UK workers saw their pay grow more slowly than expected at the end of last year, official data showed today, ahead of an expected squeeze on their living standards from higher inflation in 2017.
The ONS said workers' total earnings including bonuses rose by an annual 2.6% in the three months to December, slowing from 2.8% growth in the three months to November.
Wednesday's data also showed the unemployment rate in the period between October and December held at an 11-year low of 4.8%, in line with forecasts.
Inflation curbs …
Meanwhile, a survey showed UK households felt their living costs rose at the fastest pace in nearly four years this month as the post-Brexit vote pickup in inflation curbed consumers' appetite for big spending
The report by data firm Markit said perceptions of current inflation rose by the most since April 2013 while expectations among households for living costs over the next 12 months also increased in February to their highest level in three years.
Car jobs …
Britain’s government has contacted the president of General Motors Co. (NYSE:GM) to express concerns after the US autos giant revealed yesterday it has opened talks to sell its European operations, including the Vauxhall plants in England, to France's PSA Group, maker of Peugeot and Citroen cars.
The Department for Business said the government remained in close contact with GM and was monitoring the situation after the two companies said that they were in talks over a possible deal.
The talks have raised fears from unions in Britain and Europe that a deal could lead to job cuts or plant closures within GM's loss-making European Opel and Vauxhall business.
Japanese Fortress …
Japan's SoftBank Group Corp said today it has agreed to buy Fortress Investment Group LLC (NYSE:FIG) for about US$3.3bn, as it prepares to launch the world's largest private equity fund.
The all-cash deal is SoftBank's first major investment in an asset manager and represents yet another unpredictable gambit for a group that has to date focused on telecoms and technology.
Last September, founder Masayashi Son made the surprise announcement that SoftBank is teaming up with Saudi Arabia to set up a US$100bn technology fund.
Green Grand National …
Irish-trained horses look set to repeat last year's dominance of the Grand National as they were given the top five weights for the famous marathon steeplechase at Aintree on April 8.
Five of last year's top six finishers were trained in Ireland and the weights for April's race announced on Tuesday contains 20 horses trained in the country out of the top 40 entries -- the maximum runners allowed -- on the list.
Michael O'Leary's Gigginstown House Stud won with Rule The World last year and the businessman appears intent on staging a repeat with 12 of his 16 entries on the 109-horse list guaranteed a run if trainer Gordon Elliot opts to race them.