Richest 1% have almost a quarter of UK wealth, study claims

Official figures have missed £800bn of private assets, says thinktank, amid calls for wealth tax to fund Covid recovery

Almost a quarter of all household wealth in the UK is held by the richest 1% of the population, according to alarming new research that reveals a historic underestimation of inequality in the country.

The study found that the top 1% had almost £800bn more wealth than suggested by official statistics, meaning that inequality has been far higher than previously thought. Researchers said the extra billions was a conservative estimate and could well be more.

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Extend Covid measures or households face ‘cliff edges’, says Labour

Universal credit boost, ban on evictions and mortgage holiday must continue, party says

Many low- and middle-income households will face financial hardship unless ministers maintain support for those who have lost their jobs or experienced steep cuts in income during the second wave of Covid-19, Labour has said.

The shadow chancellor, Anneliese Dodds, said in a new year message to Rishi Sunak that the chancellor must extend a range of Covid-19 rescue measures due to run out over the next three months “to protect struggling households from financial ruin”.

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Future shock: how will Covid change the course of business?

The crisis poses a deadly threat to some sectors and creates opportunities for others. We examine how they will fare in 2021

Coronavirus has changed lives and industries across the UK, accelerating fundamental shifts in behaviour and consumption that were already on their way. Debates about home working, preserving local high streets and the ethics of air travel were bubbling away before coronavirus rampaged across the world, but the consequences of the worst pandemic in more than a century have either settled those arguments or boosted the momentum behind certain lifestyle changes. Here we look at how those debates have been changed – or resolved – by Covid-19.

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Hangovers, heartaches, horrible meetings: why we all need ‘work wives’

If you started a new job in 2020, or began working from home, you’re missing out on more than the Christmas party. Here’s why office friendships matter

You never forget your first. I met Abi in early 2009 when we were assistants on a fashion magazine. We sized each other up like a pair of cats on a suburban lawn, then quickly became inseparable. She: Mancunian, funny and forthright. Me: in her words, “Quite posh, aren’t you?”

We were on the bottom rung of a monthly publication that specialised in celebrities and style. It would be fair to say we were not great experts in either field. One aspect of the job involved going to parties to get quotes from famous people. At one, we attempted to interview a pop star, only for our confused interviewee to tell us she was in fact a makeup artist.

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The tactics retailers use to make us spend more – and how they harm the vulnerable

Online stores draw in shoppers but those with mental health issues are particularly susceptible

As a digital marketer, Emily Ware spends a lot of time online, yet this comes with a risk. Ware has borderline personality disorder, a mental health condition linked with impulsive behaviours. In her case, that’s spending money online.

“At the start of 2020 I was £4,250 in debt with nothing to show for it,” she says. “A good 95% of this was due to impulse spending, from clothes to pub trips to gig tickets. One of the worst was spending £300 on tickets to see Cher on a whim.”

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Reporting on wealth: ‘The virus isn’t a leveller. It has made the rich richer’

Four years in to the newly created role of wealth correspondent, Rupert Neate explains how the lives of millionaires affect us all

In my reporting, I’ve been interested in how the hobbies and lifestyles of the super-rich affect everyone who isn’t well-off. I wrote an investigative piece on superyachts, and how their billionaire owners often spend £200m or more on what is essentially a floating palace on the ocean, but staffed by people who are entirely unsupported, working up to 24 hours a day.

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‘Why did it take nine hours to go 130 miles in our new electric Porsche?’

A Kent couple love their new car – but their experience suggests there are problems with the charging network

A couple from Kent have described how it took them more than nine hours to drive 130 miles home from Bournemouth as they struggled to find a working charger capable of producing enough power to their electric car.

Linda Barnes and her husband had to visit six charging stations as one after another they were either out of order, already had a queue or were the slow, older versions that would never be able to provide a fast enough charge in the time.

