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Economic News Reports

London Sees 14% Increase In Applications For High Cost Short Term Credit

The bright lights of London are attractive to many, but the cost of living in the capital continues to increase, making it more difficult for many to make ends meet. According to an ongoing monthly report compiled by award winning credit broker Cash Lady, there was a 14% increase in applications for high cost, short-term credit between April and May of this year.

London Sees 14% Increase In Applications For High Cost Short Term Credit
Photo Credit - https://unsplash.com/photos/EXdXLrZXS9Q

Looking at the numbers in more detail, in May there were 1148 applications sent to Cash Lady, a rise of 14.46% from the 982 requested in April. The main reason listed for the loans was for an unexpected expense, which could be anything from repairing a car to fixing a leaky roof. With more people being forced to find work in the gig economy, it suggests an increase in the amount of workers living cheque-to-cheque who may find it hard to cope if an unplanned bill needs to be paid.

The average monthly income of applicants was £1727.07, a slight increase of 1.12% from April’s £1707.73. This is much lower than the average salary in London, which currently stands at £35,488, although this is a largely distorted figure as it incorporates salaries from the finance sector and other high-paying industries.

Either way, this sits at the lower end of earners in London, which further cements the suggestion that many loan applicants are employed in low-paid jobs. When you look at the top employers of those seeking high-cost, short-term credit, it is noticeable that Sainsbury’s and Tesco hold the first two slots, while the NHS are the third.

While these employers do meet minimum wage requirements, even full-time staff in London will find there isn’t much left over each month after all their bills have been paid.

Also worth noting is the second highest reason for the loan request was to pay bills. This means covering monthly outgoings such as electric, gas and council tax charges. While there are no age statistics provided in the data, the reason could be there are more younger, low-paid workers looking for payday loans to cover their costs.

According to the Institute for Fiscal Studies, as many as 40% of the poorest fifth of households find themselves in some form of credit arrears, or spend over a third of their wages serving their debt.

The average loan amount requested by applicants was £377, which remains unchanged from the previous month. While this may not seem excessively high, when looking at the average monthly income of those requesting a loan, it accounts for 21.82% of their monthly salary. It underlines how much of an impact an unexpected expense can have on the lives of low paid workers, and the difficulties they may face in paying it back.

When you factor in the ever increasing costs involved in renting a property in capital, it’s easy to see why more people are turning towards loans. According to a report earlier this year, which compared the cost of living in 279 cities around the world, London is the most expensive in Europe and the fourth most expensive in the world behind Hong Kong, New York and Tokyo.



YouTube Business News Playlists

IMF Video: Perspectivas Económicas: Las Américas | Octubre de 2023

Perspectivas Económicas: Las Américas | Octubre de 2023
Play Video: Perspectivas Económicas: Las Américas | Octubre de 2023


Tras una recuperación más vigorosa de lo esperado después de la pandemia y la continuidad de la resiliencia a comienzos de 2023, el crecimiento económico en América Latina y el Caribe está desacelerándose a medida que las políticas más restrictivas para combatir la inflación surten efecto y se debilita el entorno externo. https://bit.ly/3FbUK6B

Published: 22nd Nov 2023 05:55:13   By: IMF

IMF Video: آفاق الاقتصاد الإقليمي للشرق الأوسط وشمال إفريقيا، أكتوبر 2023

آفاق الاقتصاد الإقليمي للشرق الأوسط وشمال إفريقيا، أكتوبر 2023
Play Video: آفاق الاقتصاد الإقليمي للشرق الأوسط وشمال إفريقيا، أكتوبر 2023


تباطؤ النمو واستمرار معدلات التضخم المرتفعة عبر العديد من اقتصادات الشرق الأوسط وشمال إفريقيا. جهاد أزعور من صندوق النقد الدولي يوضح ما يعنيه ذلك لمنطقة الشرق الأوسط وشمال إفريقيا وأين ينبغي لصناع السياسات تركيز جهودهم. IMF.org/MENA

