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About The London Economic

The London Economic emerged from a political blog sharing platform created by Jack Peat in 2012. It was developed through to 2014 into an alternative news website in an attempt to redress the political power of the mainstream media.

While it focuses on UK political affairs, it also has Business, Economics, Food, Sport, Entertainment, Lifestyle, Travel and Property pages.

Brexit “a complete shambles” and Government has failed business

Joe Mellor - 12 November 2018

A leading business figure has slammed Brexit and the Government’s handling of the negotiations.

Terry Sargeant, boss of ThyssenKrupp in UK, believes that Ministers are more focused on keeping their party together rather than ensuring that businesses are not harmed post-Brexit.

Mr Sargeant told The Guardian: “If you make a market more difficult than it is at the moment, then what is the attraction to the investor?

“I do not see how we can continue doing business where supply chains are so interlinked with being part of the customs union.”... See more

Jeremy Corbyn receives standing ovation from packed out Youth Parliament

Jack Peat - 9 November 2018

eremy Corbyn received a heartwarming standing ovation from a packed out House of Commons today.

The Leader of the Opposition joined aspiring politicians for the UK Youth Parliament’s debate in Westminster, and was warmly received after being introduced by the Speaker of the House John Bercow.

Captioning Corbyn as a man who “says what he means, and he means what he says” Bercow noted how Corbyn has passionately campaigned for young people.

The Labour leader delivered a huge election upset in 2017 after a surge of young voters backed his spirited campaign.... See more

“Unforgivable cowardice” Government won't allow company to criticise May over Grenfell Tower fire

Joe Mellor - 8 November 2018

A shocking article by The Times has claimed that WSP, engineering company, was warned not to create “adverse publicity” about the Cabinet Office or other Crown bodies (this includes May’s office)

The Times said WSP experts were hired after the Grenfell Tower tragedy on 14 June last year, which killed 72 people.

The contract reportedly stated WSP should ensure that neither it nor anyone working for it should “embarrass” or be “in any way connected to material adverse publicity” relating to the Cabinet Office or other Crown bodies.

Labour’s shadow home secretary Diane Abbott said the revelation of the terms of the contract was “shameful”.... See more

Universal Credit causing major hardship, says report

Joe Mellor - 26 October 2018

More people are worse off under Universal Credit, according to a report published by a cross-party committee of MPs. Following evidence given by organisations including Mind and anti-poverty charity The Trussell Trust, the Public Accounts Committee has published their latest report which adds to the growing concern surrounding Universal Credit.... See more

Demoralised UK Border Force face post-Brexit meltdown

Chris Hobbs - 28 September 2018

Chris Hobbs is a retired Met police officer who worked extensively at border controls in both the UK and Jamaica.

Government proposals that EU nationals and non-EU nationals will ‘be treated the same post-Brexit’ is being greeted with a mixture of hilarity and incredulity by UK Border Force officers.

After a summer of chaos at our major UK airports in terms of queues with woefully inexperienced civil servants being drafted in to staff passport controls, it is clear that our airports and indeed our controls at seaports would simply be unable to cope with the extra demand.... See more

Workers and businesses set to thrive as Labour broadens ownership in our economy

Jack Peat - 24 September 2018

Both workers and businesses will thrive under Labour Party plans to force large firms to give workers shares in the company, a Warwick Business School professor has said.

John McDonnell set out proposals to make large corporations give workers shares worth up to £500 each year as part of a radical shake up that looks to broaden ownership in our economy.

In his main party conference speech, the shadow chancellor set out plans for “inclusive ownership funds” as well as detailing how vast executive salaries would be trimmed and “the profiteering in dividends” would be ended.... See more

This is how many homes London needs to cope with rising population over next 25 years

Jack Peat - 20 September 2018

London will need an extra 844,000 new homes in order to house its rising population over the next 25 years.

Official figures show the number of homes in the capital will need to rise by a quarter by 2041 if current trends continue, bringing the new total to 4.3 million households.

