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The Financial Times
George Osborne may have backtracked on cutting tax credits in the Autumn Statement but he is ploughing on with plans to significantly increase Britain’s minimum wage — the other half of his push for a “lower welfare, higher wage economy”.
Official forecasts published last week suggest the chancellor’s gamble — that he can raise wages for millions without damaging the jobs boom that was the biggest success story of his first term — is going to pay off. The Office for Budget Responsibility estimated the plan to raise the minimum wage for over 25s to more than £9 an hour by 2020 would cost only 60,000 jobs, while net employment would rise by 1m over the same period.
Motorists are being exploited by Britain’s oil refiners which are exploiting plunging world oil prices to increase profit margins to the highest level in years, according to the AA.
Since June 2014, the price of a barrel of Brent crude oil has more than halved from $115 per barrel to $45.34 yesterday.
However, Luke Bosdet, the AA’s director of public affairs, said fuel refiners and marketers were failing to pass on the full benefits of the slide to consumers.
Volkswagen AG is closing in on regulatory approval for a series of low-cost fixes to 8.5 million rigged diesel vehicles in Europe, a step forward in its effort to overcome a scandal over cheating on emissions.
Cyber Monday looks poised to set a record this year, with early indications that online sales have grown 14% and leading retail websites including Target crashing temporarily, seemingly overwhelmed by high customer traffic.
The Evening Standard
Hear’say singer Danny Foster has reportedly escaped a dramatic fire that saw a car he was a passenger in burst into flames. The popstar shared a dramatic video online, which showed a car engulfed in flames, as firefighters battled the blaze. The singer told his Twitter followers he had been a passenger in the car, which he said was a Vauxhall Zafira, shortly before. Vauxhall is writing to 220,000 Zafira B owners to ask them to arrange for their cars to be inspected by a local dealer, as the company investigates a potential fault with the heating and ventilation systems of the Zafira model.