Monday 23rd December
Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.
Business confidence in the UK economy has soared to its highest level in three years, according to the Institute of Directors (IoD). The organisation is the longest-running for professional leaders in the UK and measured confidence at 21% in December, in comparison to -18% in November. The swing has been put down to the new majority government, giving company directors a firm framework for future plans.
The fallout from the Thomas Cook collapse continues to affect staff, with many struggling to claim welfare support in the wake of losing their jobs. Ex-employees, like cabin crewer Betty Knight, have had their requests for benefits declined on numerous occasions. Her former colleagues have run into similar difficulties. As the tour operator’s administration process churns on, there is confusion over whether they are entitled to jobseeker’s allowance or universal credit, leaving many with little or no support.
How would you define the decade (and a bit) since the financial crash? How about: 0.3%? According to the Royal Statistical Society (RSS), this little figure sums up the last ten years like no other. It’s a measure of average annual UK productivity growth, and it’s the lowest since the early 1800s. Why does it matter? Well, if productivity had continued increasing by 2% a year (the historic average) our economic output per hour worked would currently be around 20% higher. We'd all be earning more, spending more, and giving the government higher tax revenues to work with.
It used to be best known for managing the portfolios of the super-wealthy. But lately, as the bank continues to lose people to its competitors, Credit Suisse appears to have resorted to hiring private detectives to spy on its former stars, most notably ex-wealth management boss Iqbal Khan (after he left to join rival UBS). Swiss regulator Finma has launched an investigation into the claims.
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