Wednesday newspaper round-up: In-work poverty, UK jobs warning, Bitcoin
By Michele Maatouk
Date: Wednesday 17 Jul 2019
(Sharecast News) - Britain's weak wage growth and rising prices have delivered a hit to living standards of a severity normally only seen during a deep recession, a leading thinktank has said. While official data has shown a pick-up in real earnings growth in recent months, the Resolution Foundation said household incomes had declined by 0.5% in the period from 2016-17 to 2018-19. - Guardian
The shadow chancellor, John McDonnell, is to make a promise that Labour will eliminate the "modern-day scourge" of in-work poverty by the end of the party's first full term back in office. In a speech on Wednesday, the shadow chancellor will pledge to eradicate poverty among those who are working but struggle to support themselves and their families on low wages. - Guardian
The economy faces a devastating drought of workers if the immigration system is not seriously overhauled after Brexit, businesses have warned, with a skills shortage already biting in industries such as hospitality and construction. Retailers, recruiters, tech bosses, universities and other key sectors have written to Boris Johnson and Jeremy Hunt to demand a border which "works towards building a successful economy that is open and attractive". - Telegraph
The boss of Britain's biggest recruiter has warned the jobs miracle and the return of real wage growth are in jeopardy as mounting no deal Brexit fears in the City sent the pound sliding to a two-year low. James Reed, chairman of Reed, revealed the online recruitment giant saw the biggest fall in job vacancies since 2010 in June, a canary in the coalmine that he believes could signal the economy is "heading for a recession". - Telegraph
Thousands of investors are facing losses of close to half the £152 million they put into a failed peer-to-peer lender that is being investigated for moving assets to related parties before its collapse. In the latest scandal to hit the "shadow savings" industry, administrators of Lendy, which went under in May, have warned investors that they should expect to lose a significant proportion of the capital they put into the platform because of the dire state of its loan book. - The Times
The value of bitcoin fell sharply after US senators attacked Facebook about its plans to launch its own cryptocurrency, with one saying the social media network was "delusional" to believe people would trust it with their money. Bitcoin, the most popular cryptocurrency, fell to below $10,000 for the first time in two weeks to $9,828. Last night it was $1,235.07, or 11.5 per cent, lower at $9,607.21. - The Times
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