This is particularly worrying for economic growth. Almost all of the economy’s expansion has been driven by the rising number of people in work in recent years, according to Tony Wilson, director of the Institute for Employment Studies. “For the last 20 years or more, economic growth has been driven by employment growth rather than...
Tag: UK economy
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US employment growth smashes predictions in blow to hopes of rate cuts – latest updates
Thanks for joining me. We begin with data showing house prices stalled between April and May. Average property values fell by 0.1pc over the month to £288,688, the Halifax house price index showed. 5 things to start your day 1) British tech tycoon Mike Lynch cleared in $11bn US fraud trial | A San Francisco...
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Broken Britain: How the wage squeeze left us being treated as a developing country
“It seems that the recent increase in wages is a cyclical phenomenon driven by labour shortages as a result of Brexit, people dropping out of the workforce following the pandemic and a rebound in growth,” says the economist Julian Jessop. “We will not get a structural, long-term increase in wages until there is sustained productivity...
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UK govt borrows more than expected in April, posing challenge for PM Sunak
3 min read Last Updated : May 22 2024 | 12:43 PM IST British public sector borrowing was higher than expected in April, underscoring the challenge facing Prime Minister Rishi Sunak and finance minister Jeremy Hunt who have said they want to cut taxes further as they face an election this year. ...
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Bank of England will cut interest rates in August, says Goldman Sachs – latest updates
Thanks for joining me. We begin the day with the economic news that has been keenly anticipated by mortgage holders and the Prime Minister. Inflation fell to 2.3pc in April, according to the Office for National Statistics, raising hopes that interest rate cuts will not be far away. 5 things to start your day 1)...
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‘More job losses to come’ as UK stuck in ‘painful’ place, warns economist – latest updates
Thanks for joining me. Average wages have grown faster than expected in a blow to hopes for interest rate cuts in June. UK average regular earnings growth remained unchanged at 6pc in the three months to March, the Office for National Statistics said, which was higher than the 5.9pc expected by economists. 5 things to...
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Interest rate cuts could switch ‘from stroll to a sprint’ after US jobs surprise
Thanks for joining me. Hong Kong led another rally across Asian markets thanks to a surge in tech giants, putting it on course for its strongest run since 2018. The Hang Seng was the standout performer overnight thanks to buying of heavyweights including Alibaba and JD.com. 5 things to start your day 1) Apple suffers...
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GB News to axe 40 jobs weeks after revealing heavy losses
GB News is to cut 40 jobs as the opinionated broadcaster battles to stem losses. Staff were informed of the cuts at a company-wide meeting on Friday afternoon following previous warnings that a restructuring would lead to some employees losing their jobs. Bosses are offering up to two months’ salary and a possible payment in...
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Trump’s wealth surges by $5.5bn as Truth Social starts trading
Donald Trump has entered the ranks of the world’s 500 richest people after shares in his social media company surged on their Wall Street debut. Shares in Trump Media and Technology Group (TMTG), the entity behind Mr Trump’s Twitter rival Truth Social, rose by more than 50pc at one point after it arrived on the...
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The sickly seaside town that turned its back on work
Baroness Grey-Thompson also believes society has written off many disabled people unfairly. She believes many want to, and can, work. Ableism is rife, she claims, adding that she has also felt patronised in the past by people who believe they know best. “Disabled people are ignored – they are 20pc of the population. But it...