Business and Economics
Business and Economics News
10 years on from the financial crash workers suffer as bankers thrive
Bankers have seen their pay increase by 9.3 per cent since 2009 as average wages fall by 3.1 per cent, new figures show. In the ten years since the financial crash the typical worker has been left nearly £1,000 worse off a year in real terms, the Trades Union Congress found. But the typical worker in finance or insurance has seen their pay increase by 9.3 per cent in a decade, giving them an extra £119 a week or £6,188...
Quarter of tech companies say Brexit has lost them investment deals
Almost three years on from the EU referendum, Brexit is still dominating the headlines. Our exit from the EU is still shrouded in uncertainty. It is unclear as to what deals are still on the table, who supports these deals and even on who may be running the country after the next few months.Recent research, by Tech London Advocates, has unveiled the true effect that Brexit uncertainty is having on small businesses in the UK. Almost 90% of technology businesses...
Bombardier sells Belfast operation as it moves to create “single aviation unit”
Bombardier is putting its Belfast operation up for sale as part of a reorganisation of the business. The aerospace firm is selling its entire aerostructures operations, which also has factories in Morocco, in a bid to create a single aviation unit. The Canadian aircraft manufacturer employs about 4,000 people across several locations in Northern Ireland. The company said it would be working closely with employees and unions, through any future transition period. In a statement, Bombardier announced the "strategic formation...
Brexit uncertainty takes its toll on London building activity
Political uncertainty and financial constraints have seen a halt to growth in London’s construction sector as sentiment turns negative in the capital, according to the RICS UK Construction and Infrastructure Market Survey, Q1 2019. Growth in workloads has slowed or declined across almost all sectors of construction this quarter in London. At the headline level, 2% of respondents in London reported a fall (rather than rise) in workloads, the lowest net balance since November 2010. Workloads in public housing and...
£50m cost to taxpayer after Grayling’s Brexit ferry fiasco
The public purse will take a £50m hit after the DoT (Department of Transport) ended its no-deal Brexit ferry contracts. Chris Grayling’s department had agreed £108m contracts with three ferry organisations, to assist with moving goods in the event of a no-deal Brexit. He has decided to terminate the agreements after the UK's departure date was moved to the end of October. Even though the deals were cancelled it is likely to cost around £50m to honour part of the...
Nearly a third of graduates too educated for their job
Nearly a third of graduates are too educated for their job, the Office for National Statistics (ONS) has found as part of its quarterly Economic Review. The data shows to 34.2 per cent of those who graduated after 2007 are overeducated for the profession they are in compared to just 21.7 per cent of those who graduated before 1992. London is the UK region with the highest proportion of overeducated workers, which is partly due to the relatively high proportion...
Demand for London office and retail space continues to fall and “Brexit has been a factor”
Demand for offices and retail space in London continued to fall during the first quarter of the year, according to the Q1 2019 RICS UK Commercial Property Market Survey. Alongside this, anecdotal evidence suggests uncertainty over Brexit continues to deter investors and occupiers across the board. London’s retail sector continued to struggle during the first quarter of the year, with 65% more commercial surveyors in the region reporting a decline rather than rise in demand from occupiers for retail space....
Brits are working from public toilets and zoos as hot desking turns to ‘not desking’
Public toilets, zoos and mountain tops have been named among the most weird and wonderful places people work from as hot desking turns to ‘not desking’. Research of more than 5,000 sole traders, entrepreneurs and small businesses has revealed people are increasingly turning their backs on the office and running company operations from their mobile phone. Those running animal care businesses were found to be most likely ‘not desking’, with a quarter running their firms remotely. People working in arts...
Research finds screens have “taken over our lives”
New research has revealed screens have taken over our lives after it was revealed that the average Brit now spends five and a half hours a day staring at their devices. More than half the nation now sit through the working week looking at a monitor before winding down the day watching television, which means it’s almost impossible to avoid the harsh blue light of digital devices. Many of those who work a 9 to 5 start to struggle with...