UN says measures aimed at reducing public spending since 2010 have affected disabled people disproportionatelyAusterity policies introduced into welfare and social care by the UK government amount to “systematic violations” of the rights of people with disabilities, a UN inquiry has concluded.It says a range of measures aimed at reducing public spending since 2010, including controversial changes such as the bedroom tax, and cuts to disability benefits and social care budgets have disproportionately and adversely affected disabled people.Related: The Guardian view on austerity: reversing Robin Hood | EditorialRelated: Luke can’t move, drink or use the loo. The council offered him a tea urn | Frances Ryan Continue reading...

If the politician does amass his 100,000 racists and xenophobes and march on the supreme court, I will be there, standing against him. Who will stand with me?It wasn’t the doomy medical diagnosis that caused F Scott Fitzgerald’s mental breakdown. It was moment the doctors told him he was going to be OK. “After about an hour of solitary pillow-hugging,” wrote the novelist in 1936, “I began to realize that for two years my life had been a drawing on resources that I did not possess, that I had been mortgaging myself physically and spiritually up to the hilt.”Come the day of the supreme-court judgment on Brexit, the progressive part of Britain could be forgiven if it succumbed to a Fitzgerald-style “crack-up”. Nigel Farage will mobilise 100,000 racists and xenophobes to intimidate the court; the justices will probably ignore them and uphold the high-court verdict. But it is beginning to feel as if liberal democracy in Britain is, too, “drawing on resources it does not possess”.Related: After the Brexit vote, my pride in taking British citizenship is fading | Fran LawtherRelated: Are Farage and Trump really fascists? | Kevin Passmore Continue reading...

Survey reveals sharp rise in proportion of factory bosses saying political uncertainty is deterring them from raising spendingBritish manufacturers have fanned fears that the economy is heading for a slowdown in 2017 after a survey showed a rise in factory bosses putting off plans to increase investment.Since the EU referendum there has been a sharp rise in the proportion of executives saying political uncertainty is putting them off raising spending, according to a poll by the manufacturers’ organisation the EEF. It found a quarter of manufacturers cited this as a reason when asked in the wake of the vote, up sharply from 6% when the referendum campaign was getting under way in March. Continue reading...

Alexis Tsipras says time has come to speed up measures agreed with the country’s international creditorsThe Greek prime minister, Alexis Tsipras, has reshuffled his government to boost bailout reforms in the hope of getting the EU to agree to critical debt relief by the end of the year.Heralding a new political era for his country, the embattled leader said on Sunday the time had come to expedite measures demanded by international creditors and “turn the page”. Hardline ministers who had criticised policies including privatisations were dumped for moderate technocrats in what was interpreted as a further shift to the centre by the man who once personified the hope of Europe’s radical left.Related: Eurogroup ministers back further bailout loans for Greece Continue reading...

Report finds that legacy of hollowing-out of manufacturing in 1980s is far more people claiming incapacity benefitsThe enduring impact of closing factories and shutting coalmines in the 1980s has been revealed in new research showing that the drain on the exchequer from former industrial areas is responsible for up to half the government’s £55bn budget deficit.Related: The legacy of leaving old industrial Britain to rot is becoming clear | Larry Elliott Continue reading...

The hollowing-out of British industry since the 1980s is the single biggest change to the UK economy in the postwar eraTime to move on. That was the message from the home secretary when she announced that the government would not be holding a public inquiry into the clashes between police and miners at the Orgreave coking plant during the year-long pit strike 32 years ago. Different world in 1984, said Amber Rudd. It was a long time ago. No point in raking over the past.The site of the coking plant is now Sheffield University’s hugely successful advanced manufacturing centre, a place that brings together academics and business to ensure the best research has a commercial end product. To the extent that there was ever a plan in the 1980s, this was it. The mines, the shipyards, the textile mills and the engineering plants were being shut down because they could not compete but would be be replaced by gleaming-new centres of high-tech industrial excellence.