Tower Hamlets, Barking and Dagenham are likely to be the boroughs that will shoulder the lion’s share of the growth, with Hackney also in for a 35 per cent rise in residential properties.... See more

4.5 million UK children are living in poverty

Joe Mellor - 17 September 2018

A shocking new study has discovered that over 14 million people, 4.5 million of them children, and living in poverty.

The investigation also discovered that 12% of the total UK population is in “persistent” poverty, having spent all or most of the last four years below the breadline.

The statistics, by Social Metrics Commission, have been gathered from a new measure to calculate social disadvantage.... See more

Economy is slowing to a “snail’s pace” due to Brexit

Joe Mellor - 17 Spetember 2018

Economists at the British Chambers of Commerce (BCC) say growth will slow to 1.1 per cent this year. The influential business lobby group is also highly concerned of the impact of a no-deal Brexit.

Shockingly, this would be the slowest rate of growth since the global financial crisis of 2009. The previous prediction was 1.3 per cent, still a sluggish growth rate for the UK economy.

Adam Marshall, the group’s director general, said the UK economy is slowing to a “snail’s pace” due to hesitation in the business world over Brexit.

Marshall said: “The drag effect on investment and trade would intensify in the event of a ‘messy’ and disorderly Brexit. Businesses need the Brexit negotiations to deliver clarity, precision and results at pace over the coming weeks.”... See more

“In face of austerity Sadiq has worked tirelessly to support Londoners,” Khan backed for 2020 Mayoral bid

Joe Mellor - 14 September 2018

GMB, Britain’s general union, today announced its backing for Sadiq Khan’s to continue as the Labour Party’s Mayoral candidate in the upcoming 2020 London contest.

Paul Maloney, GMB Southern Regional Secretary said: “In the face of savage austerity and a Tory Government, Sadiq has worked tirelessly as Mayor to support Londoners.

“By investing in social and council housing, freezing transport fares and with record City Hall investment in the Met police to tackle gun and knife crime, Sadiq has shown he is on the side of London’s workers.”... See more

London no longer the world’s number one financial centre & Brexit is a factor

Joe Mellor - 13 September 2018

The latest Z/Yen Global Financial Centres Index showed New York overtaking the UK’s capital for the first time since 2015.

The City think tank said there was evidence London had been knocked, but only slightly, by uncertainty over Brexit.

However, it doesn’t make great reading to see London knocked off its perch as we approach the potential stormy waters of Post-Brexit Britian.... See more

Brexit could put an end to next day deliveries

Jack Peat - 9 September 2018

Next day deliveries could become a thing of the past due to warehouse labour shortages after Brexit. EU nationals make up more than 20 per cent of the workforce in 18 industries, exclusive official figures show. And a third of warehousing and storage workers are EU nationals.

GMB warned today that next-day-deliveries could become a thing of the past unless employers improve wages and conditions after Brexit. In the economy as a whole, EU nationals’ share of the workforce rose to 7.6 per cent in 2017, up from 7.2 per cent the year before.The two industries with the highest reliance on EU labour were the processing of fish and meat (EU nationals made up 57 per cent and 45 per cent of the workforce respectively).

The findings will spark fears for the future of some industries if there is not certainty over the status of current EU workers and a clear plan for meeting the UK’s labour shortfalls after Brexit.

Tim Roache, GMB General Secretary, said:“As Brexit approaches it is becoming increasingly clear that many of the comforts we take for granted, such as next-day-deliveries, could become a thing of a past... See more

Food Crisis UK – Almost 4 million children don’t have enough money for healthy diet

Joe Mellor - 5 September 2018

A shocking new report has discovered that nearly four million children in the UK are too poor to have access to a healthy diet.

The report, by the Food Foundation, calculated that a family of four needs to spend over £103 to ensure they have a healthy diet rich in vitamins, minerals and other essential food stuffs.

Sadly, around 3.7 million children come from households who earn under £16k a year, which means they are unlikely to be able to afford a healthy diet.... See more

Britain in the red: Income falls short of spending under Tory government

Jack Peat - 5 September 2018

Average household income has fallen short of spending in every quarter since May became Prime Minister, new research has found.

The TUC study reveals that households have been pushed £1,250 into the red during her time in charge.

In every quarter since May’s arrival in Downing Street (2016 Q4 to 2018 Q1), families’ outgoings have outstripped their incomes – resulting in a total deficit of £34 billion.

As she took office, May promised to support “just about managing” families. But this analysis shows that the pressure on household budgets has increased under her government, pushing “JAMs” even closer to the financial cliff-edge.

In 2017, the ONS reported a calendar year shortfall of £900 per household, the first time in 30 years that the average household has spent more than it brought in.... See more

“No new ideas” How Boris Johnson’s Brexit capitulation should be no surprise for his readers:

Ben Gelblum - 3 September 2018

With parliament about to restart and Boris Johnson’s blonde ambition clearly irking since he had to resign as Foreign Secretary, today’s Telegraph carries a striking portrait photo and a warning to Theresa May that her Brexit plan would spell “victory for Brussels.”

“We have gone into battle waving the white flag,” despaired the ex-Foreign Sec in what much of Westminster wrote off as another cynical attempt at a leadership bid.

BoJo bemoaned that the impossible Irish border situation / customs conundrum should not be a major impediment to Brexit two years on. The fact that the Government hasn’t managed to fix a way of stopping a hard border between Northern Ireland and either the Republic of Ireland or Britain while leaving the customs union was proof that were attempting to “stop a proper Brexit”.... See more

Brexit could signal the end of the British union

Jack Peat - 3 September 2018

Brexit could see Scotland edge towards independence and Northern Ireland close on reunification with Ireland, a new poll has revealed.

Just 43 per cent of Scottish voters said they would vote for Scotland to remain part of Britain after Brexit, according to a study by Best for Britain and Our Future Our Choice.

The research showed Brexit is also harming support for the union in Northern Ireland, where a majority would back a united Ireland. Only 39 percent would vote to remain part of UK if Brexit goes ahead.

There is growing opposition to a so-called “hard border” across Ireland, which could fuel talks of reunification. The poll found 56 percent of people in Northern Ireland would be willing to vote for a united Ireland if the UK left the EU and a hard border were set up.... See more

Why are the capital’s police coming under attack from all quarters?

Chris Hobbs - 2 September 2018

Chris Hobbs is a former officer of the Metropolitan Police who served for 32 years including targeting gang crime on Operation Trident

It is a sad fact of life that when responding to stabbings or shootings in London, police officers are very often on the scene before paramedics.

A recent example was the horrific gang stabbing of four teenagers in Camberwell which left one of the victims disemboweled.

While the hands of police officers are frequently bloodied when tryng to save lives, metaphorical allegations of ‘blood on your hands’ are very much levelled at Prime Minister Theresa May for her strident criticism of stop and search when she was Home Secretary.... See more

Millions of Brits left with just £6.60 a day to get by on

Jack Peat - 30 August 2018

Millions of Brits are being plunged into debt because they are left with just £6.60 a day to get by on after bills have been paid.

According to research, a quarter of adults are using credit cards and overdrafts as an extension of their bank balances as the buy now, pay later culture pushes them into the red by £1,222 a year.

Half of workers forced to borrow to make ends meet – and money now a bigger worry than health.... See more

Blue Momentum takeover of local Conservative branches driven by ex-Ukip members

Jack Peat - 28 August 2018

The Conservatives are at risk of being overrun by a ‘blue Momentum-style’ takeover at local Conservative branches – with former Ukipers leading the march.

An increase in membership has been reported by 42 out of 75 local associations, with many noting a change since the Chequers deal was agreed by the Cabinet, according to The Sunday Times.

Campaigner John Stafford said the rise came from ex-Ukip members rejoining because they want to vote in a leadership contest to replace Mrs May.

The prime minister and 11 other cabinet attendees saw membership of their local parties rise. Just two of the 12 voted Leave.... See more

No deal papers paint bleak outlook for British businesses

Jack Peat - 24 August 2018

Businesses can expect a lot more red tape, extra bureaucracy and additional costs in the event of a no deal, the government’s initial papers reveal.

