Petition against decision to freeze repayment threshold reaches 120,000 signaturesThe government is coming under intense pressure to reverse controversial changes to student loans, after one of the scheme’s leading proponents, Martin Lewis, branded them a “disgrace”, and a petition opposing them started by a Durham student hit the crucial 100,000 signatures needed to trigger a possible debate in parliament.Last week, there was a huge outcry after it emerged that students are seeing their debts rise by as much as £180 a month because of the interest alone, with graduates charged 3.9% as the sum balloons. Many feel they have been duped and cheated. Students are also angry after the government backtracked on promises made in 2010 that the £21,000 earnings threshold – at which point students are required to pay back loans – would rise annually with average earnings.Most students were not aware of this change … it certainly wasn't in the small print Continue reading...

Originally I supported the £9,000 tuition fee regime. But now, after my own daughter has gone through the system, I realise that the interest rates charged are scandalousI have three children, all of whom went through university under different student loan regimes; the last one started university in 2012, just as the fees went up to £9,000. I was a supporter of the student loan system, as I figured it was not like a real debt, being written off after 30 years and only payable on a sliding scale of earnings. In this respect, I was out of line with most of the rest of my family and friends, who all seemed obsessed with the idea that Nick Clegg and the Lib Dems had done a U-turn on this. I thought I agreed with Vince Cable, who defended the move as a sensible way to fund a massively expanded higher education system.Then, after my daughter had already clocked up a term’s worth of loan, I was alerted to the high interest rate payable on the £9,000. She’d be paying RPI plus 3% while she was studying and at least RPI thereafter, more if she earned more. I was appalled by this, and since we have the resources, we paid off her loan and thereafter funded her studies ourselves. Continue reading...

Total falls 122,000 short of economists’ expectations ahead of crucial Federal Reserve meeting, but unemployment rate dips to 4.7%The US economy added just 38,000 jobs in May – 122,000 fewer than expected and the weakest growth since 2010. The unemployment rate slipped down to 4.7%, the Department of Labor announced on Friday.The report added to concerns that the US economy is slowing, ahead of a crucial meeting of the Federal Reserve, and was immediately seized on by Republican presidential candidate Donald Trump. “Terrible jobs report just reported. Only 38,000 jobs added. Bombshell!” he wrote on Twitter.Related: Verizon strike ends as tentative deal promises 'big gains' for workersRelated: Fed chief Janet Yellen says interest rates will rise 'in coming months' Continue reading...

One in three businesses say uncertainty is having a detrimental impactBusinesses in Britain’s services sector enjoyed a rebound in growth last month but were more nervous about hiring new staff before this month’s EU referendum, according to a survey.One-in-three firms said uncertainty around the 23 June vote was affecting their them, with new business gowing at the slowest pace for three-and-a half years. But 51% of firms in the sector, which spans hotels to insurers, said they had been unaffected by Brexit uncertainty. Continue reading...

George Osborne says 400,000 jobs could be lost while top figures in the services sector sign statement backing remain voteLeaders of some of Britain’s biggest firms have warned the UK’s service sector will be damaged by Brexit, with George Osborne saying as many as 400,000 jobs could be lost.

Dutch finance minister and Eurogroup president wants UK to play a stronger role if Brexit is rejected on 23 JuneOne of the eurozone’s most senior figures has called on Britain to lead in Europe and go beyond defending the interests of the City of London.

Economists for Brexit group claims that downturn would be avoided if Britain removed all trade barriers after leaving EUEconomists campaigning for Britain to leave the European Union have accused the Treasury and international institutions of “groupthink” in a report that says growth would be boosted if all trade barriers were removed after a leave vote in this month’s referendum.The group Economists for Brexit (EfB) said consumers and businesses would benefit from lower prices once EU-imposed tariffs were removed and dismissed predictions that the UK would be plunged into immediate recession if the remain campaign lost on 23 June. Continue reading...