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Covid set back attitudes to public transport by two decades, says RAC

Most Britons see their car as more important now and would not choose greener alternative

The pandemic has put back attitudes to driving versus public transport by two decades, with almost two-thirds of UK car owners now considering their vehicle essential, research has found.

A clear majority would now refuse to switch to a greener alternative even if better trains or buses were available, according to the RAC. The research for its annual Report on Motoring found reluctance to use public transport was now at its highest for 18 years.

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From Click Frenzy to Cyber Monday: how online sales became an ‘unofficial sport’

It isn’t your imagination – there really are more online sales now, and they’re changing Australia’s retail calendar

Five stores email you on the same day. There’s a big sale coming tomorrow. You make a note in your calendar, planning to get some Christmas shopping done. By the time you log off the next day, a little dazed, you have an extra set of bedsheets and a popcorn machine you had no intention of buying.

It was that pop-up offer that did you in – a little red ticker ran across the screen saying “Hurry! Only three items left!” It was probably driven by a machine-learning algorithm.

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‘It’s crazy, but I started my own bank’: the story behind Starling

Fed up with modern finance and Britain’s broken banking system, Anne Boden decided there was only one thing to do: set up a bank that ran in the way she wanted it to

The first time I met Anne Boden was last December at a glitzy awards ceremony where I knew no one, felt out of place and was skulking in the loos. In she bustled – she’s smaller than me (I’m 5ft 1in), older than me (she’s 60), a little eccentric and perhaps the friendliest person in the place. She didn’t stop talking. She ushered me out, remained by my side until the ceremony started (think Disney’s Fairy Godmother) and, along the way, mentioned that she was the founder and CEO of Starling Bank, the event’s main sponsor.

I couldn’t have been more surprised – or picture a less likely “banking mogul”. When she explained that Starling was an app-based bank, I rewarded her with the worst response possible. “You mean like Monzo?” (My daughter had signed up to Monzo, the trendy “no branches” bank, to acquire its distinctive coral-coloured card, which now gathers dust on her bookshelf.) Boden was gracious but flustered. I ascertained that Monzo had been founded by her former business partner Tom Blomfield. He was considerably younger, more hip, more Hoxton – and he’d left her, taking the other directors with him.

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Revealed: Sheikh Khalifa’s £5bn London property empire

Documents reveal UAE president owns multibillion-pound property portfolio spanning London’s most expensive neighbourhoods

The row of 1960s-built houses with untidy gardens on a quiet cul-de-sac near Richmond upon Thames appears to have little in common with Ecuador’s red-brick embassy in Knightsbridge, where Julian Assange spent seven years in hiding, just across the road from Harrods.

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Government scraps ballet dancer reskilling ad criticised as ‘crass’

Culture secretary distanced himself from widely mocked poster amid job losses in arts

A government-backed advert that encouraged people working in the arts to reskill by turning to a career in cybersecurity has been scrapped after the culture secretary described it as “crass”.

On Monday morning Oliver Dowden distanced himself from the Cyber First campaign, which resurfaced on the same day his department was celebrating awarding £257m in funding to struggling venues and organisations.

Dowden tweeted that the ad campaign, which is backed by the government and promotes retraining in tech, did not come from the Department for Digital, Culture, Media and Sport (DCMS), while reiterating that he wanted to “save jobs in the arts”.

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Nearly 75% of City firms reviewing office space provision

Rise in home working during the pandemic means many companies are assessing their needs

Nearly three-quarters of City firms are reviewing how much office space they really need following a boom in home working during the pandemic, new research shows.

The latest CBI/PwC financial services survey found 74% of companies – particularly banks and insurance firms – have been taking stock of their office requirements in the hope of either using the space differently, or reducing it.

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Blue sky thinking: is it time to stop work taking over our lives?

Anthropologist James Suzman says now is the perfect time to rein in our unsustainable work habits. But is it possible?