Philip Hammond will tinker boringly around the edges in his autumn statement, and neither the threat of inflation nor weak consumer confidence looks likely to prod him into actionPhilip Hammond will be a cautious chancellor: that much is becoming clear. Not for him the fireworks that became a familiar sight whenever George Osborne presented a budget – some of which went off in his face.Hammond will be less concerned with manufacturing tricks designed to cheer his backbench colleagues than with the fate of manufacturing itself and British industry more widely. In this respect, he is the Conservative party’s answer to Alistair Darling – an unflappable curator of the public finances, steering the economy through choppy waters. Continue reading...

Minister deals blow to PM’s hopes of post-Brexit talks on eve of visitTheresa May’s hopes of a post-Brexit trade deal with India suffered a hammer blow from Delhi as the prime minister prepared to make her first official visit to the country.A spokesman for India’s minister of external affairs suggested that a policy brought in by May as home secretary restricting the right of Indian students to stay in the UK after graduation could prove to be a block on any progress. Continue reading...

In some western countries frustration with the status quo is boosting populist and rightwing political partiesThe US is not the only western nation to be undergoing political ructions over the faltering post-crisis recovery. New counter-establishment parties have emerged in several countries and, as in the UK, people have voted for dramatic change. Meanwhile, there’s a growing sense in developed economies that workers have yet to benefit from the recovery or rising globalisation. Continue reading...

Stock markets in Asia and Europe are recovering, despite the massive uncertainty caused by last week’s EU referendum

Official data shows first increase, when including housing costs, since 2011-12, with 3.9 million living in relative povertyThe number of children living in poverty in the UK has jumped by 200,000 in a year, according to the latest official data.There were 3.9 million children living in “relative poverty” in 2014-15, up from 3.7 million a year earlier, the figures from the Department for Work and Pensions show.Related: Expect fall in UK living standards and foreign investment, MPs hear Continue reading...

Brexit budget plans need to be ditched in favour of higher public investment to prevent recession, say top economistsLiving standards are expected to fall as a result of the vote to quit the EU and foreign companies will be deterred from investing in Britain, according to economists appearing before a parliamentary committee.They called on the chancellor to ditch plans for a tough budget of tax rises and spending cuts in favour of higher public investment to prevent the UK sinking into recession. Continue reading...

Fitch ratings agency says Britain’s decision to leave the EU could lead to lower growth and higher unemployment in Ireland

FTSE 100 has clawed back Monday’s losses, after world markets suffer their biggest two-day falls in history

Retailer’s chief executive says already challenging conditions have been further complicated by result of EU referendumShares in Carpetright have shed almost a fifth of their value amid fears that uncertainty caused by Britain’s decision to leave the EU will hit high street spending.Investors were spooked after its chief executive, Wilf Walsh, said trading conditions had been more challenging in recent weeks and added: “The outlook has been further complicated by the outcome of last week’s referendum and we are cautious about the impact the associated uncertainty will have on consumer confidence.” Continue reading...

We need them more than ever. And yet, as is painfully obvious in south-east Wales, they are disappearing from our roadsIn 1938, Dylan Thomas went to Laugharne: “just came, one day, for the day, and never left; got off the bus, and forgot to get on again”. You can still do that these days – to visit his boathouse and Brown’s hotel, and take a wet walk up Sir John’s Hill – if you’re a wayfaring sort with change for the fare.Most crucially, you have to travel on a Monday to Saturday. No buses depart from Carmarthen bus station on a Sunday any more. None at all. Not to Laugharne, not to Llansteffan, not to Kidwelly or Pendine or any of the other lovely resorts that are home for locals and great tips for tourists. Not in winter, not in summer.On a bus, common cause unites you. You are all going in the same directionRelated: Ban the barbies, purge the picnics. That’s my summer manifesto | Catherine Shoard Continue reading...

Virgin billionaire says ‘thousands and thousands’ of jobs will be lost following the decision to leave the EUVirgin billionaire, Sir Richard Branson, says Chinese business partners are already pulling investment from the UK in the light of the EU referendum vote, and warned that “thousands of jobs will be lost”.Speaking at the final round of Voom, a competition for young entrepreneurs hoping to secure funding and support from Virgin, Branson warned that the business climate after the Brexit vote was already hurting the economy.Related: Richard Branson starts his own campaign to keep Britain in the EU Continue reading...

