Economy | GPA Procurement

November 27, 2017

Pharma plans will create 1,850 jobs in Manchester and London

Two pharmaceutical firms have said they will invest more than £1bn in the UK, creating about 1,850 jobs. MSD, known as Merck in North America, will support a new research centre in London creating around 950 new posts. Germany's Qiagen will develop a genomics and diagnostics campus in Manchester, creating up to 800 jobs. The

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November 23, 2017

Budget 2017: Stagnant earnings forecast ‘astonishing’

The prediction that average UK earnings in 2022 could still be less than in 2008 is "astonishing", according to an independent economic think tank. Paul Johnson, director of the Institute for Fiscal Studies, added that the economic forecasts published in the Budget made for "pretty grim reading". He highlighted that since 2014 growth in earnings

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November 21, 2017

UK government borrowing grows in October

UK public sector borrowing rose to £8.0bn in October, official figures show, up £500m from a year earlier. The figure comes a day before the Budget, and the monthly deficit was bigger than economists had predicted. Increased debt costs, linked to the UK's higher inflation since the Brexit vote, were a factor in the shortfall.

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November 21, 2017

UK firms could generate billions with procurement tech

UK firms are falling behind their European competitors by failing to embrace tried-and-tested technologies such as cloud computing and online procurement, according to the CBI. Carolyn Fairbairn, the Confederation of British Industry’s (CBI) director general, told businesses that they could add as much as £100bn gross value to the UK economy were they to invest in well-established

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November 21, 2017

UK pay squeeze tightens but unemployment dips

Wages continue to lag behind the cost of living in the UK, while unemployment remains at a 42-year low. Workers' earnings, excluding bonuses, rose 2.2% in the three months to September compared with a year ago, the Office for National Statistics said. But they fell 0.5% in real terms when accounting for inflation, marking seven months

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November 21, 2017

‘Jobs market at tipping point’ warn REC

As employer confidence in the economy drops for a third month in a row, a recruitment trade body has called for ‘political leadership’ to fix any impending problems. With many employers fearing that economic conditions are getting worse, recruitment of temporary workers is falling off a cliff face – down nine per cent across all

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November 21, 2017

Brexit: Business lobby groups call for transition deal clarity

The UK risks losing jobs and investment without an urgent Brexit transition deal, Britain's five biggest business lobby groups have warned. In a joint letter being sent to Brexit Secretary David Davis, the groups including the CBI and Institute of Directors, say time is running out. The head of the CBI said firms wanted an

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November 21, 2017

Unemployment drops by 52,000 but pay squeeze continues

UK unemployment fell by 52,000 in the three months to August to 1.4 million, leaving the jobless rate unchanged at 4.3% from the previous quarter. However, pay still failed to keep pace with inflation, with the real value of earnings down 0.3% over the past year. Total earnings, excluding bonuses, rose by 2.1% from June

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October 9, 2017

REC: Brexit forces employers to raise starting salaries

Staff shortages, fuelled by the UK's decision to leave the EU are forcing employers to increase their starting salaries. According to a report by Markit and the Recruitment and Employment Confederation (REC), the availability of permanent candidates declined at the fastest pace in four months during September. Net migration to the UK also dropped to

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October 4, 2017

UK service sector recovers from 11-month low

Activity in the UK's service sector picked up slightly in September, according to a closely-watched survey. The Markit/CIPS purchasing managers' index (PMI) for services rose to 53.6, up from an 11-month low of 53.2 in August. Above 50 indicates growth. However, the UK still lags behind the eurozone, where services PMI grew strongly to 56.7

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