LSBF Blog - Global Matters

UK wage growth forecast to hit seven-year peak, forecasts study

June 15 ,2015 | by Hari Sri

Wages in Britain will increase at fastest rate since the 2007 financial crisis, predicts independent thinktank.

When official figures are published later this week, workers in the UK are likely to see that real wages have grown at their fastest rate since before the financial crisis, according to a new forecast.

Independent thinktank Resolution Foundation expects that the coming release of employment figures will show that average weekly wages grew by 2.5 to 2.6 per cent in April this year, when compared with the same month last year. If we take into account that inflation has been near zero for the last few months, then real wages rose between 2.5 to 2.7 per cent - a near eight-year high.

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Higher education in Britain is "high growth export", says new report

June 12 ,2015 | by Thiago Kiwi

The UK economy could receive a welcome boost from exporting the higher education sector as a whole, says Universities UK research.

Higher education plays an essential role in the UK’s economy, supporting the uptake of skills while driving innovation and attracting investment and talent. New research this week from Universities UK shows that education exports offer a valuable contribution to Britain and its economy, creating a high-growth industry in its own right.

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Google announces plans to improve 3.5bn city dwellers’ lives worldwide

A plan to craft a business out of creating solutions to big-city problems has been unveiled by Google.

Internet search giant Google announced the launch of a company devoted to tackling the problems experienced by the world’s 3.5 billion city dwellers. The new subsidiary, Sidewalk Labs, will concentrate on developing and incubating urban technologies that can be implemented in cities across the globe.

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George Osborne wants to ban deficits in UK budgets

June 10 ,2015 | by Thiago Kiwi

UK Chancellor George Osborne will announce plans to create a law banning future governments from running a deficit.

The UK’s chancellor of the exchequer, George Osborne, will use his yearly speech at Mansion House the evening of June 10th to announce plans to introduce a law that forces future governments to run a budget surplus. It will effectively require governments to stop spending all the taxes and money it collects in “normal” economic conditions, instead saving some for times of hardship.

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Online shopping forecast to grow by £320bn by 2018

Research suggests collective value of online shopping in US, China, UK and Germany will double by 2018 to £645 billion.

The four largest online shopping markets in the world will continue to grow over the next three years, with new research suggesting that the size of the market will double to £645 billion by 2018.

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British economy exceeding expectations, says CBI

June 08 ,2015 | by Hari Sri

The UK’s economy is on a “firm footing” after growing faster than predicted in 2014 according to CBI forecast.

Britain’s economy has nothing to worry about, despite a slight downgrade in recent growth forecasts. In fact, the UK’s economy is on a “firm footing” after growth in 2014 surpassed expectations. Predictions point towards solid, steady and sustainable growth in 2016, according to the Confederation of British Industry (CBI).

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Health tech startups growth will not dwindle, say experts

Data-oriented health tech startups grow in strength as experts note that the recent boom is no bubble.

The number of health-focused companies that utilise data analysis techniques is not likely to decline any time soon, according to a panel of speakers from health technology companies at the Wisconsin Entrepreneurs’ Conference. Meanwhile, the surge in these startups is driving a wave of recruitment of some of the internet’s top talent.

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UK government to sell off 30 per cent Royal Mail stake

June 05 ,2015 | by Helen Gould

UK Chancellor George Osborne announces plans to sell off government's remaining 30 per cent stake in Royal Mail.

In a bid to further reduce the budget deficit, UK chancellor George Osborne revealed plans to sell the remaining 30 per cent stake in Royal Mail. The shares are currently worth £1.5 billion and the sale will begin later this year, Mr Osborne announced on Thursday.

The plans were detailed alongside £3 billion worth of debt-reduction measures, which highlight the Conservatives' pledge to wipe out national debt.

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Support students to study abroad, says former UK Universities Minister

June 04 ,2015 | by Thiago Kiwi

Speaking at the Going Global conference, former Universities Minister David Willetts called for funding support for students looking to study abroad.

The Treasury should extend student loan funding to support students who wish to complete some of their studies abroad, according to David Willetts, the former Universities Minister. Speaking at the British Council’s Going Global conference this week, Mr Willetts lamented the lack of progressive funding schemes like those found in “enlightened” countries such as Norway.

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City of London to see 10 years of job growth

June 03 ,2015 | by Hari Sri

The UK’s capital is set to experience a decade of jobs growth, while an increase in investment sparks hiring from tech startups.

Hiring from finance and technology companies will soar over the next decade in a post-financial crisis boom, according to new research. Meanwhile, surging venture capital investment is expected to boost hiring at British tech startups.

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Every cyber attack costs businesses £1.46m, says report

Businesses see costs of cyber attacks more than double to £1.46 million on average in the past year.

Cyber security breaches in UK businesses are rising once again and the average costs incurred by a break-in continued to soar. In fact, the average starting costs of the worst single breach suffered spiked higher for all sizes of businesses and more than doubled for most, according to a government-commissioned report from PwC.

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Work experience most valuable criteria to employers, says report

June 02 ,2015 | by Helen Gould

Leading employers rate work experience as the most valuable asset in graduates, says Universum study.

Work experience is “the most popular qualification among those presented” and is valued more highly than grades achieved or the university attended by graduates. In fact, 58% of employers said work experience and sport impressed them the most, according to new research.

The survey of employers, conducted by Universum - a specialist in employer branding analytics - found that the second-most important aspect was a student’s personality (48% picked this) and only 16% looked for grades from a prestigious university. Merely 15% of respondents favoured a degree from a specific university over anything else. 

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UK finance workers witness strong growth in job market

June 01 ,2015 | by Hari Sri

Employees in the UK’s financial services are experiencing a robust increase in career opportunities.