Bank of America and Pimco tell clients that gulf between rich and poor could spark further anti-establishment backlashBritain’s historic vote to leave the EU has prompted some of the world’s most powerful investment houses to turn their focus to inequality.Bank of America and the international investment firm Pimco have warned their clients that the gulf between rich and poor could spark a further anti-establishment backlash.Related: Austerity is the cause of our economic woes. It’s nothing to do with the EU | Mariana MazzucatoRelated: Brussels rejects Boris Johnson 'pipe dream' over single market access Continue reading...

Major markets see biggest two-day fall in 10 months, but Moody’s analyst says referendum result may not cause real damage to US economyUS stock markets were rocked again on Monday by the aftershocks of the UK’s referendum decision to quit the European Union.Since the results became known on Thursday, the major US markets have suffered their biggest two-day fall in 10 months. Monday’s dips came as the pound collapsed to its lowest point since 1985 and the UK lost its triple-A credit rating. Continue reading...

Standard & Poor’s issues downgrade and pound hits 31-year low despite chancellor’s attempts to soothe marketsThe UK has been stripped of its last AAA rating as credit agency Standard & Poor’s warned of the economic, fiscal and constitutional risks the country now faces as a result of the EU referendum result.The two-notch downgrade came with a warning that S&P could slash its rating again. It described the result of the vote as “a seminal event” that would “lead to a less predictable stable and effective policy framework in the UK”. Continue reading...

The referendum shows how far Britain’s economic failures have divided the country, but Brexit will only make them harder to addressI was one of 150 academic economists, including 12 Nobel prize winners, who warned of the risks of Britain leaving Europe: recession, job losses, higher costs of living, lower investment, lower innovation and worsening public finances.We did this not because we were part of Project Fear, but because of our understanding of the problems in the UK’s economy, and their real causes. These include low investment, weak productivity and high inequality, problems that will not be solved by a Brexit.Britain’s politicians have failed to provide a vision about their nation’s future, or a sense of directionRelated: Boris Johnson broke Britain. So why should he be in charge of mending it? | Adam Bienkov Continue reading...

What happens when the investment banks move to Frankfurt and poor English people must pick strawberries in Kent? We have to find an alternative economic modelWe’ve done it before. In September 1931, faced with a 25% pay cut mandated by government austerity, the Royal Navy mutinied at the Scottish port of Invergordon. Sailors on HMS Rodney refused duties, dragged a piano on deck and sang a medley of pub songs. Other ships followed. It was not exactly Battleship Potemkin – but it went on to destroy the economic order of the world.A run on the pound began, forcing Britain to become the first major country to leave the gold standard. One after another, states abandoned gold and went for economic nationalism. The effect on Britain was benign: interest rates were slashed, austerity eased and – with the pound devalued – exports recovered. But the flight from gold killed the global economic system.Related: Neoliberalism – the ideology at the root of all our problemsRelated: How will Brexit affect Britain's trade with Europe? Continue reading...

Of course the chancellor had to row back on his dire pre-referendum warnings, but – for households, businesses and investors – we are in uncharted territoryGeorge Osborne had one job to do on Monday morning: calm panicking financial markets after Britain’s momentous vote to leave the EU last week.With the pound falling sharply again overnight, it was a tall order, especially for the man who just days ago was spearheading “project fear”.Related: Pound hit again by Brexit crisis – business live Continue reading...

China says companies may wait and see before investing in UK while Japan urges Britain to ‘listen to’ its 1,000 companies trading with the nationOfficials in Japan and China warned of new threats to the health of the UK and global economy in the aftermath of Britain’s leave decision as the pound continued to fall and Asian markets on Monday struggled to recoup heavy losses.Related: Brexit live: George Osborne tries to calm markets with early-morning speechRelated: Firms plan to quit UK as City braces for more post-Brexit lossesヒッチンズ駐日英国大使は、6月27日(月)、フィリップ・ハモンド外相の書簡を岸田文雄外相へ届けました。書簡全文はこちら⇒https://t.co/lmhgFRLoID @UKAmbTim pic.twitter.com/lyZvzkUMb8It is safe to assume investors are not yet done with all the selling Continue reading...

