Real earnings have fallen by 10.4 pc since the credit crunch began in 2007 says the Guardian – making Britain equal bottom on the wages growth table, alongside Greece. The Trade Union Centre found that over the 2007-2015 period wages have grown by 23 pc in Poland, 14 pc in Germany and 11 pc in France. The UK, meanwhile, has seen a fall, alongside Greece and Portugal. ‘Wages fell off the cliff after the financial crisis, and have barely begun to recover,’ said Frances O’Grady, the TUC general secretary. The Treasury hit back, saying that earnings are only one indication of living standards – levels of employment, taxes and benefits also come into play. But, toeing the new party line, they added ‘There is more to do to build an economy and country that works for everyone not just a privileged few, and we are determined to do exactly that.’
Our money is trapped in our houses, reports the Daily Mail. Aviva reports that one in six UK households expects to continue to pay off their mortgage after retirement. Yet 80 pc do not accept that they may need to downsize in order to live debt-free after giving up work. 58 pc see their home as a cash cow which will fund their retirement, while seven in ten say that their property is worth more than their pensions, savings and investments combined. Furthermore, retirees are living beyond their means, spending on average £23,773 per year despite having an income of £15,800.
TalkTalk is the most annoying company to talk to, according to a table published in the Telegraph. The company proves most obstreperous when trying to speak to a human being, according to call centre specialists Eckoh. The so-called ‘brick wall list’ also features Expedia, Sainsbury's, Ryanair, EasyJet and British Airways in the top ten offenders. Tony Porter from Eckoh said ‘it’s amazing how few CEOs have actually called their own company to discover first-hand what their customers are faced with. It would certainly make them stop and think.’ Meanwhile PC World and Currys are among the worst offenders when it comes to complicated menus, with 109 options; lastminute.com has 75 and Birmingham Airport has 83.
Nick Clegg, the former deputy Prime Minister, thinks that the worst of the financial impact following Brexit is yet to come. While the markets have stabilised in the wake of Theresa May’s appointment, ‘reality is going to bite’ in the autumn, the Liberal Democrat MP predicts. Speaking at a New Statesman event last night, Mr Clegg said that he foresees further turmoil when it becomes apparent what ‘Brexit means Brexit actually means.’
Billionaires, luxury hotels and jail time: the story of the sale of Grosvenor House hotel is fast turning into a blockbuster. A consortium of Saudi and UK family wealth funds has offered $1.3 billion to buy the swanky London property, says the Times. Most of the cash comes from a Saudi family. Meanwhile the seller is Sahara India Pariwar, whose founder, Subrata Roy, was jailed two years ago over a convertible bond case. Bond, James Bond. No, not really. Mr Roy’s parole is due to end in August unless he pays $1.5 billion in bail money. The hotel, on Park Lane, has 494 rooms and hosts events such as the Baftas.