Economy

Millions of workers are ‘never quite switching off’ and are answering emails out of hours, warns Autonomy, a think tank. It suggests that the 1996 Employment Rights Act should be amended to give employees a legal ‘right to disconnect’. Unfortunately for Autonomy, Labour’s new deal for workers, outlined last month, somewhat stole its thunder. Spearheaded by deputy leader Angela Rayner, the party’s radical package of labour market reforms includes a default right to flexible working, new worker status for those in the gig economy and, of course, a French-style law barring employers from contacting workers outside strictly regulated hours. Nonetheless, Autonomy’s suggestion has received fawning coverage. The Guardian headline referring to

The debacle in Iraq. The fall of Saigon at the end of the Vietnam War. The failed ‘Bay of Pigs’ invasion of Cuba. You can debate where exactly the collapse of Afghanistan ranks in the list of American military and foreign policy disasters. But one point is surely certain. It is a major setback, and one that will undermine the credibility of the United States for years to come. Here is the real problem, however. It is not going to end there. The economy will be the next major catastrophe of Joe Biden’s increasingly chaotic presidency. Biden has embarked on a drive for a bigger state, with more control over

The UK economy is rebounding at the fastest rate in Europe, and faster even than the United States: that is the general tone of reporting of today’s GDP figures, which show that the UK economy expanded by 4.8 per cent in the second quarter of 2021. That is compared with 0.9 per cent in France, 1.5 per cent in Germany and 1.6 per cent in the US. But hang on, dig a little deeper and there is something a little odd going on with the figures. Compare nominal and real changes in GDP during the second quarter and it produces the following: UK, nominal growth in second quarter: +3.6 per cent;

Tapping out some code in the back garden. Working on a sales presentation while watching the school sports day. Or even better, traveling though a continent or two while still pulling down a ritzy six figure salary.  Over the last year, middle class professionals have bought into the Work From Home Dream – or WFHD as it’s known in HR circles – to create a working life that combines the best of all possible worlds. It is hardly surprising that so many highly-paid workers are happy to stay away from the office on a permanent basis. Forget Zero Covid. The WFH warriors will be aiming for Zero Flu and Zero

If you want to be thanked by a grateful nation, don’t ever buy a failing football club, especially not in a city where the local team has a tribal following. That is the moral of the tale of Mike Ashley, who has just stepped down as chief executive of Sports Direct’s parent company.  Never mind creating, or saving, 20,000 jobs. Never mind fighting price-fixing by rivals determined to rip off impressionable young football fans desperate to own their club’s strip. Never mind being brave enough to invest in High Street stores which almost everyone else thinks are doomed. Ashley’s public reputation was always going to be dependent on the performances

Usually when the Commonwealth Fund releases its ‘Mirror, Mirror’ study of healthcare systems, it makes waves across the UK media. You might not recognise the formal title of the study, but you’ll be familiar with its findings: this outlier research tends to rank the UK National Health Service as one of the best healthcare systems in the developed world. It’s a hallowed report for much of the UK medical community and commentariat, reaffirming their unquestioning devotion to the NHS as a truly unique system and the ‘envy of the world’. While other healthcare assessments – from the OECD, European Health Consumer Index, and World Health Organisation, to name a few

Sharks, vultures, asset-strippers: just a few of the names that have been applied to the likes of Parker Hannifin, the US company which is trying to take over UK aviation company Meggitt. It’s the latest in a spate of takeover attempts of UK engineering firms by US competitors and private equity firms. An alternative name for them would be astute businesses which can see the value in companies that dopey British pension fund managers are unable to spot. If the takeover of UK firms is a problem or a scandal, British institutions are the real villains. They have bid down the values of these firms as they go chasing returns on US tech

America’s economy has officially recovered to its pre-pandemic levels, as Q2 GDP figures saw an annualised increase of 6.5 per cent. This is a positive update, on the face of it, but that’s more or less where the good news stops. The country’s GDP figures have come in notably below the consensus of what was expected, which was something closer to 8.5 per cent.  The news comes just a day after the International Monetary Fund forecast the United States and the UK would lead advanced countries with their rate of economic recovery, revising its estimates for the States upwards to 7.0 per cent this year and 4.9 per cent next

Crypto markets were in a tizzy over the past week following rumours – later quashed – that Amazon was planning to accept bitcoin for payments. Last Thursday, Amazon posted a job opening for a digital currency and blockchain lead, prompting a media frenzy that culminated with a report that the company would accept bitcoin payments by the end of the year. Bitcoin prices had been declining since April, but they surged by almost 15 per cent to hit £29,000, before moderating to around £27,000 yesterday after Amazon denied the report, saying the speculation around specific plans for cryptocurrencies was not true. Another roller coaster ride was to come, after Bloomberg

As the government continues to put forward an extremely cautious narrative about re-opening, more evidence emerged today that the economy is surging ahead. The International Monetary Fund has once again upgraded its forecast for Britain’s growth this year: its April prediction of 5.3 per cent growth in 2021 has now been revised upward to 7 per cent. If correct, the UK could boast one of the fastest growing economies amongst major countries, with a recovery looking to be on par with the United States. Today’s update from the IMF fits a trend. Just this weekend the EY Item Club forecast 7.6 per cent growth this year – the fastest rate

The UK is growing at the fastest pace in 80 years. The United States, fuelled by President Biden’s stimulus programme, is expanding at a breath-taking pace, while Sweden is growing at a rapid rate. Most of the global economy is bouncing back from the Covid recession at remarkable speed. There is, however, one exception. Australia. What has long been one of the most successful economies in the world is heading back not just into lockdown but into recession as well — and giving the world a sharp lesson in the cost of ‘zero Covid’. Over the last year, Australia, along with New Zealand, has been heaped with praise for the