Could Labour be set to make a big announcement on low pay at its party conference? September 18, 2014 Tackling low pay has been a central policy theme for Labour while in opposition, and it’s not hard to see why. While the economy is growing, wages aren’t rising in real-terms and people don’t feel better off. Ed Miliband knows this and has sought to focus his party’s strategy on the cost of living crisis [...]
Labour’s faulty rent control plans reflect the shallowness of UK politics today September 8, 2014 WHY DO politicians advocate policies which deal with the symptoms of problems rather than the underlying issues directly? In the past week we’ve seen Liberal Democrats react to expensive childcare by pledging to roll out “free” care for all two year-olds, which they say will help struggling families. George Osborne, meanwhile, has promised to cap [...]
Rate of inflation is not as bad as you think but survey shows consumers are feeling the pinch September 5, 2014 The Bank of England has released the results of its latest survey into what consumers believe the rate of inflation will be over the next 12 months. The figure was up 0.2 percentage points to 2.8 per cent, while respondents believed the current rate to be around 3.4 per cent. Were the true figure to be hovering [...]
Why interest rate rises won’t push voters into Ed Miliband’s arms September 1, 2014 We all know they are coming, even if not quite yet. The Bank of England Monetary Policy Committee (MPC) is not expected to change interest rates this week, but its inaction is unlikely to last for long. In August, dissenters appeared on the MPC for the first time since 2011, with two members voting for an [...]
Self-employment is at its highest for 40 years August 20, 2014 The rise in the employment rate since 2008 has largely been amongst the self-employed, according to new data from the ONS. What is more, the percentage of the workforce that answers only to itself is at 15 per cent, the highest rate for 40 years. To make matters worse, the average salary for a self-employed [...]
In graphs: UK is “halfway to recovery” says Carney August 17, 2014 Britain's economy is "more than halfway towards the finish line" Bank of England governor Mark Carney has said, with the UK economy expected to grow by 3.5 per cent this year. Perhaps more poignantly for those looking for hints as to an interest rate rise, Carney also indicated he wouldn't necessarily wait until wages caught up [...]
Regular pay growth at lowest rate since records began August 13, 2014 Regular pay has grown at its lowest rate since records began in 2001, according to the Office for National Statistics. Average earnings excluding bonuses between April and June rose by just 0.6 per cent year-on-year, while pay in the three months to May had risen by 0.7 per cent. In comparison, consumer price [...]
Labour: True fall in wages missed by official statistics August 11, 2014 Real wages have fallen even further than official data show, the Labour Party claimed today, arguing the figures do not properly measure the self-employed. Labour said the average pay of a self-employed worker is down £2,000 since 2010. But they are not included in official data, which are based on surveys of employers. “Worryingly under the [...]
Forget pensions: We need radical Isa reform to really tackle the UK savings crisis August 4, 2014 The UK’s pensions crisis is no longer looming. It’s here. We are dangerously over-heating, and millions of British households, who are simply not saving enough for later life, face a bleak financial future – unless there is swift, radical action. UK adults need and deserve a solid framework that will help them save and plan [...]
Interest rate hikes risk a household debt tragedy if we don’t act now July 23, 2014 Beware the economist bearing forecasts. The only thing that’s ever certain about economic predictions is that they’ll turn out to be wrong. But this one’s nailed on: interest rates are going to rise. Hardly the riskiest punt – the current emergency base rate of 0.5 per cent can’t be sustained forever and, as yesterday’s Monetary [...]