Daily Paper Summary: Wednesday 6th November

Business/Economic News

Business spending fuels boom in services: Britain’s services-led boom could owe more to business spending than thought, according to an influential poll (Purchasing Managers’ Index) that may alleviate concerns that the economic recovery is being fuelled by debt-laden households. The October data showed that new orders were at their highest level since the series began in July 1996. FT p2 (Claire Jones, Economics Reporter), CityAM p1 (Michael Bird), Daily Telegraph B1; Britain moves into top gear as 1000 jobs made each day by private sector businesses, Times p45 (Patrick Hosking)

Ed Milliband’s popularity has been boosted significantly since Labour Conference, particularly his fuel bills pledge. FT p2 (George Parker, Jim Pickard)

Personal Finance:

Wonga under siege as it faced criticism from MPs and upheaval in its boardroom, less than 24 hours after launching a PR drive to revive its reputation (including film of 12 borrowers). Wonga and other payday lenders are attacked for ‘grooming’ young people to take out loans, including advertising in childrens’ tv. FT p1/2 (Elaine Moore, Elizabeth Rigby), The OFT is continuing its review of payday lenders and is reported to continue to have concerns about practices such as failing to conduct affordability checks. City AM p9, The Times p49, Independent p1/10-11

Middle class pensioners in care homes are routinely forced to pay up to £150 a week on top of their bills to subsidise council funded residents, report by Independent Age warns. Daily Telegraph p2

The average price of a one bed flat in the most desirable parts of London outside ‘Prime Central’ areas has leapt to half a million pounds for the first time. (Marsh & Parsons), Daily Tel p8

House prices to soar in commuter areas over next 5 years (Savills) – foreign buyers targeting prime properties in central London will force more families into homes on fringes of London. Daily Telegraph B5

But CGT plan to tax foreign owners of British property could drive them out says PWC – it is thought George Osbourne could introduce this in Autumn Statement next month. Daily Telegraph B5

Women around the world work longer hours than men but do not get paid for much of it, when domestic and caring duties are factored in, research by Organisation for Economic Co-operation and Development shows. Across the world’s leading economies in a trend led by Italy, women put in an average of 24.5 hours of paid work per week but another 31.5 hours of unpaid work. Men on average do 33.7 paid hours per week, 30% more than women, but half as much unpaid work as women. Daily Telegraph, p8 (John Bingham)

‘Working Britain needs a payrise’ says Ed Miliband – urges supermarkets and call centres to give their staff a pay rise to help them deal with the rising cost of living, saying Labour would give tax breaks to firms that pay staff a living wage. Daily Telegraph p14 (Christopher Hope)


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