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.
19 million on inadequate income in the UK
According to a think tank, a third of the British population are living on less than the Minimum Income Standard (MIS). The MIS varies on circumstance, but it is said that a single person renting a flat outside of London needs at least £17.3k annual salary. People are follow below the MIS due to rising costs in housing and stagnated incomes. Theresa May intends to tackle this issue.
Inflation at a 2.5 year high
Inflation has been at its highest since June 2014. There is a correlation between inflation and the rising fuel and food prices in the UK. The Office for National Statistics (ONS) said that it reached 1.8% last month. This has been expected due to the fall in the value of the pound.
The Queen preps the UK against cyber attacks
The Queen opened a National Cyber Security Centre in October 2016. The aim is to make the UK the hardest target for cyber attackers, especially as the UK is heavily dependent on the digital economy.
Environment at risk due to Brexit
Although the government has claimed it will keep the same, or even improve, standards the EU have in place regarding climate change, there is a worry that some rules will not make it into domestic laws. Moreover, the UK will need to stay green if they want to have an influential voice in EU climate change regulations and agreements.
A drone has been designed to carry people as passengers. Designed by a Chinese firm, the eHang 184 has no controls inside except a touch screen to select your destination. Technically speaking, it is virtually illegal to fly in any city, but Dubai is planning on using these in the future. The eHang 184 can currently carry only one passenger (up to 100kg)
Trump’s state visit
Trump will receive full courtesy of a state visit regardless of the petitions signed. The government comments that to be a democracy, one must respect the outcome of another democracy. As one of the UK’s main trading partners and historical allies, the UK wants to maintain their relationship with the USA.
Rolls-Royce at a record loss
After settling corruption cases with the UK and US and with the fall of the pound, Rolls-Royce has hit a record loss of £4.6 billion.
Facebook to launch TV app
Facebook is launching an app that will allow you to watch Facebook videos (primarily user generated content) on a smart TV. This is the first major step Facebook has taken to approaching video and if it is successful, it could become a competitor to the likes of YouTube, Netflix and Hulu.
Lloyds booze ban
An outcry of sorts has been heard from Lloyds employees as the bank has banned the consumption of alcohol between 9am-5pm (working hours). Traditionally, deals and meetings have occurred over boozy lunches, but Lloyds wants to attract young talent and cut down on disciplinary cases – half of which have been related to alcohol.
Twitter u-turn on bullying changes
Twitter has had to backtrack on one of their changes after users claimed that their actions actually encouraged bullying. The change was not to notify the user when they are added to a list e.g. ‘Startup tips’. Bullies were using lists to add people to harsh and critical ones. However, notifying someone that they’ve been added to an ‘offensive’ list could help report abuse on the platform.