An increase in permanent vacancies and growing average salaries, it’s all good news for those employed in financial services in the UK, according to reports from recruitment agencies. Furthermore, we should expect to see rising staff turnover this year as the number of alternative jobs appears to be climbing.

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Statistics show gap between male and female graduate salaries at 17%

June 01 ,2015 | by Erin O’Neill

A new study reveals that female graduates could be earning 17% less than male counterparts. Why are women at a disadvantage in the work place?

The new data, crowdsourced from over 49,000 individuals, revealed a number of statistics illustrating the pay gap between the genders. 

CEO of Emolument.com, Thomas Drewry said: “The gender gap in salaries is a real issue in the UK today, and only by having a level of transparency will we start addressing the problem.”

 

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UK innovation hotspot lies outside London, shows research

New statistics have shown that London isn’t the land of innovation we once thought it was.

The UK’s supposed reliance on London was further quashed when new research showed that innovation is spread widely throughout country. In fact, in terms of creation of new technologies, London is way down the list in 25th place, according to the Enterprise Research Centre (ERC).

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Banks compete for prized Barclays broker mandate

Barclays is considering replacing its corporate brokers not long after appointing John McFarlane as new chairman.

Banks are hurrying to throw together a pitch to become the broker of Barclays, after the bank announced it was putting its broking mandate under review. The group’s current corporate brokers Deutsche Bank and Credit Suisse have been invited to repitch for the position, but will face competition from Bank of America Merrill Lynch, JPMorgan, Goldman Sachs and UBS, according to CityAM.

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Return to growth expected for all EU economies

May 28 ,2015 | by Claire Payne

For the first time since the financial crisis, the economies of all the EU member states are forecast to expand this year, says a World Bank report.

Economic expansion is set for all of the European Union’s (EU’s) economies in 2015 for the first time since the financial crisis. The growth will be driven higher by a variety of factors including low oil prices, a weaker euro and the European Central Bank’s government bond buying scheme, according to a new World Bank report

 

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The Queen’s Speech 2015: the one-nation approach

May 27 ,2015 | by Hari Sri

We look at the bills that were outlined in the first fully Conservative Queen’s speech in two decades.

Marking the official state opening of the new parliamentary session, the Queen’s speech set out the incoming government’s proposed legislation for the next five years. Written by the government of the day and delivered by the monarch in tone that passes no judgement over the bills, the Queen’s speech was packed full of economy-boosting proposals.

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Lloyds plans £1.2 billion boost for UK mid-sized firms

Lloyds Development Capital announces plans to invest £1.2 billion in UK middle-tier businesses over the next three years.

The private equity division of Lloyds Banking Group, Lloyds Development Capital (LDC), has recently detailed its plans to invest £1.2bn in medium-sized businesses in the UK over the next three years.

These plans will aim to boost growth in the British “Mittelstand” companies and the economy also, according to LDC.

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Energy saving in the work place: what can you do?

Recent research has revealed that 68 per cent of workers in the UK claim to care about energy efficiency in the work place.

The British Gas Business survey, carried out by YouGov, also found that 22 per cent of these workers said they care ‘a great deal’ about saving energy at work. Almost two thirds of those who responded confirmed that their company does make an effort to save energy.

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Nationwide marks turnaround with 54% profit increase

Nationwide Build Society posted £1 billion in profits for the year to April.

Nationwide Building Society has recorded a 54 per cent rise in annual profits, barely two years after the lender faced a £1 billion black hole in its finances.

The building society, one of the last in the UK to retain the mutual model where it is owned by customers rather than shareholders, said pre-tax profits for the year to April climbed to £1.04 billion.

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FTSE 100 gets 6th female CEO as Whitbread appoints Lloyds retail boss

May 22 ,2015 | by Helen Gould

Whitbread, owners of Costa Coffee and Premier Inn, appoint Alison Brittain as CEO.

Hospitality group Whitbread has announced plans to appoint Alison Brittain as chief executive officer (CEO) in a move that will make it the sixth FTSE-100 company to have a female at the helm.

Ms Brittain is the current boss of the retail side of Lloyds Banking Group, making her one of the most powerful women in the city. But despite having no previous hospitality experience, she was quoted to be the “perfect fit” for Whitbread’s culture and values by chairman Richard Baker.

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International students boost UK economy by £2.3bn, says report

May 21 ,2015 | by Thiago Kiwi

Students from overseas contribute £2.3 billion towards the UK economy, shows new study by PwC.

Foreign students coming to study in London contribute a net £2.3 billion to the UK economy and support 70,000 jobs, according to new research from PwC and commissioned by London First.

The report, titled “London Calling: International students”, will go along way to overturn claims that overseas students are a burden upon taxpayers, especially since the figure of £2.3 billion has already taken into account the estimated £540 million costs these students have on public services, including the NHS.

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Business leaders call for SME hub outside of London

Nine out of ten SME directors would support the creation of an SME hub outside of London.

The creation of a small and medium enterprise (SME) hub would be “beneficial to the UK economy”, according to a new AXA report, and nine out of ten (89 per cent) SME directors would support it. Furthermore, 93 per cent see a demand for a non-London-based hub to “create an environment for growth for small businesses”.

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Sajid Javid plans to cut red tape by £10 billion

May 19 ,2015 | by Hari Sri

New UK business secretary Sajid Javid to cut red tape by £10 billion over next five years.

Sajid Javid, the new business secretary, will outline how the new parliament will cut red tape for businesses by at least £10 billion. It will be his first speech since replacing Vince Cable and will include details of the enterprise bill alongside plans to create two million jobs over the next five years.

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