European Central Bank and the OPEC oil cartel both gather in the Austrian capital, but markets underwhelmed by outcomes

Switzerland is poised to hold a referendum on introducing the concept, and Finnish and Dutch pilots are set for 2017To its acolytes, it is the revolutionary policy idea whose arrival is as urgently needed as it is inevitable. In a future in which robots decimate the jobs but not necessarily the wealth of nations, they argue, states should be able to afford to pay all their citizens a basic income unconditional of needs or requirements.Universal basic income has a rare appeal across the political spectrum. For those on the left, it promises to eliminate poverty and liberate people stuck in dead-end workfare jobs. Small-state libertarians believe it could slash bureaucracy and create a leaner, more self-sufficient welfare system.Related: Should we scrap benefits and pay everyone £100 a week?Related: A no-strings basic income? If it works for the royal family, it can work for us all | John O’FarrellRelated: And now for something completely different: some positive newsRelated: Even in Finland, universal basic income is too good to be true | Declan Gaffney Continue reading...

GDP figures reveal strong economic growth but falling labour costs suggest wage growth remains particularly weakThe latest gross domestic product figures showing the Australian economy grew the strongest it has for four years surprised most analysts and brought a smile to the prime minister and treasurer. The figures, however, reinforce just how dependent we are upon our exports – especially to China – rather than through any great strength within the domestic economy.In the March quarter Australia’s GDP grew by 1.1% in seasonally adjusted terms and a slightly more muted 0.9% in trend terms:Related: Economy is growing faster than expected at 3.1%, but news is not all goodRelated: Cutting corporate tax won't create jobs. It's yesterday's solution to our problems | Wayne SwanRelated: Fraction of small businesses likely to use Coalition tax cuts to expand – industry body Continue reading...

World economy would suffer spillovers if Britain votes to leave the EU, warns Paris-based thinktank in new economic forecasts

Until governments act collectively to bolster growth, lasting recovery from the 2008-09 recession will remain elusiveA wind of change is howling through the world’s economic institutions. Last week it was the International Monetary Fund saying that austerity could do more harm than good and that neoliberalism was not all it was cracked up to be. This week it is the turn of the Organisation for Economic Cooperation and Development to challenge the orthodoxy.The OECD says governments around the world should consider banding together to spend more on public works, something it deems necessary because lasting recovery from the deep recession of 2008-09 remains elusive. Continue reading...

Foreign demand for goods from UK factories falls for fifth month as customers unwilling to commit to investmentUncertainty over Britain’s membership of the EU is hitting a third of businesses in the UK manufacturing sector, which barely scraped growth in May according to a closely watched survey.Foreign demand for goods from British factories fell for a fifth month as firms reported that customers were unwilling to commit to investment ahead of the 23 June referendum.Related: Brexit 'would leave British workers £38 a week worse off' Continue reading...

On 23 June, the UK will vote on whether to leave the European Union. The campaign to leave has been dubbed ‘Brexit’ – a pithy portmanteau derived from the words ‘Britain’ and ‘exit’ – and is dominating the news in Europe. But what do New Yorkers make of the debate? And can they even decipher what the Brexit is? The Guardian’s Adam Gabbatt finds out

Paris-based thinktank compares consequences of UK leaving EU to effects of China’s high-tempo economy grinding to a haltBritain’s departure from the EU poses as big a threat to the global economy as a “hard landing” in China, the Organisation for Economic Cooperation and Development has said.

Despite a rise in prices, using oil as a signal for wider global economy may be short-sighted, as often it will fluctuate simply according to textbook economicsFor the first time since last October, the price of a barrel of oil has broken through $50. So it seems a good time to update the analysis I presented in January 2015. Back then, I argued that $50 or thereabouts would turn out to be a long-term ceiling for the oil price.At the time, with crude prices still above $60, almost everyone believed that $50 would be the rock-bottom floor. After all, futures markets predicted prices of $75 or higher; the Saudi and Russian governments needed $100 to balance their budgets; and any price much below $50 was considered unsustainable, because it would put the US shale-oil industry out of business.Related: Is Opec relevant in an oil market of falling prices and overproduction? Continue reading...

