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Tag: fall

UK workforce sees biggest fall in two years

UK workforce sees biggest fall in two years

Business
The number of people in work in the UK has seen its biggest fall in the past two years, but unemployment also fell.UK employment dipped to 32m in the three months to September, down 14,000 from the previous quarter, Office for National Statistics (ONS) data shows.At the same time, the number of jobless - those people not in work but seeking a job - fell 59,000 in the same period.Workers' earnings, including bonuses, rose 2.2% compared with a year ago, which still lags inflation of 3%.The unemployment rate remained steady at 4.3%, and down from 4.8% a year earlier.Matt Hughes, a senior ONS statistician, said employment had declined after two years of "almost uninterrupted growth".He added: "But there was a rise in the number of people who were neither working nor looking for a job - so-call...
Vauxhall plans 400 job cuts at Ellesmere Port as sales fall

Vauxhall plans 400 job cuts at Ellesmere Port as sales fall

Business
Vauxhall is cutting about 400 jobs at its Ellesmere Port car plant due to falling sales.The carmaker, now owned by France's PSA Group - maker of Peugeot and Citroen - is "facing challenging European market conditions," a spokesman said.Ellesmere Port, which makes the Astra models, will move staff from two production shifts to one in early 2018.PSA said that manufacturing costs at Ellesmere were higher than other "benchmark plants" in the group.Vauxhall employs about 4,500 people in the UK, with about 1,800 at Ellesmere Port. The company also has a factory at Luton, which makes vans.PSA became Europe's second biggest carmaker after Volkswagen in August when it completed the purchase of Vauxhall and German brand Opel from US car giant General Motors.UK Prime Minister Theresa May personally s...
CAD And NZD Fall Sharply On Central Bank Disappointment

CAD And NZD Fall Sharply On Central Bank Disappointment

Finance
Shutterstock photoDaily FX Market Roundup 09.27.17The U.S. dollar ended the day higher against all of the major currencies but by the end of the NY trading session, the currency had given up a large part of those gains. President Trump provided zero details on his tax reform plan, leaving the market with nothing more than the proposal released earlier. Its still going to be a long road to Congressional approval and the changes that we've seen so far are less encouraging than his campaign promises.  For this reason, we could see the dollar start to give up its gains as the tax reform excitement fades.  Fed officials including FOMC voter Dudley continued to express cautious despite last week's hawkish FOMC statement.  In his speech today, he said current Fed rates are likely a...
John Lewis profits fall by more than half

John Lewis profits fall by more than half

Business
Profits at the John Lewis Partnership have more than halved after the retailer was hit by reorganisation costs and the impact of the weaker pound following the Brexit vote.The partnership said profits in the six months to 29 July fell 53.3% to £26.6m.John Lewis said the fall in the pound had pushed up its costs, hitting profit margins.It added that inflationary pressures, driven by exchange rates and political uncertainty, had hit customer demand.John Lewis Partnership chairman Sir Charlie Mayfield told the BBC: "We should be under no illusions, Brexit is having an effect on the economy, no question. It's the same for everybody, and the main effects are sterling and confidence."Uncertainty is one of the consequences of this, and of course businesses never like uncertainty, because it makes
Big fall in cash Isa investments

Big fall in cash Isa investments

Business
The amount of money put into cash Individual Savings Accounts (Isas) has fallen by a third year-on-year, as low interest rates and tax changes make them less attractive to savers.In the 2015-16 financial year, cash ISA holders paid £58.7bn into them. But in 2016-17, only £39.2bn of new money went in, according to latest figures issued by HMRC.Since April 2016, savers can make £1,000 a year in tax-free interest, reducing the tax advantage of Isas. Isas have traditionally offered the perk of being exempt from both income and capital gains tax.At the same time, savings in general have been seeing a decline.According to the Office for National Statistics (ONS), the savings rate - the amount that households save out of their income - fell to just 1.7% in the first quarter of 2017, the lowest r