Business and Economics

Business and Economics News

Iain Duncan Smith approves cuts to disabled people on assumption “enough will die.”

By Joe Mellor, Deputy Editor Iain Duncan Smith is giving the green light to almost a 20 per cent cut in support for people with disabilities. Funds available for disabled people who used to access the ILF (Independent Living Fund) will be reduced by nearly a fifth over the next four years. Government ministers have said the measures are appropriate as the claimant number will fall, however campaigner Linda Burnip claims this is calculated “based on the hope enough people...

Victims of Bedroom Tax Suffer By £66 More Than DWP Predicted

By Joe Mellor, Deputy Editor Figures that have just been released have revealed that the controversial tax is costing 442,000 poor homes £15.27 a week up from an estimated £14. A lot of money for struggling people living on the breadline. This is a total of £794 a year, £66 higher than the £728 the DWP claimed it would be in the official impact assessment from 2013/14. This is 9 per cent above the original figure. The difference on the...

Millions in Poverty Through Tory Cuts as Study Says Work Failing to Pay

By Joe Mellor, Deputy Editor Welfare cuts have hit children the hardest as families can’t make ends meet, a study has revealed. Due to Tory spending cuts more people live below the poverty line that in 2008 at the height of the global financial meltdown. The report, by the JRF (Joseph Rowntree Foundation) found that 11.6 million people are struggling to make ends meet. Shockingly the majority of these people live in working households. The JRF study says that cuts...

Meet the Capital’s Entrepreneurs Deeply Concerned by a Quarterly Hike in Tax Returns

Porterlight Bicycles’ office-come-workshop, tucked away inside a warehouse on an industrial estate in Seven Sisters, has all the space of a garden shed. Between Lawrence Brand – the founder of Porterlight Bicycles – myself, and a baby blue bicycle frame, there is little room to manoeuvre. Hunched over a workbench, we are sandwiching a small blackboard. Chalked on the board is a motivational message: ‘Time to Build’. Brand believes the Chancellor has failed to send out the same message to...

EasyJet Founder Launches Low Cost Supermarket in Park Royal

EasyJet founder Sir Stelios Haji-Ioannou has opened a new low cost supermarket in Park Royal offering staple goods for 25p each. EasyFoodstore opened on Monday offering a range of groceries for 25p as part of a introductory promotion set to last all of February. The outlet has a  “limited and basic range of items at rock-bottom prices” using the slogan, “No expensive brands. Just food honestly priced”. The move is a clear challenge to the astronomic rise of retailers Aldi and...

Half A Million Female And Ethnic Minority Job Seekers Ignored

New job data has revealed almost a half a million female and ethnic minority jobseekers in the finance and IT sectors will not be considered for roles this year purely because of the name on their CV. The research revealed that even though employment in finance and IT is on the increase, the proportion of women and minorities working there has fallen. There are also inherent barriers to progression for those already in-situ: women with supervisory responsibility in the finance sector are...

UK Workers Seek Independence Through Franchising

With over 900 franchise brands and 44,000 operations, it's fair to say the UK high street is buzzing with franchise activity. Often unbeknown to the public. Most of us recognise McDonald’s as a global franchise, but Dominos, Costa and many more sing from the same hymn sheet. In the past ten years the franchise sector's contribution to the economy has grown by 46 per cent, bringing in £15.1 billion last year. For Brits who want more independence over their career it is...

Refugee Influx May provide EU Economic Boost, says IMF

By Joe Mellor, Deputy Editor GDP could grow in Europe due to migration through long-term boost to jobs market and greater state spending, says IMF report. It also claims that any negative effects will be short lived and won’t negatively impact on native workers in the long-term. The IMF believe the recent refugee arrivals will raise economic growth a small degree in the short-term – especially in Austria, Germany and Sweden. Also if they are integrated into the job market...

Oil Market ‘Could Drown in Over-Supply’ in 2016

The price of petrol is likely to drop further in 2016 following the Iran nuclear deal that freed the country of sanctions. The International Energy Agency has predicted that “unless something changes, the oil market could drown in over-supply” in 2016. Over supply of crude has already resulted in prices dropping to around the $28 a barrel mark, but it could fall further. The IEA expect that higher production from Iran will lead to the market being drowned in oil, with production set to...

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