Company’s CEO Ian Taylor has kept a low profile but is finally breaking cover to lobby against EU plans to tighten regulation of commodity trading“The biggest company you’ve never heard of” is a label regularly bandied around but is well-deserved by the global trading firm with a name more suited to a household cleaning product: Vitol.You will not hear its name at this week’s Opec meeting in Vienna or have heard it quoted on the subject of the significant rise in oil prices over the past four months, but a Saudi oil minister would know the name Vitol as they would Shell or BP. Continue reading...

Legatum Institute index says Nigeria – Africa’s biggest economy – is only the 26 most prosperous African country, as fuel shortages hamper growthDecades of economic growth across Africa have failed to improve the lives of millions of people, according to a report (pdf).The Legatum Institute’s Africa prosperity index, published on Wednesday, rates countries by opportunity, freedom, education and security, as well as social bonds.Related: It's naira or never: Nigeria needs decisive action on its currency | Oluseun OnigbindeRelated: Finish line far out of sight in Nigeria's race to beat corruption | Oluseun Onigbinde Continue reading...

Comparisons with German and Dutch regions where productivity is already high do not stand up to scrutinyThe idea behind George Osborne’s northern powerhouse is a simple one. Improving transport links between the big cities of the north will create economies of scale and greater dynamism. Britain, it is said, can learn lessons from the Rhine-Ruhr region of Germany and the Randstad region of the Netherlands, both of which have a number of cities clustered together. The chancellor has pledged Treasury support for a number of key infrastructure projects, including high-speed rail links.Related: Osborne's budget builds on 'northern powerhouse' ambitions Continue reading...

Leaving the EU would be a disaster for wages, jobs and employment rights, the TUC saysA decision to leave the EU would be a “disaster” for British workers who would be £38 a week worse off outside the EU by 2030, according to the TUC.The trade union federation, which is campaigning to persuade voters to remain part of the EU, said Brexit would hit wages, jobs and workers’ rights and warned of a “devastating” blow to Britain’s manufacturing sector, where highly skilled jobs would be lost. Continue reading...

Centre for Cities says plan is too focused on intercity transport rather than improving performance of individual citiesCities in the north of England must become more productive if the chancellor is to realise his vision of a so-called “northern powerhouse”, a thinktank has said.The Centre for Cities said George Osborne’s plan to bridge the economic gap between the wealthier south and the poorer north was too heavily focused on intercity transport links, and not enough on improving the performance of individual cities. Continue reading...

The European Union’s jobless rate has dipped to 8.7%, as the slow recovery continues

I was there during David Cameron’s renegotiation, and it’s clear to me that Britain has secured binding guarantees on bailing out the eurozoneHaving lost the economic arguments for leaving the European Union, Britain’s increasingly desperate leave campaign seems set on peddling a number of apocalyptic myths about the consequences of a vote to remain. It is more risky to stay in the European Union than it would be to leave, claim the Brexiters. But what are the likely risks of staying in the EU for Britain and how seriously should British voters take them?One of the central arguments used by Ukip and some Conservatives is that Britain should leave because of the economic risks of being “chained to the corpse of the eurozone”. I find this disingenuous, given that four of the most advanced global economies represented in the G7, including the UK, are EU member states.Related: Osborne attacks Vote Leave 'fantasy economics' after call to axe fuel VAT Continue reading...

HS2, Crossrail and other infrastructure projects are hailed for delivering economic growth, but critics say they don’t do enough for poor communitiesMajor UK transport projects, such as HS2, Crossrail, or the trans-Pennine tunnel, are announced to much fanfare – but also criticism. Their champions say infrastructure projects of this scale can deliver widespread regeneration, boost the economy and offer mass employment opportunities. But others have reservations about whether such infrastructure benefits everybody, particularly local people with lower paid and lower skilled jobs.“There is a tendency for governments to only want to fund transport projects you can see from space,” says Stephen Joseph, executive director of Campaign for Better Transport. “But we have long argued that it is local infrastructure that actually matters to most people, but gets the least funding.”If the UK wants to compete for jobs and investment, world class infrastructure will be absolutely essentialRelated: Lord Adonis: HS3 could be the rail revolution of the 21st centuryRelated: Roads and railways: where south-east Asia leads, Britain trails behind Continue reading...