Published: 21st Nov 2023 05:09:02   By: IMF

IMF Video: Regional Economic Outlook for the Western Hemisphere, October 2023

Regional Economic Outlook for the Western Hemisphere, October 2023
Play Video: Regional Economic Outlook for the Western Hemisphere, October 2023


After a stronger-than-expected pandemic recovery, economic growth in Latin America and the Caribbean is slowing amid tighter policies to combat inflation, a timely withdrawal of pandemic-related fiscal stimulus and a weakening global environment. https://www.imf.org/en/Publications/REO/WH/Issues/2023/10/13/regional-economic-outlook-western-hemisphere-october-2023

Published: 20th Nov 2023 09:07:18   By: IMF

IMF Video: 11th IMF Statistical Forum: Measuring Money in the Digital Age: Show us the money

11th IMF Statistical Forum: Measuring Money in the Digital Age: Show us the money
Play Video: 11th IMF Statistical Forum: Measuring Money in the Digital Age: Show us the money


Show Us the Money! Join us on November 16 at 3:15pm ET for the closing session of the 11th IMF Statistical Forum with Klaas Knot and Tobias Adrian, moderated by David Wessel. Closing remarks by IMF Chief Statistician Bert Kroese. Conference page: https://www.imf.org/en/News/Seminars/Conferences/2023/11/15/11th-imf-statistical-forum

Published: 17th Nov 2023 09:30:15   By: IMF

IMF Video: Launch of the PortWatch Platform: Monitoring Trade Disruptions from Space

Launch of the PortWatch Platform: Monitoring Trade Disruptions from Space
Play Video: Launch of the PortWatch Platform: Monitoring Trade Disruptions from Space


On Wednesday, November 15, join us for the official launch of PortWatch, an open platform designed to monitor and simulate trade disruptions from climate extremes and other shocks. PortWatch aims to put tools in the hands of policymakers to prepare for and respond to disruptions to maritime trade flows. Conference page: https://www.imf.org/en/News/Seminars/Conferences/2023/11/15/launch-of-the-portwatch-platform

Published: 16th Nov 2023 04:10:55   By: IMF

World Economic Forum Video: How to Live Meaningfully with Climate Anxiety

How to Live Meaningfully with Climate Anxiety
Play Video: How to Live Meaningfully with Climate Anxiety


From a feeling of powerlessness to fearing that the future is too uncertain to have children, action is needed to tackle a hidden climate mental health crisis, say health experts. Join Britt Wray, Director of Stanford University's Special Initiative on Climate Change and Mental Health, to learn about the latest research, and how embracing “climate anxiety” could solve both mental health and ecological problems. The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomicforum/ YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconomicforum/  Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/world-economic-forum TikTok ► https://www.tiktok.com/@worldeconomicforum Flipboard ► https://flipboard.com/@WEF #Davos #WEF23 #WorldEconomicForum

Published: 28th Nov 2023 12:00:47   By: World Economic Forum

World Economic Forum Video: Indonesia's Giant Floating Solar Plant & 2024 Smart Toy Awards | WEF | Top Stories of the Week

Indonesia
Play Video: Indonesia's Giant Floating Solar Plant & 2024 Smart Toy Awards | WEF | Top Stories of the Week


This week's top stories of the week include: 0:15 The world has an antibiotic problem – Antimicrobial resistance (AMR), also known as antibiotic resistance, is a major health concern. It occurs when microbes, such as bacteria, viruses, and fungi, become resistant to the drugs used to treat them. This makes infections harder to treat and increases the risk of death. 4:48 Indonesia's giant floating solar plant – Indonesia has made a significant stride in renewable energy by unveiling a massive floating solar plant, the third largest of its kind globally. Situated on the Cirata Reservoir, 107 kilometers southeast of Jakarta, the plant's 13 expansive arrays cover 4% of the reservoir's surface, capable of generating up to 192 MW of power. 6:06 2024 Smart Toy Awards – Moflin, a palm-sized AI pet, is among the winners of the Smart Toy Awards. Just like a real pet, Moflin's AI has an "emotional model" that allows it to react to the way it's treated. This interactive play experience fosters a connection between the child and the toy, creating a sense of companionship and responsibility. 7:58 Clean air projects attract global investment – In 2021, international development funding for air quality projects surpassed that of fossil fuel projects for the first time, reaching $2.3 billion, an increase of $800 million from fossil fuel projects. This significant drop from $11.9 billion in 2019, the peak for fossil fuel funding, suggests a potential shift in the global financing landscape away from fossil fuels. _____________________________________________ The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomicforum/ YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconomicforum/  Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/world-economic-forum TikTok ► https://www.tiktok.com/@worldeconomicforum Flipboard ► https://flipboard.com/@WEF #Davos #WEF23 #WorldEconomicForum

