Main Economic/Business
Rate rise signalled for 2014 as UK recovery takes hold – The Bank of England has unexpectedly brought forward its forecast for when it predicts unemployment will fall below 7%, meaning it could raise interest rates as early as next year. Financial Times, p1; Independent, p18; Times, p1
Property
Britain’s housing crisis is the latest subject to be tackled by an annual competition founded by Lord Wolfson, chief executive of Next. Launched this morning, the prize is offering £250,000 to the author of the best plan to create a new garden city. City AM, p6
The developer of the capital’s ‘Cheesegrater’ British Land has reported a 6.6% rise in its underlying pre-tax profits to £146m in the six months to September. Much of the company’s success has been driven by the strength in its London portfolio which includes the Cheesegrater and the large Regent’s Place scheme near Euston station which has already secured lettings to Manchester City Football Club and Facebook. The Times, p51; City AM, p11
Recruitment
Unemployment in the UK has fallen to 7.6% of the workforce, its lowest since May 2009. Most of the jobs taken were full time, although 54,000 were temporary. FT, p2
A sharp rise in the number of jobs that require a degrees as a minimum entry requirement has led to a qualification inflation according to Vince Cable. He said that large number of students were being forced to gain university degrees even though they were superfluous to many careers. Graeme Paton, Telegraph, p6
Personal Finance
Research funded by the Joseph Rowntree foundation shows that a third of the 1.3m families with children in poverty are single breadwinner families. Guardian, p20
The Wriglesworth Consultancy 