Economics
Shocking figures show North West has lost 77,000 manufacturing jobs in past decade
Region's industry nosedives in ‘massive problem for workers and local economy. The North West has haemorrhaged more than 77,000 manufacturing jobs in the past decade, a new study by GMB has shown. The figures were discussed at GMB’s annual Congress in Plymouth. They show that 77,700 jobs in the sector disappeared from 2006 to 2016, a massive fall of 18%. Between them the lost jobs have meant the North West has seen £725 million less paid in manufacturing wages in...
London and US win in Global Cities Index as China loses ground
Los Angeles has been named as the top global city in the third publication of the Schroders Global Cities 30 index, narrowly beating London which took second place. US mega-cities dominated the latest index taking 18 of the top 30 places, including four of the top five spots. Los Angeles jumped from sixth place to first, whilst Boston saw one of the biggest leaps in the index going from 24th place to third place. Chicago jumped from 10th place to...
Has the UK election results had any impact on the price on Bitcoin?
The recent skyrocket in Bitcoin’s market value has caused there to be a great deal of speculation about how long lasting this success will be and whether it is just a matter of time before it sees a significant crash (as was the case on previous occasions). As Bitcoin is decentralised by nature, it is possible that it will perform differently than other currencies as it is not controlled by any company, government or a particular organisation. Bitcoin, the very...
Demand for urgent action on cost of living crisis as retail sales slump
The Government must look after ordinarily working people as growth lowest for four years. GMB union has called for urgent action on the cost of living crisis as retail sales growth slumped to its lowest level for four years. Figures from the ONS this morning show that the annual retail sales growth rate was the lowest since April 2013. Non-food stores were the main contributing factors to this slowdown with an annual fall of 1.2% and predominantly food stores saw...
Average pay drops as inflation soars
The average pay has dropped by 0.4 per cent, new figures have a revealed - a day after news broke that inflation has shot up to 2.9 per cent. Even taking into account bonuses real average weekly earning, taking account of inflation, decreased by 0.4 per cent and by 0.6 per cent excluding bonuses. Today’s figures are the first time average earnings, including bonuses, have gone into decline since 2014. GMB says the squeeze in pay and living standards is more evidence the...
UK in desperate need for a pay rise as wages drop AGAIN, says Union
Conservative’s flawed economic plan exposed once more as average pay drops even including bonuses GMB says the UK desperately needs a pay rise as average real terms wages drop once again. Even taking into account bonuses real average weekly earning, taking account of inflation, decreased by 0.4% according to today’s figures – and by 0.6% excluding bonuses. Today’s figures are the first time average earnings, including bonuses, have gone into decline since 2014. Just yesterday ONS figures showed inflation has...
The economic outlook is “uncertain”
Uncertainty was the theme in the latest Global Economy Watch from accountants PWC. Almost a third of business leaders say they expect at least one crisis within the next three years, and uncertain economic growth is perceived to be the biggest threat to business. Uncertainty over Brexit could dampen business investment and push up household savings rates, further dampening consumer spending growth. A hung parliament following the UK election could also add to business uncertainty. Barret Kupelian, senior economist at...
Why the THAAD Missile System Could Cripple the South Korean Economy
The news of the deployment of a THAAD missile defence system in South Korea is creating tension and conflict in the region. Despite ongoing concerns, the United States works with the country to get the system operational as a security measure against unpredictable North Korea, China is lashing out in protest over the issue. To voice its disagreement, China is taking aim at South Korea’s economy at several different ways that could have disastrous consequences for the country. As South...
The Bank of Mum and Dad is Now the UK’s 9th Largest Lender
While the so-called 'Bank of Mum and Dad' is well-known concept, it is one that has become increasingly relevant since the great recession. Incredibly, parents are now thought to fund more than a quarter of house purchases in the UK market, as rising inflation and real wage growth continues to hinder first-time buyers. In financial terms, the Bank of Mum and Dad has become the equivalent of the ninth-largest mortgage lender in Britain, ahead of even prominent establishments like the...