Published: 25th Nov 2023 01:00:28   By: World Economic Forum

World Economic Forum Video: Horizon Scan: China Future Trends

Horizon Scan: China Future Trends
Play Video: Horizon Scan: China Future Trends


What are some of the most important emerging trends in sustainability, innovation and society coming out of China? Join us to explore and discuss where those could lead us and what they could mean for the world. This session features a horizon scan of the latest trends that leaders and decision-makers should be aware of in the next few years. Speakers Xiaolan Fu Founding Director, Technology and Management Centre for Development, University of Oxford Keyu Jin Professor of Economics, London School of Economics and Political Science The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomicforum/ YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconomicforum/  Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/world-economic-forum TikTok ► https://www.tiktok.com/@worldeconomicforum Flipboard ► https://flipboard.com/@WEF #Davos #WEF23 #WorldEconomicForum

Published: 21st Nov 2023 12:00:19   By: World Economic Forum

World Economic Forum Video: Germany's First Zero-Waste City & Gender Balance Benefits Companies | WEF | Top Stories of the Week

Germany
Play Video: Germany's First Zero-Waste City & Gender Balance Benefits Companies | WEF | Top Stories of the Week


This week's top stories of the week include: 0:15 Kiel is Germany's first zero-waste city –Kiel has put 107 waste-reducing measures in place. They include practical changes, such as ‘pay-to-throw’, a scheme in which households pay a fee for the amount of landfill waste they generate. Other measures include recycling collection ‘islands’ around the city, discounts for shoppers who bring their own containers and banning disposable products at all city events. 1:33 Gender balanced companies outperform others – According to a BlackRock study of 1,250 of the world’s biggest companies. Over the past decade, the companies with the most equal gender balance achieved a 7.7% average annual return on assets (RoA). Those with the highest share of men delivered a 5.6% RoA, while those with the highest share of women returned a 6.1% RoA. The study concluded it was ‘diversity that counts’ rather than the dominance of a single gender. 3:08 US wants to convert empty offices into homes – The government will offer funding and technical support to help cities turn unused workspaces into affordable apartments. US office vacancy rates have hit a 30-year peak as more staff clock in to work remotely. Meanwhile, rents in the country remain at historic highs after a surge during the pandemic converting offices to apartments can be challenging. 4:48 Rwanda and Kenya open borders to other Africans – Rwanda and Kenya have made significant strides in promoting African unity by opening their borders to other Africans, enabling visa-free travel for all citizens of the continent. This move positions Rwanda as the fourth African nation to remove such restrictions, following Benin, The Gambia, and Seychelles. Kenya is set to join them on December 31, 2023. _____________________________________________ The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomicforum/ YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconomicforum/  Twitter ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/world-economic-forum TikTok ► https://www.tiktok.com/@worldeconomicforum Flipboard ► https://flipboard.com/@WEF #Davos #WEF23 #WorldEconomicForum

Published: 18th Nov 2023 05:10:25   By: World Economic Forum

World Economic Forum Video: State of Gen AI: Views from the Frontier

State of Gen AI: Views from the Frontier
Play Video: State of Gen AI: Views from the Frontier


One year has passed since generative AI started captivating the public imagination and making headlines across the globe. What are the key reflections from the year before and what are some of the emerging capabilities that will shape the future?

Published: 15th Nov 2023 08:21:12   By: World Economic Forum

Economic Video: DAILY DRIVE: November 27, 2023 Unifor President Lana Payne reflects on Detroit Three negotiations

DAILY DRIVE: November 27, 2023 Unifor President Lana Payne reflects on Detroit Three negotiations
Play Video: DAILY DRIVE: November 27, 2023 Unifor President Lana Payne reflects on Detroit Three negotiations


Unifor President Lana Payne joins the show to talk about this year’s negotiations with the Detroit Three. Magna Steyr reportedly will develop Scout EVs for Volkswagen. And Stellantis CEO says he is making contingency plans in case public opinion turns sour on EVs. Can't wait to hear the next episode of "Daily Drive"? Subscribe through a podcast app: Spotify, Apple Podcasts, Google Podcasts, etc. #unifor #UAW #LanaPayne

Published: 28th Nov 2023 01:15:50   By: Automotive News

Economic Video: Evening Brief 29-11-2023 | PIF acquiring 10% stake in Heathrow Airport Holdings

Evening Brief 29-11-2023 | PIF acquiring 10% stake in Heathrow Airport Holdings
Play Video: Evening Brief 29-11-2023 | PIF acquiring 10% stake in Heathrow Airport Holdings


Evening Brief 29-11-2023 | PIF acquiring 10% stake in Heathrow Airport Holdings PIF acquiring 10% stake in Heathrow Airport Holdings & Kingdom Holding buys $450 million stake in Citigroup from Prince Alwaleed, on the #DailyBrief with @RamiaFarrage #Forbes #UK #SaudiArabia #Europe #NewYork #Billionaires #ElonMusk #OECD #London #Uber #IEA Follow us on social media: https://www.forbesmiddleeast.com/ Instagram: https://www.instagram.com/forbesmiddleeast/ Twitter: https://twitter.com/forbesme Facebook: https://www.facebook.com/forbes.ME/ LinkedIn: https://www.linkedin.com/company/forbesmiddleeast/ Link to website: https://www.forbesmiddleeast.com / About Us Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Our online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. Our monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic with digital versions available to both regional and global audiences on our website. Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives. Championing Leadership And Business Success In The Middle East Featuring articles and reports exploring growth, innovation and entrepreneurial spirit, Forbes Middle East is an ideal read for investors looking for new opportunities. Every month we publish original and relevant lists and rankings based on neutral scientific research. We provide insights, commentary and analysis on the people, companies and industries shaping the economies of the Arab world. Arab Publisher House has the exclusive license from Forbes Media, to publish Forbes Middle East content in print and online in MENA.

Published: 29th Nov 2023 01:59:26   By: Forbes Middle East

Economic Video: Alibaba's Trajectory and Apple's Card Debacle | Bloomberg Technology

Alibaba
Play Video: Alibaba's Trajectory and Apple's Card Debacle | Bloomberg Technology


Bloomberg's Caroline Hyde and Ed Ludlow break down why Alibaba founder Jack Ma urged employees to correct the company's course. Plus, AWS CEO Adam Selipsky talks about the company's new chips and Apple offers Goldman Sachs an exit ramp for its troubled card partnership. -------- Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of "Bloomberg Technology" with Caroline Hyde and Ed Ludlow here: https://tinyurl.com/ycyevxda Get the latest in tech from Silicon Valley and around the world here: https://www.bloomberg.com/technology Connect with us on... Twitter: https://twitter.com/technology Facebook: https://www.facebook.com/BloombergTechnology Instagram: https://www.instagram.com/bloombergbusiness/

Published: 29th Nov 2023 09:42:54   By: Bloomberg Technology

Economic Video: Charlie Munger was 'the punk rocker of Wall Street': Analyst

Charlie Munger was
Play Video: Charlie Munger was 'the punk rocker of Wall Street': Analyst


Berkshire Hathaway (BRK-A, BRK-B) Vice Chair Charlie Munger died on Tuesday, November 28, at the age of 99. Through his long-time friendship and partnership with Berkshire Hathaway Founder and CEO Warren Buffett, Munger has left his mark on the investment institution and the investing world at large. Smead Capital Management CIO Bill Smead and Portfolio Wealth Advisors President and CIO Lee Munson sit down with Yahoo Finance to remember Munger's legacy and the investment principles he instilled upon Berkshire Hathaway that allowed it to grow. "Munger always wanted to get fabulous companies at a reasonable price, and Buffett didn't," Munson explains. "And he taught Buffett how to buy great companies versus being stuck in that 1930s mentality from Benjamin Graham of 'only look at the cheapest things on Earth.'" For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. Connect with Yahoo Finance: Check the latest news and data at finance.yahoo.com Follow Yahoo Finance on social: Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV

Published: 29th Nov 2023 11:42:49   By: Yahoo Finance

Economic Video: Last-Minute Shoppers: Post-Cyber Monday discounts still abound

Last-Minute Shoppers: Post-Cyber Monday discounts still abound
Play Video: Last-Minute Shoppers: Post-Cyber Monday discounts still abound


If you didn't get a chance to participate in the big holiday promotions over the past few days, it's still not too late. Stay informed about Massachusetts news, weather, breaking news and investigations! Follow WWLP on our website and social channels: https://www.wwlp.com/ https://www.youtube.com/user/wwlp https://www.facebook.com/WWLP22News https://twitter.com/WWLP22News https://www.instagram.com/wwlp22news/

Published: 29th Nov 2023 11:13:18   By: WWLP-22News

Business Video: 'Go f**k yourself': Hear Elon Musk's message to advertisers abandoning X


Play Video: 'Go f**k yourself': Hear Elon Musk's message to advertisers abandoning X


Elon Musk, in his first interview with mainstream media since his antisemitic post on X, apologized for what he called his "dumbest" ever social media post. But he lashed out at advertisers leaving his platform because of rising antisemitism on X. Dana Hull, Bloomberg's Elon Musk reporter, joins Erica Hill to discuss. #CNN #News

Published: 30th Nov 2023 02:15:00   By: CNN

Business Video: 'Trading turds': Billionaire investor Charlie Munger's best one-liners from over the years


Play Video: 'Trading turds': Billionaire investor Charlie Munger's best one-liners from over the years


Billionaire investor Charlie Munger, vice-chairman of Berkshire Hathaway and long-time friend to Warren Buffett, was known for his quick wit and funny one-liners. Munger died on November 28 at 99 years old. Here are a few of his best zingers from over the years. #cnn #news #charliemunger #warrenbuffett #berkshirehathaway

Published: 29th Nov 2023 09:59:38   By: CNN

Business Video: Sam Altman returns to OpenAI in a bizarre reversal of fortunes

Sam Altman returns to OpenAI in a bizarre reversal of fortunes
Play Video: Sam Altman returns to OpenAI in a bizarre reversal of fortunes


Sam Altman has agreed to return to lead OpenAI, the company said on X, just days after his surprise ouster as chief executive sparked an employee revolt that threatened to undermine what has been the leading company in the fledgling artificial intelligence industry. #CNN #News

Published: 22nd Nov 2023 06:42:40   By: CNN

Business Video: Why the US government is still working with Elon Musk amid antisemitic comments

Why the US government is still working with Elon Musk amid antisemitic comments
Play Video: Why the US government is still working with Elon Musk amid antisemitic comments


CNN's Kristin Fisher dives into why the US government has not stopped funding Elon Musk's companies SpaceX and Starshield despite the growing backlash from his antisemitic comments. #cnn #News

Published: 22nd Nov 2023 02:09:55   By: CNN

Business Video: ‘Worst performance of a board’: Kara Swisher reacts to OpenAI’s turmoil

‘Worst performance of a board’: Kara Swisher reacts to OpenAI’s turmoil
Play Video: ‘Worst performance of a board’: Kara Swisher reacts to OpenAI’s turmoil


CNN contributor Kara Swisher discusses OpenAI CEO Sam Altman being ousted by its board and hundreds of staff at the company calling for the board's resignation over their handling of Altman's firing. #CNN #News

Published: 20th Nov 2023 10:14:23   By: CNN

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