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Food giant accused over cash request

Food giant accused over cash request | Business Economics | Scoop.it

Food giant Premier Foods has received millions of pounds from its suppliers in return for the chance to continue working with it, Newsnight learns. One supplier said the practice - known as pay and stay - was like "blackmail. Newsnight understands the struggling company has received millions of pounds from its suppliers in this way

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A lesson in Monopsony power

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Contestable Markets - Revision Webinar on the Parcels Industry

In this special revision webinar we look at some the synoptic links between micro and macroeconomics and fast-changing global market for parcels.

 In particular we focus our revision on the economics of contestable markets - looking at actual and potential competition in the industry.

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Labour Market Failure

This is a recording of a revision webinar covering aspects of labour market failure.

Unemployment and economic inactivity in the UK labour market are falling, but when we disaggregate the market we find that there remain persistent issues including risks of extreme poverty, labour immobility, skills shortages and the issues facing workers in vulnerable jobs perhaps facing a monopsony employer.
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UK workers 'frustrated by flatlining pay'

Newsnight interviews Andy Haldane, Chief Economist of the Bank of England on the contributory causes of the flat-lining of pay over the last ten years.

Why has productivity stalled? Haldane argues that perhaps only 5 per cent of firms are taking the "productivity high road" whereas the UK economy suffers from a long tail of relatively inefficient firms whose productivity is low and who cannot afford to pay people more.

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McDonald’s offers fixed contracts to 115,000 UK zero-hours workers

McDonald’s offers fixed contracts to 115,000 UK zero-hours workers | Business Economics | Scoop.it

Fast-food chain makes move after staff complained they were struggling to get loans, mortgages and phone contracts.

Zero-hour contracts are controversial because companies can use them to exploit workers, offering unpredictable working hours and changing shifts at short notice.

The TUC has called for the government to ban zero-hours contracts. It has found that staff on these contracts earns a third less per hour than the average worker.

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Refugees turned entrepreneurs: ‘I needed to think about the future’

Refugees turned entrepreneurs: ‘I needed to think about the future’ | Business Economics | Scoop.it
Founders who escaped war in their home countries describe their routes to enterprise, each requiring a healthy dose of hard work and perseverance
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A splendid article. Very good reference for Theme 3 -Growth of Firms
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Missing wage rises give lie to picture of full employment -Larry Elliott

Missing wage rises give lie to picture of full employment -Larry Elliott | Business Economics | Scoop.it

Britain has all the hallmarks of a full-employment economy. The employment rate is at a record level, unemployment is at its lowest in more than a decade, and the percentage of women working is at its highest since modern records began.

 The one thing missing from this picture is an increase in wages.With non-UK nationals representing most of 300,000 rise in number employed, labour supply is helping keep lid on wages

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UK employment growth driven by foreign nationals, figures show

UK employment growth driven by foreign nationals, figures show | Business Economics | Scoop.it

The vast majority of employment growth was driven by non-UK nationals in the final three months of 2016 compared with a year earlier, the latest official figures on the labour market revealed.

Jobs data show workers face rising costs and static pay, and no indication of Brexit vote triggering exodus of EU labour

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Marginal Revenue Product of Labour (MRPL)

Marginal revenue product of labour (MRPL) is the extra revenue generated when an additional worker is employed.

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How UK will react to higher minimum wage - FT World

From April 1, the UK government raises the minimum wage for the over-25s, aiming to create a more productive workforce. FT employment correspondent Sara
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National living wage 'failing to provide basic needs for lowest paid'

National living wage 'failing to provide basic needs for lowest paid' | Business Economics | Scoop.it

The “national living wage” falls short of providing a decent standard of income to low-paid staff because of rising rents and slowing wages growth, say campaigners against low pay.

After a six-month review, the Living Wage Commission said it had assessed the “best available evidence on living standards” and concluded that the £7.20 an hour national living wage (NLW) for the over 25s, introduced in April, was failing to provide the basic needs of low-paid households.

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Evaluating Executive Pay Caps

In this short revision video we look at the evidence for the huge gap in pay between CEOs and average workers and consider some of the arguments for and against introducing some kind of cap or ceiling on executive pay in the UK labour market.

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Finland give €560 basic income to unemployed 

Finland give €560 basic income to unemployed  | Business Economics | Scoop.it

Finland have become the first European nation to trial a system of paying a basic income (worth €560 a month) to unemployed people.

