Keeping up with the news can be tricky. Even the most eagle-eyed observer can miss a vital news story. We think being up-to-date on economic developments is key to the success of your startup.
Every Wednesday we provide the top 10 key bits of business news from the past week.
Pound rallies on Theresa May Conservative leadership anointment
The pound rose above $1.31 as markets welcomed the removal of uncertainty from the Conservatives Party’s leadership contest, with Theresa May set to be the new prime minister.
Annuity rates ‘in freefall’ since the EU Referendum vote
Annuity rates – which determine the value of pension incomes – have been ‘in freefall’ since the UK’s vote to leave the EU, according to an expert.
Rates have fallen by 3.5% in the two weeks since 24 June. Before the vote, a 65 year-old with savings of £100,000 would have been able to buy an annual income of £5,069. Now the value of that pension has dropped to £4,890, a new record low.
House price growth reduces
Annual house price growth eased to 8.4% in the month of June, the lowest rate in a year, according to the Halifax, the UK’s largest mortgage lender.
The quarterly rate of growth was 1.2%, the slowest since December 2014.
UK shoppers put off big buys as Brexit hits confidence
Three respected surveys show that consumers and businesses confidence has decreased to a 27th month low.
Shoppers nationwide are putting off buying big ticket items and bracing for an economic slowdown. Main areas of reduced spending include hotels, restaurants and bars, as well as new cars and foreign travel.
New report claims robots will liberate’ 25% of business service workers by 2035
A quarter of jobs in Britain’s business services sector will be taken over by robots in the next 20 years because of falling technology costs and rising wages, a new report claims.
According to Deloitte, there is a “high chance” that of the 3.3 million roles classed as business services, including telecoms and IT, 800,000 will no longer be performed by humans by 2035.
George Osborne flies to Wall Street to reassure investors after Brexit
Chancellor of the Exchequer George Osborne heads to Wall Street on Monday aiming to shore up investor confidence in the UK’s economy and financial markets roiled by the vote to quit the European Union.
Leaving behind what’s set to be another week of political disarray at home, Osborne is embarking on a two-week shuttle tour of the US, China and Singapore in a bid to persuade financiers to stick with the UK as it prepares to end its union with the world’s largest trading bloc.
Irish economy surges 26% as revised figures take in foreign investment
GDP growth in 2015 was three times previous estimate after overseas companies were included in value of corporate sector.
England’s black market hotspots exposed
The trade in fake goods is putting hundreds of jobs at risk, experts have warned, as a BBC investigation shows the extent of the black market in England’s biggest cities.
Trading standards figures showed hotspots in Manchester, Birmingham and Newham in east London.
Commonly copied items included Beats by Dr Dre headphones, branded phone covers and cigarettes.
Mortgage rates fall to record lows
Mortgage rates are continuing to creep downwards, as the City bets on a cut in interest rates next week.
A 10-year fixed rate to be launched by the Coventry Building Society on Friday is thought to be the cheapest such deal on record. Barclays, HSBC, Metro Bank, the Leeds and the West Bromwich Building Society are among other lenders who have cut rates since the EU referendum.
Brexit is a golden opportunity for stronger US-UK trade ties, says Osborne
The chancellor, George Osborne, will urge US investors not to turn their backs on Britain as he begins a world tour aimed at building new trade ties outside the European Union.
Osborne will meet senior figures from Wall Street in New York on Monday during the first of several missions to major economies to discuss the ramifications of Brexit on trade links.
