The curious case of Swiss referendums: Tunnels and trains win the day but tax changes shot down at the polls June 6, 2016 Swiss voters rejected the much-hyped basic income proposal put to them in yesterday's referendum. More than three-quarters of voters sided with the government and campaigners who warned the proposal to give every man and woman 2,500 Swiss francs (£1,773) a month was just too expensive. The proposal was put forward by a Swiss businessman through Switzerland's form [...]
SMEs have a gloomy view of the economy, as uncertainty over the upcoming EU referendum vote and higher wage bills take their toll June 6, 2016 The summer weather has done little to boost SME owners' moods, with research out today showing that many have lost confidence in the economy. According to the study by Close Brothers, only one in five SMEs said they were confident that the economy could deliver a steady recovery, while more than a quarter said they were [...]
What the quiet rise of Tooting says about the challenges facing Sadiq Khan as mayor May 31, 2016 As with all great cities, London has many faces. We all know the stereotypes: West London is for old money and new oligarchs, North London is for intellectuals and media luvvies, East London is for hipsters and entrepreneurs, and as for South London, well that’s not actually so clear. West and North have historically been [...]
Iain Duncan Smith: “Immigration is the economy, stupid.” May 31, 2016 Former work and pensions secretary Iain Duncan Smith has warned that unchecked immigration will hit both wages and the affordability of homes as a new report has forecast that almost half a million refugees could arrive in the UK from 2020 onwards. According to a report from lobbying group Migration Watch, up to 968,000 of the 1.7m refugees already in [...]
Multigenerational households are set to rise across the UK May 27, 2016 As house prices soar across the country, a report released today predicts that the UK could become a nation of multigenerational households. There has been a 52 per cent rise in house prices between 2005 and 2015, according to the report from Aviva. During the same period, there has been a 32 per cent increase [...]
Before the bell: What you need to know before the US market open May 26, 2016 The price of US crude oil has smashed through $50 per barrel after Brent crossed that mark last night. Meanwhile the world's leaders have assembled in Japan for the G7 meeting. Here's what you need to know before the US market open at 14:30 London time. The futures market is pointing up. The S&P is up by 0.1 [...]
Prime minister David Cameron warns of hit to pensions if Britain backs Brexit May 26, 2016 Prime minister David Cameron has warned retirees face a triple threat to their pension pots if Britain votes to leave the European Union. He said pension funds would shrink due to the economic shock from a leave vote, just as the fallout increased the cost living and changes to visa and residency rules led to a shortage of [...]
Should we blame empty foreign-owned apartments for London’s housing crisis? The data says no May 26, 2016 London's housing crisis is worsened, maybe even caused, by wealthy foreigners buying up properties and leaving them empty. Right? It’s an attractive argument, identifying a specific and unpopular culprit (the global rich) while spreading the notion that they are to blame for most of today’s social and economic problems. Unfortunately, in this case, the figures [...]
One in three people can’t make their pay last the whole month May 24, 2016 If you're already having to eke out the last vestiges of your April payday, you can rest assured you're not alone. Over a third of Britons, 34 per cent, fail to make their paycheck last the whole month, according to a new poll of nearly 1,000 people's spending and saving habits from Wizzcash. One of the major reasons [...]
Mitie Group share price jumps as profit doubles May 23, 2016 UK outsourcer Mitie shook off a string of "unanticipated macroeconomic headwinds" to double profit in the year ended 31 March. The figures: Revenue from continuing operations fell 1.8 per cent to £2.2bn in the year ended 31 March, down from £2.3bn a year earlier. But pre-tax profit rose 133 per cent to £96.8m during this period, up from [...]