UK Fintech Growth Hits Record High Despite Brexit

UK fintech growth is at record levels this year: UK fintech startups have already managed to secure £2.34 billion of investment in the first six months of 2019 – despite the expectation that Brexit would happen in March. The sector is well on course to smash last year’s record of £2.66 billion.

It comes just after yesterday’s ONS figures showed wages rising at 3.6%, the fastest rate since 2008, while unemployment is at a 45-year low and inflation is steady at its target of 2%. Still waiting for Osborne’s “immediate and profound” economic shock…

Unemployment Down By 50,000 Despite Brexit

New unemployment figures released today show that unemployment fell by 47,000 in the three months to August, taking the UK unemployment down to just 4%, and youth unemployment down to its lowest level in history.

Overall, 338,000 new full-time jobs added were added to the UK economy last year – while the number of part-time jobs fell slightly. Guido is still waiting for that 500,000-800,000 unemployment spike that Remain promised us…

Unemployment Rate Falls to 4.2%, Lowest Since 1975

  • Unemployment rate falls to 4.2%, lowest since 1975
  • Employment rate highest since records began in 1971
  • Public sector pay up 2.5%
  • Private sector pay up 2.3%

Despite Brexit, or because of Brexit?

Unemployment Rate Lowest Since 1975

Worth keeping on about this. During the referendum Osborne and the Treasury said unemployment would rise by 500,000 in the immediate aftermath of a Leave vote. Today’s new figures:

  • Unemployment fell 57,000 between April and June 2017
  • 157,000 fewer than for a year earlier
  • Unemployment rate is 4.4%
  • Down from 4.9% for a year earlier
  • The lowest since 1975

It was a big fat fib…

Britain Enjoys Joint Highest Employment Rate Since 1971

The latest employment figures are out. According to the ONS:

  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.6%, the joint highest since comparable records began in 1971.
  • The unemployment rate was 4.7%, down from 5.1% for a year earlier. It has not been lower since June to August 1975. The unemployment rate is the proportion of the labour force (those in work plus those unemployed) that were unemployed.
  • There were 1.56 million unemployed people (people not in work but seeking and available to work), 45,000 fewer than for September to November 2016 and 141,000 fewer than for a year earlier.

Nice reading for the government this morning…

Lowest Unemployment Since 1975


Unemployment has fallen to 4.7% in the three months to January. Britain now has the lowest rate of unemployment since 1975. The figure for people in work rose by 92,000 to 31.9 million. Bloomberg reports:

“The U.K. economy has defied predictions of doom since the Brexit vote…”

Unemployment is almost half what it was under Gordon Brown…

Singing a Different Tune on Unpaid Work

Labour MPs are so consumed by “national living rage” in the run-up to Christmas that they have released a single accusing dozens of major employers like Waitrose and B&Q of cutting perks, slashing overtime pay and abusing workers’ rights. They sing: “be ashamed of how you treat your staff“. The choir was led by Siobhain McDonagh who this time last year trumpeted a “work experience opportunities scheme” in her Mitcham and Morden seat. Most places on the scheme were completely unpaid. A “Work Experience Opportunites” booklet produced by her office states:

“You do not need to sign a contract, but it is best to discuss/agreewith your employer, what experience you will gain during the placement. Any work experience placement is an informal agreement that can be broken with 24 hours notice by either you or the employer.”

McDonagh’s pet project effectively arranged free labour for dozens of local employers but also household-name retailers. The two biggest on the scheme? Waitrose and B&Q. Local priorities make principles flexible…

Will Self: Big Mac Bigot

McDonald’s plans to set up a holding company in the UK to pay tax on its global income outside the US. UK tax competitiveness reducing the burden for everyone. But not according to Will Self, who interrupted Nigel Farage on Question Time last night to derisively belittle 85,000 Golden Arches employees in Britain and more than a million globally:

“Great jobs! Great jobs for everybody! Mine’s a Big Mac.”

Big gaffe…

Unemployment Falls #DespiteBrexit

despite-brexit

In May the Treasury told voters unemployment would rise immediately after a Leave vote:

screen-shot-2016-11-16-at-09-37-07

“a vote to leave would represent an immediate and profound shock to our economy. That shock would push our economy into a recession and lead to an increase in unemployment of around 500,000

Today’s ONS figures show unemployment fell by 37,000 in the three months to September. The unemployment rate has fallen from 4.9% to 4.8%. We now have the highest employment rate on record. Remainers will spin that Brexit hasn’t happened yet, but the Treasury forecast was for the immediate aftermath of a vote to leave…

Unemployment Falls After Brexit

guardian

Enjoy these two entries from the Guardian politics liveblog this morning:

8:09am: UK jobless claims expected to rise following Brexit vote – Economists polled by Reuters are expecting a 9,500 jump in claims

9:34am: A big surprise in the labour market data: the number of people claiming unemployment benefits fell by 8,600 in July, a month after the Brexit vote. No sign yet then that the Brexit vote is hurting the jobs market…

Economists wrong about the impact of Brexit, shocker. “We’ve heard enough from experts…”

Seen Elsewhere



Tip offs: 020 7193 4041
team@Order-order.com

Quote of the Day

Appearing on BBC Radio West Midlands this morning, the Prime Minister was asked: “What are you getting Carrie for Christmas?”

Boris: “I’m going to get Brexit done”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.