Dominic Raab presented the first 24 of 80 papers prepared by the government to explain plans that would mitigate the impact of a no deal Brexit.

The papers contain a host of new regulatory regimes, doubling up of registration and extra processes for British business and consumers.

Before importing goods from the EU businesses will need to register for an EORI number, ensure their contracts and INCOTERMS reflect they are an importer, potentially engage a customs broker, freight forwarder or logistics provider and decide the correct classification and value of their goods, none of which they are required to do now.... See more

Brits £13 a week poorer than they were 10 years ago

Jack Peat - 22 August 2018

Average earnings in Britain are £13 a week lower than they were ten years ago, a Resolution Foundation report has revealed.

The damning study found the ‘Just About Managing’ group accounted for half of the rise in employment since 2008/09, meaning The Conservatives’ oft celebrated jobs boom has been driven by those on the lowest incomes.

Employment across the bottom third of households made up 1.2 million of the 2.1 million increase in jobs between 2008-2017.

And job insecurity remains “widespread” – with around 800,000 Brits currently employed on zero-hours contracts.... See more

No Deal Brexit now an odds-on reality

Jack Peat - 21 August 2018

Dominic Raab returns to Brussels today with the odds against him sealing a Brexit deal before the 29th March 2019 deadline. Bookies are now 8/11 for a Hard Brexit and the odds on a second referendum on EU membership are shortening drastically too. It’s now 2/1 from 7/2 for Brits to have a second chance to cast their vote on the country’s future relationship with Europe before the end of 2019, while it’s evens with the leading online bookmaker for Raab and Michel Barnier to hammer out a deal before the end of March.... See more

Tories present feeble plan to plaster over the wounds they created

Jack Peat - 13 August 2018

The Conservatives have pledged £100 million to “end rough sleeping on England’s streets by 2027” after the number of people left homeless due to austerity cuts has soared.

Last year, around 4,800 people were estimated to be sleeping rough in England. This is 15 per cent higher than in 2016, and more than double the estimate of 1,800 for 2010

The pledge comes as communities secretary James Brokenshire acknowledged that efforts to tackle homelessness had “not been good enough”, adding that homeless people should be supported rather than punished by the government.

But Brokenshire failed to touch on the role of his party in creating such extreme levels of poverty in one of the richest nations in the world... See more

Calls for Corbyn to quit as Johnson charms media with cups of tea

Jack Peat - 13 August 2018

Sajid Javid called for the Labour leader to quit after the Daily Mail claimed he was photographed holding a wreath near the graves of those responsible for the massacre of Israeli athletes at the 1972 Munich Olympics.

The calls from the Conservative front bench come a week after former Foreign Secretary Boris Johnson compared women in burqas to “letter boxes” in a Daily Telegraph column, comments he has refused to apologise for.

Johnson charmed reporters with cups of tea at his Oxfordshire home yesterday, avoiding questions on the comments by handing out hot beverages in his typically whimsical style.

He said: “I am here solely on a humanitarian mission because you have been here all day.

“You have all been incredibly patient and I feel very sorry for you because I have nothing to say about this matter.”

With islamaphobic accusations swept aside the media went back on the rampage against the Labour leader this morning, with the Mail’s report dominating political headlines.

Labour has said Mr Corbyn had already made clear he was paying his respects to the victims of a 1985 Israeli airstrike on Palestinian Liberation Organisation offices in Tunis... See more

Exclusive FOI request reveals record-breaking evictions from social housing - by local councils

Raymond Woolford - 9 August 2018

This June, in light of lack of public trust after the Grenfell disaster, the Secretary of State for Housing, Communities and Local Government, James Brokenshire promised that a green paper on social housing would be published before the parliamentary recess. Its failure to appear, despite a worsening housing crisis and the fact that the Labour party published its own review of social housing back in April, has led to widespread anger across the housing sector.

A freedom of information request to the Ministry of Justice regarding the number of evictions over the past 5 years by mortgage companies, private landlords, and social landlords such as councils and housing associations has today uncovered some shocking statistics... See more

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