Chancellor to make morning statement to reassure markets as survey reveals negative business impact of EU voteBritish businesses have warned that Brexit will trigger investment cuts, hiring freezes and redundancies as the consequences of leaving the European Union threaten to destabilise markets further this week.Related: Brexit live: George Osborne tries to calm markets with early-morning speechRelated: Market turmoil fears likely to force Mark Carney to abandon ECB meetingRelated: Brexit triggers Corbyn coup: Watson 'saddened' by Labour departures – liveRelated: Bank of England seeks to limit damage of UK's vote to leave EURelated: Get ready for more market reaction to Brexit Continue reading...

We in the UK do not make anything. We make neither ships nor cars; we no longer even make the steel that makes these things. We do not make white goods, or black goods. We do not make textiles. We cannot heat, fuel, clothe or even feed ourselves. The only thing we had to offer for these essentials were our financial services – supplied to a trading bloc on which we have now deliberately turned our backs and to a rest of the world that only dealt with us because we were a member of that trading bloc. How, then, do we as a nation survive?

The Bank for International Settlements warns central banks’ reliance on near-zero interest rates threatens global economyThe Bank for International Settlements has warned that governments need to abandon debt-fuelled growth and shift to more sustainable expansion plans as a “risky trinity” of low productivity, high debt and lack of central bank firepower stalks the global economy.In its annual report, the BIS – which is known as the central bank of central banks – said a repeat of the 2008 financial crash was possible unless the growing reliance on near-zero interest rates to keep the global economy afloat was eased by ministers stepping in to shoulder greater responsibility. Continue reading...

From the possibility of a new trade deal to higher tariffs and quotas, here are the key issues that will impact British businessesBritain will have to reach a new trade agreement with the European Union following its decision to sever links with Brussels. The task will be complex and will have to be carried out under the pressure of a two-year deadline. Here are some of the key issues. Continue reading...

Bank of England governor may cancel Portugal visit as City expects further stock market battering on Monday over BrexitBank of England governor Mark Carney is expected to abandon plans to fly to Portugal for a summit of central bankers, amid fears of further turmoil when markets open on Monday.With expectations that the FTSE 100 index could open almost 3% lower on Monday, the governor was weighing up whether to stick to his plans to attend the European Central Bank’s annual summit in Portugal on Wednesday. Continue reading...

The retail giant will now require its suppliers to use a new date label designed to ease safety worries and prevent food from being tossed away too earlyIf you’ve ever paused before tossing a can of food in the trash after seeing the date on the label, you’re not alone.Whether it’s because of habit, cultural norms or a genuine fear of getting sick, most consumers err on the safe side and avoid foods that have passed the date stamped on their labels. As a result, an enormous amount of the food that goes uneaten around the world gets wasted at home. Confusion over labels leads Americans to throw away an estimated $29bn worth of still edible food each year.Related: How the US can solve its multibillion food waste problem - reportRelated: OkCupid for unwanted fruits and veg: tech joins the fight against food waste Continue reading...

Business secretary attempts to calm nerves as markets prepare for further steep falls on Monday morningThe business secretary, Sajid Javid, has told business leaders there is no need to panic after Britain’s vote to leave the EU, as investors braced for another day of heavy selling when markets reopen on Monday.Javid will hold an emergency roundtable with business representatives on Tuesday to discuss the referendum result and its implications. Continue reading...

The EU has failed to protect its population from a global economic model that many believe is not working for themThe age of globalisation began on the day the Berlin Wall came down. From that moment in 1989, the trends evident in the late 1970s and throughout the 1980s accelerated: the free movement of capital, people and goods; trickle-down economics; a much diminished role for nation states; and a belief that market forces, now unleashed, were unstoppable.There has been push back against globalisation over the years. The violent protests seen in Seattle during the World Trade Organisation meeting in December 1999 were the first sign that not everyone saw the move towards untrammelled freedom in a positive light. One conclusion from the 9/11 attacks on New York and Washington in September 2001 was that it was not only trade and financial markets that had gone global. The collapse of the investment bank Lehman Brothers seven years later put paid to the idea that the best thing governments could do when confronted with the power of global capital was to get out of the way and let the banks supervise themselves.