Three encounters loom large in the anthropologist James Suzman’s memory of his brief but informative stint in the corporate world. The first was early on, when he told a colleague that he didn’t need to spend the half-million pounds allocated for a task because he could do it for free. His colleague was horrified. “If you don’t spend your budget,” he said, “they won’t think we’re doing anything!”

Soon afterwards, Suzman was chatting with a board director about what they’d do if they won the lottery. Suzman thought of the director’s massive townhouse and annual bonus. He was surprised when the man told him that, even with a colossal windfall, he’d continue working.

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Foreign offices: the Britons who work from home – abroad

Covid has forced many people out of workplaces. Some have saved money by moving overseas

When the coronavirus lockdown forced Mason Palmer, 26, to start working from home, the digital content creator had a rethink about where that home was and in July he moved from Bristol to Milan. “I’ve always loved travelling to Italy,” he says. “I was always going over there; it was like an expensive hobby.”

He did not expect his boss to necessarily be on board with his plans and suggested that he move to working for the company, Working Word, on a freelance basis. But the firm was open to the idea and his boss kept him on staff. “Now I’m like the unofficial Milan branch,” he laughs.

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Wealth of US billionaires rises by nearly a third during pandemic

Report includes Jeff Bezos, whose personal fortune has risen by 65% since 18 March

The already vast fortunes of America’s 643 billionaires have soared by an average of 29% since the start of the coronavirus pandemic, which has at the same time laid waste to tens of millions of jobs around the world.

The richest of the superrich have benefited by $845bn , according to a report by a US progressive thinktank, the Institute for Policy Studies.

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Ami, the tiny cube on wheels that French 14-year-olds can drive

Citroën’s ‘urban mobility object’ is classed as a light quadricyle and can be driven without a full licence

The vehicle is cheap and the reactions from the pavement are a bonus, from the disbelieving double-take or uncontrolled giggle to the frankly envious where-do-I-get-one-of-those (plus the odd pitying stare, but then this is Paris).

At first glance, Citroën’s new Ami, a playful polypropylene cube on wheels with an unashamedly Toytown aesthetic, seems hardly the kind of car to excite the passions of France’s drivers. But, perhaps because it is not a car, that is just what it is doing.

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Prevent ‘tsunami’ of job losses when furlough ends, TUC urges Sunak

UK should adopt German-style wage support for short-time working, unions say

Rishi Sunak has been urged by union leaders to launch a wage subsidy scheme to prevent a “tsunami” of unemployment when furlough comes to an end this autumn.

Demanding the chancellor follows the examples of other leading European countries to avert a looming jobs crisis, the Trades Union Congress said a continental-style system of “short-time working” wage support could be used in Britain to save millions of jobs from redundancy.

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What should I do if I have a holiday booked to France? Q&A

As France is taken off the government’s travel corridor list and new quarantine rules come into play, should UK holidaymakers cancel trips?

The UK government has removed France from its list of travel corridors, leaving hundreds of thousands of holidaymakers scrambling to rearrange their travel plans. A 14-day quarantine on return to the UK from France will come into effect from 4am on Saturday (15 August), leaving a window of little more than 30 hours for travellers to get home if they want to escape the measures.

The UK criteria for removing a country from the list is based on per capita case numbers. If these go above 20 per 100,000, the UK government categorises that country as high-risk. This Wednesday France reached 30.4, according to the European Centre for Disease Prevention and Control, with significant numbers in recent days: 2,524 new cases were reported on Wednesday, up from 1,397 on Tuesday, and over 2,000 a day last weekend.

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House for sale in London, good location, overlooks park, a bargain at £185m

Developer seeks to cash out of investment in John Nash-designed terrace with views of Regent’s Park

Developers have stuck an asking price of £185m on a house overlooking Regent’s Park in central London in what would be the UK’s second most-expensive home purchase.

The property firm Zenprop is targeting foreign billionaires as potential buyers of 1-18 York Terrace East as it seeks to cash out of a 2016 investment.

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