Lloyds Bank’s barometer finds confidence about trading prospects at three-year low and overall confidence also downUK companies have become gloomier about their trading prospects and the economic outlook as the EU referendum approaches, according to a survey.Related: Labour voters in the dark about party's stance on Brexit, research saysRelated: Education and the arts are right to stand up for European ideals | Editorial Continue reading...

As privatisation agency chairman, Stergios Pitsiorlas is seen as the right man to expedite disposal of a growing list of assetsIn Greece today, government power comes with few trappings. Unable to tap capital markets and dependent wholly on international aid, the debt-stricken country’s senior officials are acrobats in a tightrope act. They are placating creditors, whose demands at times seem insatiable, and citizens, whose shock is never far away.Few know this better than Stergios Pitsiorlas, the head of Greece’s privatisation agency. The agency’s asset portfolio – readily available online – goes some way to explaining why. A catalogue of beaches, islands, boutique hotels, golf courses, Olympic venues and historic properties in Plaka on the slopes beneath the ancient Acropolis, it could be a shopping list for the scenery in a movie – rather than a list of possessions that Athens is under immense pressure to offload.The Germans are going to take everything. I hear that even beaches are up for saleRelated: IMF tells EU it must give Greece unconditional debt reliefWe have to run fast and make the changes that need to be made quickly Continue reading...

PM moves to stave off potential drag on consumer spending as doubts rise over ‘Abenomics’ programmeJapan’s prime minister, Shinzo Abe, is to postpone an unpopular tax rise in a last-ditch attempt to breathe life into the economy, reports said on Monday, days after he told fellow G7 leaders that the world was on the brink of a crisis comparable to the Lehman shock.

As developed economies such as Australia’s struggle to encourage growth, even the disciples of austerity are admitting that they might have it wrongFor Malcolm Turnbull the election is all about jobs and growth and a belief that a company tax cut and reducing government spending is the way to achieve both. But in light of the failures of such standard economic thinking after the GFC to provide economic growth, new research is finding that policies that fail to consider other aspects such as inequality are actually undermining long-term economic performance.By pretty much any measure economic growth in Australia and around the world since the GFC has been sluggish.Related: Morrison and Bowen produce a lively treasurers' debate, but costings are no clearer Continue reading...

It is not only a Brexit vote which would mean far fewer euros or dollars for your holiday currencyFor some it is the sound of the first cuckoo. For others it is the chock of leather on willow. But for those who write about the economy the first sign of spring is when colleagues start asking for advice on when to buy their foreign currency for a holiday abroad.This year, inevitably, the decision has been made more difficult by the EU referendum on 23 June. Is it better to buy euros or dollars now or wait to see which way the vote goes? Admit it, lots of you have been weighing up the risks in the past few weeks, haven’t you?Related: Foreign currency: top tips for buying your holiday moneyRelated: The smartphone app revolutionising foreign currency exchange Continue reading...

The economic challenges facing Britain will not go away, whether we stay or leave after 23 JuneThis is all absurd; yet it is also very important, with serious implications for the future of the UK and the rest of Europe. Yes: in or out, we shall still belong to the continent of Europe. Moreover, given that the rest of the world also seems to be taking an interest, the outcome of the 23 June referendum can hardly be invested with too much importance.Apart from anything else, a Brexit vote would almost certainly add to the growing dissatisfaction with the EU in many continental countries. There are even fears of a domino effect. Continue reading...

Poll shows 88% of 600 experts fear long-term fall in GDP if UK leaves single market, and 82% are alarmed over impact on household incomeNine out of 10 of the country’s top economists working across academia, the City, industry, small businesses and the public sector believe the British economy will be harmed by Brexit, according to the biggest survey of its kind ever conducted.Related: Ukip’s use of Great Escape theme tune grates with composer’s sonsRelated: Brexit would jeopardise peace in Europe, warn religious leaders Continue reading...

