Ofcom head says age checks are ‘really big moment’ for children’s online safety
Pound drops after Bank of England says it could cut interest rates more if jobs market slows
The pound has dropped to a three-week low after the governor of the Bank of England said it could make bigger cuts to interest rates if the job market slows too quickly.Andrew Bailey said “slack” was opening up in the UK economy, as higher taxes have squeezed employers.He told the Times that “I really do believe the path is downward” for interest rates. The bank rate stands at 4.25%, after four quarter-point cuts in the last year, and the Bank is next scheduled to make another decision on 7 August
Sales of UK country houses rise as buyers tempted out by lower prices
Sales of expensive UK country houses rose in June, signalling a possible recovery in demand as buyers are tempted out by lower prices after an extended slump.The estate agency Knight Frank said the number of exchanges of contract for sales of country houses – defined as a rural home worth more than £750,000 – was up 7% in June compared with last year as the number of properties for sale rose while prices fell.Second-home owners are driving the increase in properties coming to market, the agency said, after recent council tax changes designed to level the playing field for local people living in popular holiday spots. Councils in Wales have the power to quadruple taxes on second homes, while English councils can double taxes.The number of country houses coming on to the market was 9% higher in the second quarter of the year compared with last year
Number of UK job hunters rises at fastest rate since Covid pandemic
The number of people hunting for jobs in Britain surged in June at the fastest rate since the height of the Covid pandemic, industry figures show, amid growing business fears over tax rises and the economic outlook.The snapshot from the Recruitment and Employment Confederation (REC) and the accountancy firm KPMG showed the number of new candidates looking for work rose at the sharpest rate since November 2020, when the UK entered the second nationwide lockdown.The trade body representing Britain’s recruitment industry blamed the “scar tissue” left by tax rises introduced in April by the government, including a £25bn increase in employer national insurance contributions (NICs).In a survey of 400 UK recruitment and employment consultancies, the REC found that permanent placements had dropped at the fastest pace in 22 months, alongside weaker levels of pay growth and reports of redundancies and reduced appetite for staff.The chancellor, Rachel Reeves, is under pressure to reboot Britain’s economy after output unexpectedly shrank for a second consecutive month in May, fuelled by a downturn in construction and manufacturing
Turn empty London office blocks into ‘late-night party zones’, report suggests
Could the future of Canary Wharf lie in thumping beats and dancefloor raves? Could the City of London become a global hub of nocturnal revelry?With financial districts struggling to bounce back to full capacity post-Covid, and the nightlife industry facing an existential crisis, there are suggestions clubs could move into deserted office blocks at evenings and weekends.In its annual eccentric report on the future of leisure, the creative studio Bompas and Parr says it envisions “a future where financial districts in London and the world over are transformed into world-class late-night party zones”.“By day, the city bustles with suits and stocks. By night, it’s reborn as a pulsating rave arena,” the report says. “With few residents to file noise complaints, organisers capitalise on the empty, echoing canyons of glass and steel
‘Short hair is dying out’: 30% rise in cost of UK haircuts, not fashion, is driving the change
Skin fades and sculpted bobs are out. Messy tops and longer locks are in. For fashion hawks, the move towards lengthier hair is hardly news, but it may not be fashion alone that is driving the shift. Rising costs and tightened belts are among the reasons some believe are behind the trend for longer hair.The average cost of a haircut for men and women in the UK has soared by more than 30% since 2020, according to government data
Could AI be accelerating slowdown in the UK job market?
Ask ChatGPT whether artificial intelligence is contributing to Britain’s cooling jobs market and the chatbot acknowledges its own role – but adds a caveat: “Yes, AI is contributing to job losses in the UK, but its impact is nuanced and varies by industry, skill level, and job function.”There are concerns that AI could be one culprit behind the slowdown, as the ascendant technology destroys workers’ jobs.The telecoms company BT has said advances in AI could lead it to cut more jobs, having already outlined plans to shed up to 55,000 workers two years ago – including as a result of investment in digital automation. Amazon has warned white-collar staff that their jobs could be replaced, Ocado has cut hundreds of roles to reduce costs while using AI instead, and Microsoft is shedding 9,000 jobs worldwide.Despite these high-profile changes and mounting anecdotal evidence, most economists reckon that, so far, Britain’s slowing labour market has little to do with accelerating investment in AI
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