Economics
Global trade war looms as President Trump signs off hefty steel and alluminium tariffs
The US launched its threatened hefty steel and aluminium tariffs despite 100 Congress men writing to the President warning that this would precipitate a trade war and global economic disaster. Donald Trump signed an order meaning US steel imports now face a 25% tariff and aluminium 10%. Trump exempted neighbouring Canada and Mexico, and hinted that "flexibility and cooperation" would be shown to friendly countries. The UK will be hit hard. 15% of our steel exports go the US. With...
The Brexit assessments the Government didn’t want released have been published – now everyone can see what they were hiding
@BenGelblum The House of Commons Exiting the European Union Committee has published the Whitehall Brexit impact analyses that the Government did not want you to see. Brexit Minister David Davis fought tooth and nail to keep the assessments of the possible impacts of Brexit on the economy confidential, insisting they might jeopardise negotiations with the EU if revealed. Yet it in the end there is only one section of the impact reports which has been left out of the 29...
How the UK Economy Can Grow With Big Engineering Projects
The engineering sector has been a cornerstone of the UK's economy over the years, and will be a factor in building the nation's prosperity as Britain braces itself for a new future. A lot has gone down in the sector and there is a number of issues to be addressed if the economy will see growth in the coming years. Presently, in terms of Gross Value Added (GVA), the contribution of engineering to the UK's GDP is 26% - more...
Brexit voting areas more likely to lose jobs to machines
As the UK economy becomes increasingly automated there are fears that the workforce in the North and Midlands will be adversely damaged, and these areas had a large percentage of Brexit voters. It is thought this will widen the north-south divide in the lead up to 2030. A total of 3.6m UK jobs could be replaced by machines. Of the top ten Mansfield, Sunderland and Wakefield are at the highest risk of having their jobs taken by machines. It it...
Is Trump ready to embark on a trade war?
Donald Trump this week signed an executive order that imposed tariffs on washing machines and solar panels. The move has been widely criticised by manufacturers for driving up costs for American citizens and reducing choice. Suspicious that the move could ignite a trade war with South Korea and China have also been raised. Discussing possible outcomes, Dr Fragkiskos Filippaios, Reader in International Business at Kent Business School at the University of Kent, says: "Recently, the US administration decided in favour of the introduction...
What are the implications of potential Catalan independence for the UK?
Following emergency powers invoked by the Spanish government in October 2017, Catalonia remains very much a part of Spain, at least in the short term. Within the Catalan parliament, there is now a slim majority of pro-independence parties, which still leaves the possibility of the region to secede very much on the table. So, would Catalonia be able to stand on its own two feet if it were to become an independent state? At first glance, it would appear the region’s...
World’s richest 1% took home 82% of wealth last year
The World's richest one per cent took home 82 per cent of the wealth last year, according to shocking new figures released by Oxfam. According to the findings the level of inequality veered once again in favour of the rich, with the vast majority of newly generated money going to the wealthiest one per cent. Data shows that of the £7.3 trillion generated between July 2016 and June 2017, around £6 trillion (82 per cent) went to 75 million people, while...
Economists claim Britain will gain £651bn from “no deal” – whereas EU will LOSE £500bn
A pro-Brexit group of economists has claimed Britain will gain £651 billion from a "no deal", whereas the European Union will lose more than £500 billion. The Economists for Free Trade group - formerly known as Economists for Brexit - used a classic trade model to predict that GDP will spike by nine per cent, amounting to a one-off gain of £180 billion, if Britain leaves on March 29, 2019, without a deal. They predict the UK would make an additional...
“It’s simply obscene’ – Top company bosses make more in three days than average UK worker will in entire year
Big corporations are not going to volunteer to really rein themselves in, which is why we need greater restraint on the excesses of those at the top, says union. GMB, Britain’s general union, has commented on ‘Fat Cat’ pay day tomorrow – when the UK’s top bosses will have made more money than the typical UK full-time worker will earn in the entire year, according to calculations from independent think tank The High Pay Centre, and the CIPD, the professional body...