secretary Liam Fox that it was now more likely the UK would leave the EU without a deal. Sterling fell 0.3 per cent to $1.2954, its lowest since July 19, making it the biggest loser [...]
Congratulations, students – welcome to a broken system August 17, 2018 It is hard to think of a more eccentrically British fixation than the national obsession with A-level results day. And there’s something for everyone in the results announced yesterday A rise in the proportion of students achieving As and A*s (“exams have become too easy”), a fall in the numbers achieving above a C grade [...]
Countrywide of the mark as pay rebellion looms August 16, 2018 Beleaguered estate agent Countrywide could be the victim of its second shareholder rebellion in two months amid a bitter row over executive pay. Under-fire chairman Peter Long is facing the wrath of City institutions who are understood to be planning a revolt over a new incentive scheme, according to reports in Sky News. In a [...]
Tory MPs hit back over rail fare hike August 14, 2018 The government has come under fire from Tory MPs for hiking train fares amid a growing dispute over the measure used to determine price rises. Transport secretary Chris Grayling said tonight the government will “freeze regulated fares in line with inflation” for the sixth year running, a move that will potentially add hundreds of pounds to [...]
Jobs miracle is a real achievement for the UK August 14, 2018 Brexit, Boris and burqas. These are hardly halcyon days for the Conservatives, who – according to the latest opinion poll – trail Labour by two points, despite Jeremy Corbyn’s hapless and controversy-laden leadership. Nonetheless, yesterday held a reminder of a genuinely remarkable achievement that successive Tory inhabitants of Downing Street can point towards – namely, [...]
Sterling volatility continues over no deal Brexit fears August 9, 2018 Hedge fund boss Crispin Odey said today he would continue betting against sterling in the run up to Brexit, even after it fell to its lowest point for a year yesterday. Nervousness over the UK’s prospects of striking a deal with the EU has sent sterling sliding in recent days, falling as low as $1.2842 [...]
Pound sterling continues downward slide amid Brexit jitters | City A.M. August 9, 2018 Sterling has continued its downward slide against the dollar this week, amid growing fears of Brexit talks resulting in a no deal scenario. The pound was down 0.23 per cent against the greenback to $1.2853 in early trading, while it is flat against the euro at €1.1096. Yesterday it slipped below $1.29 for the first [...]