ONS data released yesterday revealed a bleak picture of the economy despite the UK avoiding a triple dip recession in the first quarter. Consumer spending rose by the smallest margin since the second half of 2011 and there was a widening of the trade deficit. The news follows a warning from the IMF to the Chancellor that more must be done to encourage growth. In the stock market the FTSE 100 fell from its highest level in eleven years amid concerns the US is about to end economic stimulus and about the state of the Chinese economy. The index fell 2.1% yesterday.
A new government report has urged companies to ignore unpaid internships and degree classifications when recruiting to boost social mobility. Meanwhile, research from Essex University has found the university premium has fallen by a third since the boom in applications during the 1990s. The common claim that a degree boosts lifetime earnings by £100,000 is claimed to be a mask” and Malcolm Brynin from the university says going to university is a gamble and many graduates benefit little from their degree.
A government backed advice body has released research claiming most children’s money habits are already formed by the time they are seven. The Money Advice Service had urged parents to consider the example they are setting for their children in terms of planning, decision making and prioritising.
As Mark Carney arrives at the Bank of England shortly, Jessie Hewitson in The Times looks at the property market in Canada with the average house worth more than in the UK and the Canadian market being the last in the Western world to be hit by recession.