Neither consumers nor brands are getting much of what they want, and the unpredictability has caused chaos for retailers whose power has slipped awayMonday is Memorial Day, the official start of summer and another celebration traditionally marked by sales and a shopping bonanza. But the sun isn’t shining for US retailers.

Campbell’s new National Theatre play was inspired by the despair, rage and determination of Greek anti-austerity protesters, but also by the discovery that the history of his family echoed that of his troubled countryI was just a year old when the tanks rolled ominously down the streets of Athens one morning, announcing the beginning of one of Greece’s darkest chapters. At dawn on 21 April 1967, after a period of political and economic uncertainty, the colonels seized power in an intimidating but bloodless coup, and remained in government for seven years. For most of that period I was too busy learning to walk, talk and read to concern myself with what was going on in the big world beyond our front door. I have snatches of memories of the dictatorship: the national anthem being played on the black and white TV every evening before the news; the hectoring tones and frowning facial expressions of the leader, George Papadopoulos; the long and impressive military parades that often marched through the capital. It was only later that I came to learn what lay beyond the quiet safety of our house in the suburbs: a world of people being taken away in the middle of the night because of their politics and their convictions; a world of intimidation, oppression and torture.And then came the day that heralded the regime’s demise – 17 November 1973. Of this I have a much clearer recollection. My siblings and I were at our grandmother’s apartment in the centre of Athens having lunch: probably spinach pie, lamb with macaroni and mosaiko, her chocolate biscuit cake. As we sat down to eat we heard explosions, gunfire and a loud roar that resembled a huge tidal wave but was in fact the sound of human beings in revolt. A few blocks away, at the Athens Polytechnic, the fight against totalitarianism had begun: the birth pangs of democracy echoed across the city and into my grandmother’s apartment.Related: The Pride – review Continue reading...

Federal Reserve is expected to announce two to three interest rate hikes this year after it increased rates in December for the first time in nearly a decadeFederal Reserve chair Janet Yellen had a message for Wall Streeters anxiously wanting to depart for the long weekend on Friday: interest rate hikes are coming.Analysts have been scrutinizing remarks by all Federal Reserve officials over the past few months for a hunt of when the next interest rate hike might occur. The US central bank is expected to announce two to three interest rate hikes this year after it increased rates in December for the first time in nearly a decade.Related: Interest rates could rise as soon as June, Federal Reserve suggests Continue reading...

Economists give strong critique of neoliberal doctrine ushered in by Ronald Reagan and Margaret Thatcher in the 1980sA strong warning that austerity policies can do more harm than good has been delivered by economists from the International Monetary Fund, in a critique of the neoliberal doctrine that has dominated economics for the past three decades. In an article seized on by the shadow chancellor, John McDonnell, the IMF economists said rising inequality was bad for growth and that governments should use controls to cope with destabilising capital flows.The IMF team praised some aspects of the liberalising agenda that was ushered in by Ronald Reagan and Margaret Thatcher in the 1980s, such as the expansion of trade and the increase in foreign direct investment. But it said other aspects of the programme had not delivered the expected improvements in economic performance. Looking specifically at removing barriers to flows of capital and plans to strengthen the public finances, the three IMF economists came up with conclusions that contradicted neoliberal theory. Continue reading...

Cross-party committee attacks both sides but is particularly scathing about assertion that Brexit would save £350m a weekVote Leave, Britain Stronger in Europe and the Treasury have all been accused of misleading voters in the EU referendum campaign in a report by a cross-party House of Commons committee.The Treasury committee was particularly scathing about the leave camp’s flagship assertion that exiting the EU would save £350m a week that could be spent on the NHS, saying that the public should discount the claim and that Vote Leave’s decision to persist with it was “deeply problematic”.Related: ‘I don’t want to go back with nothing’: the Brexit threat to Spain’s little BritainRelated: Vote Leave launches £50m football prediction competition Continue reading...

