Economics

Gig economy workers juggle as many as two or more jobs at the same time, according to new research. One in three hold at least two jobs, while one in 14 hold three or more. And one in ten undertake seasonal work or employment during the holidays. The research also revealed that more women have just one form of gig work than men (55 per cent vs 42 per cent), whereas more men hold three to five gig jobs than...

The Northern Powerhouse seems to have failed to close the gap between the wealth of the north and the south. George Osborne’s vision of revitalising the great northern cities appears to have been hot air. EY have indicated that the gap between the two areas will continue to grow until 2020 as the economy fails to rebalance. London and the south-east will bring in 2.2 per cent and 2 per cent growth respectively, while the rest of the UK will...

The rate of inflation rose to 3.1 per cent in November as the squeeze on households continues. With average weekly wages growing at just 2.2 per cent Brits are starting to feel the pinch in the run up to Christmas. Inflation rose at the highest rate in nearly six years last month, according to ONS figures, with airfares and computer games contributing to the increase. Mark Carney, the governor of the Bank of England, will now have to write a letter...

The EU have created a blacklist of tax havens, which contain 17 names. Crucially for the UK, the main list excludes a number of British Overseas Territories such as the Cayman Island and Bermuda that were on a previous EU blacklist from June 2015. There is also a “grey” list of a further 47 countries who do not meet the EU tax standards but have pledged to change their rules to improve their tax arrangements. Bermuda, the Cayman Islands, the...

Train companies have announced largest ticket increase for five years, signalling a depressing start to the new year for struggling commuters. Fares for all journeys in 2018 show an average rise slightly below the 3.6% set by the government in August for regulated fares, which include season tickets. Rail operators said it showed the industry was attempting to keep down the cost of travel. It is unlikely that many passengers, dealing with the creaking rail service, will agree with their...

Here is an obscene fact for you: Bitcoin uses more electricity than 159 of the planet's countries. The cryptocurrency worth under $1 in 2011 hit a new record this week, making headlines as it soared above $11,000 on Wednesday morning, after which its value has been going up and down like a rollercoaster.   But the other record that Bitcoin is breaking is as the world's most obscenely energy-guzzling currency. Bitcoin is the world's first payment network that's completely decentralized,...

Shocking new analysis by the Resolution Foundation has revealed pay in real terms won’t be back to 2007 level until 2025. According to the research average annual pay peaked in the autumn of 2007 at £31,644 (in 2016 prices). Once inflation is taken into account, average pay will not be back at those levels until the start of 2025 - some 17 years since the financial crash struck. The Resolution Foundation's report, Freshly Squeezed, warns that Britain is on course for the...

The chancellor has announced stamp duty will be scrapped for first time buyers on homes up to £300,000 and up to £500,000 in high price areas. The move will affect roughly 80 per cent of first time buyers, and will come as a huge relief for people who are struggling to get on to the property ladder. Philip Hammond was under pressure to deliver a game-changing Budget today, and after a string of concerning economic data he saved the eye-catching announcement...

A new study has revealed a fascinating inter-generational divide over trust on the economy. Despite both parties being neck-and-neck overall, the Sky Data poll found huge splits between young and old. Of 18 to 34-year-olds, 62 per cent want Labour in charge of the nation's finances, versus 28 per cent for the Tories. Jeremy Corbyn's party also scrapes a narrow win among 35 to 54-year-olds, who favour it 41 per cent to the Conservatives' 39 per cent. But among those...