The Leave campaigner says ‘increased global opportunities’ await outside the single market

Alan Greenspan is not known for his pessimism about capitalism. But even the bullish former Fed chair recognises Brexit as a major threatAlan Greenspan has seen more than a few dicey days on global markets in his time. So it was telling when the 90-year-old former chairman of the US Federal Reserve described the market chaos sparked by Britain’s leave vote as “the worst period I recall”.“There’s nothing like it, including the crisis – remember 19 October 1987, when the Dow went down by a record amount of 23%? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away,” Greenspan told the broadcaster CNBC. Continue reading...

In the catalogue of catastrophic misjudgments made by prime ministers, what David Cameron has done to Britain ranks very high‘Here we are, and the question is: where do we go from here?” Thus spoke one of David Cameron’s (and my) political heroes, after a crisis that bore little comparison with the ordeal that our prime minister has recently put us all through.The speaker was Harold Macmillan, a true one nation Tory; Cameron claims to be one too, but he has often been sidetracked by the appalling, rightwing, Eurosceptical element in the party he has now given up trying to lead. Continue reading...

From job insecurity and workers’ rights to European holidays – a look at the issues worrying the British publicCurrency volatility at one stage pushed sterling to a low of €1.20, 15% less than the rate that families travelling to the continent for their summer break received last year. It then recovered to €1.25, meaning that anyone who spent £500 on holidays last year will now have to spend another £68 to get the same amount of euros post-Brexit. Continue reading...

Heads of commerce groups say they do not like the uncertainty Brexit has heralded but nor do they want a rushed dealUK business leaders have cautioned against kickstarting the process to leave the EU too quickly, after European governments piled pressure on Britain to leave the bloc as soon as possible.Acknowledging that the climate of uncertainty that came with the referendum result was bad for the economy, the heads of the UK’s biggest business groups urged the government not to rush to invoke article 50 of the Lisbon treaty, which sets out what an EU country must do leave the union voluntarily.Related: What is article 50 and why is it so central to the Brexit debate?Related: EU parliament leader: we want Britain out as soon as possibleRelated: Shares down, jobs down, prices up? Business comes to terms with BrexitRelated: City of London could be cut off from Europe, says ECB official Continue reading...

Corporate leaders have a difficult course to plot in the wake of the referendum. What are the UK’s business brains thinking?To some it is a political disaster that will bring financial Armageddon. To others, Britain’s vote to leave the EU represents a golden opportunity. Business leaders want to make the best of it, even though most wanted to remain. But the experts so derided by Michael Gove are still concerned that the uncertainty created by leaving, and the prospect of two years of negotiations to achieve a settlement, will set the UK economy back and limit its ability to recover. Continue reading...

London-based institutions could be stripped of ‘passports’ that allow them to sell services to rest of EU, says François Villeroy de GalhauThe European Central Bank has fanned fears that London could lose its status as Europe’s financial capital after warning that the Brexit vote might sever the City’s trade relationship with the EU.A top ECB official said banks in the City of London risked being stripped of their lucrative EU “passports” that allow them to sell services to the rest of the union. François Villeroy de Galhau said keeping the so-called “passport” would not be possible if the UK leaves the single market of trade in goods and services. Continue reading...

Tory MEP Daniel Hannan says Brexit voters will be ‘disappointed’ if they think there will now be zero immigration from EUThe leave campaign has appeared to row back on key pledges made during the EU referendum campaign less than 24 hours after the UK voted for Brexit, after it emerged immigration levels could remain unchanged.Leading Brexit figures had disagreed throughout the campaign on issues including immigration, free movement and the cost of the UK’s EU membership.Related: EU referendum: Pro-Brexit MEP admits free movement of labour may not end – live Continue reading...

Amid concerns that the EU referendum result risks sparking fresh financial crisis, Bank of England governor says it is ready to do whatever is needed

A Brexit vote is a disaster for the economy. My party needs to rally now in defence of working people and their familiesThe Brexit vote has delivered the most enormous shock across the political system. And as the resulting market turmoil demonstrates, it is creating an enormous economic shock too. The greatest danger we face is that this event, under this Conservative government, will be felt across the whole of society and fall most heavily on the most vulnerable.Related: The dispossessed voted for Brexit. Jeremy Corbyn offers real change | Diane AbbottRelated: Grieve now if you must – but prepare for the great challenges ahead | Owen Jones Continue reading...