Thinktank report finds that most EU workers in Britain would not qualify for a work visa under current rulesLeaving the EU could cause catastrophic staff shortages in some sectors, as 88% of EU workers in Britain would not qualify for a visa under the current rules, remain campaigners have warned.A report from the Social Market Foundation thinktank has found that the majority of the 1.6 million EU workers in the UK do not meet the skills and earnings criteria that those from outside the bloc need in order to qualify for a work visa.Related: Boris Johnson as PM is 'horror scenario', says Juncker EU aide Continue reading...

George Osborne targets older voters with claim that leaving the EU would drive up inflation, hitting pensions and house pricesLeaving the European Union could wipe up to £32,000 off the average pensioner’s wealth, George Osborne claims, as the remain campaign seeks to woo older voters deemed more likely to turn out on 23 June.Treasury analysis suggests the uncertainty unleashed by a Brexit vote would rattle stock markets and undermine the value of pensioners’ homes. A sell off of the pound on the foreign exchanges could also drive up inflation, eroding the value of pension savings. Continue reading...

Even Athens’ creditors are now divided on whether it is worth carrying on with the farcical pretence that a bankrupt country is ever going to repay in fullAn agreement this week to release €10.3bn of bailout money to Greece was, in comparison with past negotiations, straightforward. That does not reflect well on the European officials and international creditors involved. It is a measure of how long the crisis has gone on and how low expectations have fallen.The achievement is in postponing a dispute between eurozone disciplinarians and pragmatists at the International Monetary Fund. Hawkish Europeans, chiefly Germany, take the view that softening conditions imposed on Athens undermines the financial credibility of the currency union. The IMF calculates that Greece cannot service its debts on the current trajectory; that even heroic efforts of fiscal tightening would not yield sufficient revenue and might suffocate the economy instead. The current bailout terms envisage Greece reaching a budget surplus of 3.5% of GDP. The IMF thinks 1.5% is a more plausible figure and wants “reprofiling” of Greek debts – easing the overall burden and softening the interest rate. Continue reading...

Those of a certain age may remember a BBC TV programme called Tomorrow’s World that reported on technological, scientific and medical innovations (If robots are the future of work, where do humans fit in? 24 May). The way these were described suggested an end to drudgery – soul-destroying jobs like stacking supermarket shelves. We’d all have shorter working hours and longer holidays; the production of abundant food would abolish famine; medical advances would eradicate deadly diseases like malaria and cholera. Science and technology would be used for the benefit of all humanity. We would all have longer, healthier, happier lives. It sounds like a utopian pipe-dream now that several of the advances talked about in Tomorrow’s World have come to pass. The patents and rights to these scientific, medical and technological advances have been acquired by big business and big pharma and used solely to make huge profits for the shareholders. Too many of us are now slaves to technology, working longer hours for less pay, with no holidays because of zero-hours contracts, living in glorified rabbit hutches, eating unhealthy, mass produced convenience foods and, in what free time we have, kept docile by TV talent shows, soap operas, football and endless repeats of Friends – the modern day equivalent of bread and circuses, the Roman emperors’ means of pacifying the plebs. Yes, the future may be brighter. But only for the few.

Full coverage as parliament discusses whether to cut the benefits due to Britain’s steel workers, to help Tata find a buyer

Data suggests global glut is easing due to fall in US output and supply disruption in Canada, Libya and NigeriaOil prices have broken through the $50 per barrel mark for the first time in almost seven months after storage figures suggested that the glut in global crude supplies was easing. Many analysts have predicted that the recovery, which will help the North Sea oil industry and could steady the global economy but hurt motorists through higher petrol costs, could be short-lived.The price of Brent crude edged up 0.9% to $50.2 a barrel, boosted by data from the US government showing a sharper than expected fall in crude stocks last week, and it later fell back slightly.Related: Shell to cut 2,200 more jobs in reaction to low oil prices Continue reading...

