16:04Covid pandemic has pushed poor countries to record debt levels – World Bank
15:46BofA sees first UK rate hike in December
15:26Investors fear Bank of England may raise rates too soon
15:11Bloomberg: Traders Bet BOE Will Raise Rates This Year Amid Hawkish Signals
15:09UK borrowing costs highest since 2019 as rate expectations rise
14:27Full story: How Nobel economics prize winner Card influenced UK’s minimum wage
The previous chancellor Philip Hammond has added every other activity to the dozen or so he has taken on since leaving the Treasury in 2019, this time as an adviser to a Mayfair-based cryptocurrency buying and selling company.
Lord Hammond, who additionally served as overseas secretary and used to be an early supporter of bitcoin and different virtual currencies, joined Copper.co with instant impact on Monday.
The previous chancellor, who used to be stated to be some of the wealthiest ever cupboard ministers with a fortune as soon as estimated at £8.2m, has taken up as many as 14 paid and unpaid jobs since leaving politics after a bust-up with Boris Johnson over Brexit.
Hammond used to be closing month criticised by way of Westminster’s lobbying watchdog for the usage of his govt connections to help OakNorth, a bank he is paid to advise.
Covid pandemic has driven deficient international locations to file debt ranges – International Financial institution
Complete tale: How Nobel economics prize winner Card influenced UK’s minimal salary
A labour marketplace professional whose paintings influenced the advent of the United Kingdom’s minimal salary has been named as a joint winner of the Nobel economics prize.
David Card, a Canadian-born economist, used to be one in every of 3 US-based teachers given the celebrated award for his or her paintings on whether or not financial principle is supported by way of real-life eventualities.
The trio – Card, Joshua Angrist, an American, and Guido Imbens, from the Netherlands – have been cited for his or her paintings on herbal experiments, which is claimed to have revolutionised empirical analysis.
Card, who won part the 10m Swedish kronor (£838,000) prize fund, made his identify with a paper that studied whether or not an building up in New Jersey’s minimum wage from $4.25 to $5.25 an hour in 1992 value jobs within the fast-food business.
Opposite to earlier analysis, Card and his fellow economist Alan Krueger discovered that employment in New Jersey eating places larger after the minimal salary used to be raised.
The generally cited paper used to be seized on by way of Gordon Brown and his then economics adviser Ed Balls to justify their plans for a UK nationwide minimal salary, which used to be introduced in 1999. Despite the fact that there’s now cross-party beef up for the minimal salary, it used to be to begin with hostile by way of the Conservatives at the grounds that it will value jobs.
Krueger, who labored in Barack Obama’s govt, died in 2019 prior to his paintings may well be honoured.
Right here’s the entire tale: