As workers strike, UK public sector pay hits 19-year low in real terms

Newsletter Dec 14, 2022 [ International Business Times]( [As workers strike, UK public sector pay hits 19-year low in real terms]( Average pay for British public sector workers fell to a 19-year low in October, after adjusting for inflation, according to official data on Tuesday that underscored why so many are going on strike. ['Enough is enough': UK PM announces crackdown on illegal immigration]( Britain on Tuesday said it planned to bring in new legislation to prevent migrants who cross the English Channel from remaining in the country, as the government tries to control a surge in people arriving in small boats on its southern coast. [Learn more about Jeeng]( [Bank of England warns of rising pressure on British households and businesses]( The Bank of England warned on Tuesday about "significant pressure" on households and businesses due to higher inflation and borrowing costs, but said they were more resilient than before the global financial crisis. [BoE to stress test non-banks for first time after pensions turmoil]( Investment funds and other non-bank financial institutions face their first 'stress test' next year to apply lessons from the near-meltdown in Britain's pension fund sector, the Bank of England (BoE) said on Tuesday. [UK hit by worst month for strikes in 11 years as pay disputes escalate]( The United Kingdom recorded the highest number of working days lost to labour disputes in October for more than 10 years, official data showed on Tuesday, as employees went on strike to demand higher pay in the face of soaring inflation. [UK jobless rate rises again but pay growth keeps Bank of England on edge]( Britain's jobless rate rose for a second month and there were other signs in data on Tuesday that some of the inflationary heat in the labour market is cooling as the economy stumbles, including an increase in older people looking for work. [BoE to test 'shadow banking' after markets chaos]( The Bank of England will test so-called shadow banking institutions such as pension funds, that played a key role in recent UK bond market chaos, it said Tuesday. [EU meets to try to break gas price cap impasse]( European Union energy ministers are meeting in Brussels on Tuesday to try to agree a bloc-wide cap on gas prices after months of deadlock over whether the measure can ease Europe's energy crisis. [EU parliament sacks vice president charged in Qatar bribe probe]( The European Parliament on Tuesday sacked one of its own vice presidents amid corruption accusations allegedly linked to World Cup host Qatar, as the institution tries to contain the scandal. [EU energy ministers seek compromise on gas price cap]( EU ministers meeting in Brussels on Tuesday struggled to bridge differences over a proposed cap on natural gas prices, a challenge stymying other measures designed to mitigate Europe's energy crunch. [EU strikes deal on world-first carbon border tariff]( After all-night negotiations, the European Union struck a political deal on Tuesday to impose a carbon dioxide emissions tariff on imports of polluting goods such as steel and cement, a world-first scheme aiming to support European industries as they decarbonise. [ADB trims growth outlook for developing Asia as headwinds persist]( The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict, China's COVID-19 policies, and a slowing global economy. [Binance sees withdrawals of $1.9 billion in last 24 hours, data firm Nansen says]( Binance, the world's biggest crypto exchange, saw withdrawals of $1.9 billion in the last 24 hours, blockchain data firm Nansen said on Tuesday, as the platform said it had "temporarily paused" withdrawals of the USDC stablecoin. [Confidence falls among Japan's major manufacturers]( The government in October pledged to spend $260 billion on a stimulus package to cushion the economy from the impact of inflation and the lower yen. [Messi's World Cup dream alive as Alvarez helps Argentina cruise past Croatia into final]( Lionel Messi earned a last shot at World Cup glory after his penalty and a double from Julian Alvarez helped Argentina sweep past Croatia 3-0 on Tuesday and into the final where they will face either holders France or Morocco. You Might Like [Learn more about Jeeng]( [IBTimes]( IBTimes will always protect your security and privacy. Please read our detailed [Privacy Policy.]( Please do not reply to this email. [Click here]( to adjust your notification preferences or unsubscribe. © Copyright 2022 IBTimes LLC. All Rights Reserved. IBTimes LLC, 33 Whitehall ST FL 7, New York, NY 10004 U.S.A, New York, New York 10004, United States You may [unsubscribe]( or [change your contact details]( at any time.