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People from ethnic minorities still facing major jobs gap in UK

People from ethnic minorities still facing major jobs gap in UK | Business Economics | Scoop.it

Proportion of ethnic minority people with degrees has increased significantly but this hasn’t fed through to labour market, study finds

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Revision: Deadweight Loss of Economic Welfare Explained

The idea of a deadweight loss relates to the consequences for economic efficiency when a market is not at an equilibrium. 

 The concept links closely to the ideas of consumer and producer surplus 

 Deadweight loss is relevant to any analytical discussion of the:

 1. Impact of indirect taxes and subsidies

 2. Introduction of maximum and minimum prices

 3. The economic effects of trade tariffs and quotas

 4. Consequences of monopoly power for consumer welfare.

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Causes of Pay (Wage) Differentials

One key feature of the UK labour market is the wide dispersion in weekly pay across different occupations and industries.


This topic video explores some of the causes and looks at lots of recent contextual data on wage and earnings differentials.

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Gender pay gap revealed at 500 UK firms

Gender pay gap revealed at 500 UK firms | Business Economics | Scoop.it

Ladbrokes, Easyjet and Virgin Money are among the major companies to reveal gender pay gaps of more than 15% in favour of men for mean hourly pay.

Women's hourly pay rates are 52% lower than men's at Easyjet. On average, women earn 15% less per hour at Ladbrokes and 33% less at Virgin Money.

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Underemployment in the UK Labour Market

​This revision video looks at the definition and measurement of underemployment.

The number of people estimated to be underemployed in the UK is now above 2.5 million.

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More than 200 jobs threatened by plan to close Norwich Britvic factory

More than 200 jobs threatened by plan to close Norwich Britvic factory | Business Economics | Scoop.it

Soft drinks giant Britvic has put forward plans to shut its manufacturing site in Norwich, putting 242 jobs at risk. The group has tabled proposals to transfer production of Robinsons and Fruit Shoot from the Norwich factory to sites in east London, Leeds and Rugby as it looks to make “significant productivity and efficiency savings”. 

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Using cost analysis explain how the company  looks to make “significant productivity and efficiency savings”
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Pay squeeze continues for UK households

Pay squeeze continues for UK households | Business Economics | Scoop.it

Earnings grew by 2.3% in the three months to October, lagging inflation for a seventh month

.In the three months from August to October, there were 32 million people working: still a lot and more than a year ago. But it's 56,000 fewer than the previous three months.

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Five million paid less than living wage, says KPMG - BBC News

Five million paid less than living wage, says KPMG - BBC News | Business Economics | Scoop.it

One in five workers in the UK is paid less than required for a basic standard of living, a KPMG report says. The proportion is much higher among waiters and bar staff, at up to 90% of workers

It said that nearly five million people failed to command the living wage - a pay packet that enabled a basic standard of living..

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The UK's new living wage explained - FT World

On April 1, Britain will impose a new minimum wage rate, known as the 'national living wage'. The FT's Sarah O'Connor explains three things you need to kno
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The national living wage and what it means

The national living wage and what it means | Business Economics | Scoop.it

The national living wage comes into force in the UK on Friday, but what is it and what difference will it make?

It is a new national minimum wage of £7.20 per hour for everyone 25 and over. The rate is 50p higher than the previous minimum wage of £6.70 – although that lower rate will still apply for those aged 21 to 25.

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World's largest fund manager demands cuts to executive pay and bonuses

World's largest fund manager demands cuts to executive pay and bonuses | Business Economics | Scoop.it

  BlackRock threatens to stir shareholder rebellions, warning UK companies they must match boardroom pay rises with that of workers. 

BlackRock is demanding cuts to director pension entitlements and an end to huge pay rises as UK companies prepare to put their latest pay deals to shareholders

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Gender Pay Gap

The gender pay gap is the measured difference between male and female earnings, usually expressed as a percentage of male earnings. In the UK, the gender pay gap across all full-time and part-time work is around 20%.

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Don’t complain about the strikers – they’re only doing what we all should in 2017 | Paul Mason

Don’t complain about the strikers – they’re only doing what we all should in 2017 | Paul Mason | Business Economics | Scoop.it

There is an antagonistic tenor in this Paul Mason piece:  perhaps  it contains more than a degree of truth. The share of GDP going to labour has declined - additionally, whilst the wages of the low-skilled have soared, those of CEOs have accelerated.

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