In pushing for Brexit, the powerful have exploited marginalised people’s fears and needs. The left must help them to take back controlDavid Cameron may soon be unemployed but, as the fallout of Britain’s EU exit begins, we can be assured it will not be the Eton class who will feel the burden.Last month, tax and spending thinktank the Institute for Fiscal Studies warned that leaving the European Union would force ministers to extend austerity measures by up to two years. It was clear: exit the EU now and by 2020, the impact of lower GDP growth and extra borrowing costs would make a £20bn-£40bn chasm in the public purse. This morning we were told the pound had immediately plummeted to a 31-year low amid the prospects of recession. In the first few minutes of trading, the FTSE 100 took its biggest fall since the collapse of Lehman Brothers in 2008. This can no longer be downplayed as fear. It is fact. As my colleague Owen Jones wrote: “Economic turmoil beckons: the debate is how significant and protracted it will be.”Related: David Cameron resigns after UK votes to leave European Union Continue reading...

JP Morgan, Airbus and Ford say they will review UK operations as analysts warn of serious implications for City workforceThousands of jobs are at risk in the UK after some of the world’s largest companies warned they could relocate their British-based operations on the back of the EU referendum result.The investment bank JP Morgan, airplane maker Airbus and car manufacturers Toyota and Ford all said they will review their investments in the UK after the country voted to leave the European Union.Related: Bank of England promises £250bn to calm markets after Brexit vote - live updatesFeels strange and unsettling following the vote but we are the same, our company is the same, and our job is the same. Making people happy Continue reading...

Will Brexit be the catalyst for another financial crisis in the eurozone or the wider world economy?Mark Carney was at his soothing best. Shortly after the London stock market had opened for business, the governor of the Bank of England made a statement on what would happen now Britain had decided to exit the European Union.Having been one of the many institutions that had highlighted the risks of a vote to leave, Carney was now all calm reassurance. Banks would not run short of money, he said. The Old Lady of Threadneedle Street would collaborate with other central banks to ensure there was no market mayhem. UK banks were in much better shape than in 2008, when two of them needed an emergency cash injection from the government.Related: Wall Street joins global market sell-off as Brexit recession looms - live Continue reading...

Bank of England governor Mark Carney tries to calm fears over the markets on Friday following the UK’s vote for Brexit in the EU referendum. Saying ‘we are well prepared’ he adds the Bank of England will take any measures needed to secure economic and financial stability

Analysts predict economic and political uncertainty will hit British economy and have global repercussions

Do not read too much into the City’s initial response, divorce negotiations with the EU are now the main eventThe FTSE 100 index is down about 300 points, or 4.5%, at 10am. Sterling is 7% weaker against the dollar. And 10-year gilt yields have fallen from 1.3% to close to 1%, the biggest one-day drop since 2009. These are big moves but – versus expectations – you’d call it a par score. Share prices and the pound had rallied strongly in the days before on the expectation of a vote for remain. A victory for leave – a 10% chance, according to the bookmakers, as the polls closed – couldn’t fail to provoke a strong market reaction.Related: Bank of England promises £250bn to calm markets after Brexit vote - live updatesRelated: FTSE 100 and sterling plunge on Brexit vote Continue reading...

Traders in London react to the UK’s vote to leave the EU and the prospect of recession after months of market turmoilShares plunged and the pound plummeted to a 31-year low as panicked traders reacted to the UK’s vote to leave the EU and the prospect of recession amid months of market turmoil.The FTSE 100 fell more than 8% within the first few minutes of trading on Friday, with shares in banks particularly hard hit and nursing their biggest falls since the collapse of the US investment bank Lehman Brothers in 2008.Discussed with G7 colleagues market consequences of UK's decision to leave EU. @hmtreasury and @bankofengland monitoring situation closelyRelated: Global markets plunge after UK votes to leave EU – live updatesRelated: Brexit vote leaves UK on brink of recession, economists say Continue reading...

Results from across the country suggesting the Brexit camp were on the brink of declaring a referendum victory saw sterling down 10% against the dollar