Religion itself thrives in places where liberal individualism fails. That’s the real clash of civilisationsThe so-called “masters of suspicion”, Nietzsche, Marx and Freud, all thought that religion would wither and die in the 20th century. Others enthusiastically backed the secularisation hypothesis. Intellectually, the enlightenment had punctured it below the waterline and it was sinking. Religion was dead. Except, of course, the reverse happened: it flourished. In 1900, the year that Nietzsche died, there were 8 million Christians in Africa. Now there are 335 million. And the growth rate continues to accelerate. God wasn’t dead. God was reborn. Indeed, far from being the century in which religion went away, for both Christianity and Islam, the 20th century was numerically the most successful century since Christ was crucified and Muhammad gave his farewell sermon on Mount Arafat. By 2010, there were 2.2 billion Christians in the world and 1.6 billion Muslims, 31% and 23% of the world population respectively. The secularisation hypothesis is a European myth, a piece of myopic parochialism that shows how narrow our worldview continues to be.But every now and then the secularisation thesis gets a shot in the arm by some little local news. This week, it emerged in a survey that people with no religion now outnumber Christians in England and Wales. And it’s true, of course. We are getting less religious in the UK. This is not exactly because atheism is having some hipsterish Hitchens-esque revival, but more because we in the west are less and less a society of joiners. And religion begins not with the metaphysics but with the taking part – belonging preceding believing. Which is why the communitarian spirit of religion is declining in places where liberal individualism thrives. And why religion itself thrives in places where liberal individualism fails. That’s the real clash of civilisations: the shopping centre (now moved online) versus the temple, a battle between those who are wealthy enough to think in terms of the first person singular and those forced to think in terms of the plural collective. There are only two globalisations: God and mammon. And they will never fully be reconciled. Imagine no religion, sang the man on a white Steinway with a net worth of $800m. Imagine no possessions he also sang. Though he obviously found that one a little harder. Continue reading...

Nearly a third of all Americans between age 18 and 34 currently live with parents – we want to hear about your experiences: the good, bad and expensiveWhat happens when your kids move home – or never move out? We want to hear from US parents whose nests have stayed full.For the first time in more than 130 years, young US adults are more likely to live with their parents than in any other housing situation.

Proportion of young people not in education, employment or training jumps to 12%, but total is down over five yearsThe number of young people in Britain not in education, employment or training increased for a second consecutive quarter between January and March, to 865,000.The proportion of so-called Neets among 16- to 24-year-olds edged up 0.1 percentage points – or 2,000 people – to 12%, compared with the previous quarter, according to the Office for National Statistics.Related: More youngsters shut out of work or training, study finds Continue reading...

George Osborne once pledged a balanced economy, with growth based on a march of the makers but instead a shocking imbalance of payments loomsLet’s hear it for the British consumer. The trade figures are dire. Business investment is looking a bit wobbly. Manufacturing is in a slump. But out there in the high street or in the private world of online shopping, it is spend, spend, spend.That’s the inescapable message from the government’s second stab at estimating the growth rate of the economy in the first three months of 2016. The headline figure – gross domestic product was up 0.4% on the final three months of 2015 – was unchanged. But the breakdown was deeply troubling. Continue reading...

Sir John Vickers accused Bank of stepping back from proposals on how much capital banks should hold to endure heavy lossesThe Bank of England has rejected criticisms from the architect of banking reforms that it has watered down its approach to ensuring the UK’s banking system is strong enough to withstand heavy losses.Sir John Vickers – appointed by the 2010 coalition government to design ways to avoid another taxpayer bailout of the system – has argued that Threadneedle Street is stepping back from his proposals for how much capital banks should hold.Related: The Guardian view on the big banks: shake them up, please | Editorial Continue reading...

Increases in business services and government spending propped up growth with worrying fall in business investment blamed on Brexit fearsBritain’s economy grew at 0.4% in the first three months of the year, despite a slump in manufacturing and construction output that has dragged down GDP growth over the last year.Tumbling business investment, which recorded its first annual fall in three years, also restricted growth and fuelled concerns that businesses are holding back on plans to expand ahead of the EU referendum.Related: UK economy dragged back by weak business investment and trade – live Continue reading...