China's Ministry of Human Resources and Social Security has released a blueprint to address AI's impact on the job market over the next five years. The strategy focuses on income growth, wage reform, collective bargaining in the private sector, and managing high earnings in state enterprises, while also strengthening minimum wage protections.
Influential IPPR proposes capping rents at whichever is lower of consumer price inflation or wage growthUK politics live – latest updatesOne of the thinktanks closest to the Labour government is urging ministers to introduce private sector rent controls in England, as the chancellor weighs up how to ease a surge in living costs caused by the Iran war.The Institute for Public Policy Research (IPPR) has published a paper calling for a rent “double lock”, which would link rent increases to either wages or inflation, depending on which was lower. Continue reading...
Rolling coverage of the latest economic and financial newsRoyal Mail has promised to invest £500m over the next five years to improve its UK delivery service.The service is now working towards meeting its new postal delivery targets by May next year, after agreeing a plan to roll out changes to scrap second-class post on Saturdays.We recognise our service hasn’t always been the standard our customers rightly expect and we’re determined to do better. The plan we’ve set out today shows how we’ll make a step change in performance across the UK, backed by £500 million of investment over the next five years.”As well as fining Royal Mail £37 million for failing to deliver what customers expect and deserve, we’ve also been calling on the company to publicly set out a credible plan for change, backed by investment. Now that’s published, Royal Mail needs to get on and implement it. Their plan must deliver significant and continuous improvement, with performance getting back on track.”We welcome any serious proposal that seeks to reverse customer service failings at Royal Mail, but what really matters is what happens on the ground to make that change happen.Postal workers remain committed to delivering for the communities they serve, but they need the tools to do this.In campuses, we are seeing accelerating demand from a new wave of AI and innovation-led occupiers, driving strong rental growth in what remains a supply constrained market. Continue reading...
The UK labour market shows signs of fragility despite a surprise drop in unemployment to 4.9%. Weak wage growth and rising economic inactivity, coupled with geopolitical tensions in the Middle East, create a challenging environment for the Bank of England's interest rate policy.
