News Headlines for 12th August

Business/Economic

Mayor of London urges David Cameron and his Coalition to harness the legacy of the Olympics by embarking on a radical agenda of policies to boost economic growth. Boris urges ministers to take bold steps on hosing, infrastructure and regulation to take advantage of the confidence and international respect hosting successful Games has won Britain. Olympic sponsor Lloyds TSB suggested the “happiness effect” of the games could boost GDP by as much as £16.5bn but others are more sceptical. Sports Economist Stefan Szymanski states ‘the Brits are paying for a big party, and there’s nothing wrong with that, as long as you don’t think that holding the party will make you rich’. – The Sunday Times, The Independent on Sunday, The Observer

Property

Will we capitalise on our Olympic triumph? The fate of the stadium, the Olympic park and many of the buildings within it will be a key measure of the legacy. The organisers are anxious it remains a venue for great times rather than the ghost towns some of its predecessors have become. The park will undergo a major makeover with a great part of it given over to a massive wild public garden and gig venue. To be renamed the Queen Elizabeth Olympic Park it will reopen in 2013. Furniture from Athletes rooms in the Olympic village will soon be for sale. Remember the games with one of their super-long beds to bright green bean bags. – The Independent on Sunday, The Sun

Recruitment

Analysts fear jobless figures will rise again by the autumn – An autumn hangover for the UK’s jobs market is set to swell the unemployed ranks by 150,000 by the end of this year, experts warned today. Whilst official figures have so far defined an apparently worsening double-dip recession as unemployment fell 65,000 to 2.58 million in the quarter to May, prompting may economists to cast doubt over the growth data. A big fall in the capital’s jobless count –in part attributed to Olympic hiring- helped drive the improvement, but the recovery could soon run out of steam. Economists forecast the rate will rise from 8.1 to 8.6% by the end of the year – equivalent to around 150,000 more out of work. – The Independent on Sunday

Personal Finance

How to pass the university challenge? Students see rents go through the roof – on average a student’s weekly rent has risen by 2.4% from £67 in 2011 to almost £69 this year. Some regions have seen rents rise as much as 25% percent (Hull). Unsurprisingly London is the most expensive place to rent as a student with a weekly average of £107.29. Students need to consider the best options available, with regards to bank accounts, overdrafts and insurance. Rising tuition fees add to financial concerns with the new limit of £9000 a year tripling potential debts on a yearly basis. – The Observer, The Mail on Sunday, Sunday Mirror, Sunday Express

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