5 Things You Need To Know (14/8/17)

Welcome to our daily update, where we summarise the key talking points from the last 24 hours.

1. South Korea wants diplomatic solution to US / North Korean tensions

Moon-Jae-in, President of South Korea, has called for a diplomatic solution to the current tension between North Korea and the United States.

“I am confident that the US will respond to the current situation in a calm and responsible manner in line with our policy direction,” he told his advisers.

China has also moved to help resolve the situation, by halting imports in iron and seafood from its reclusive neighbouring country.

2. Big Ben

London’s iconic Big Ben bell tower is to fall silent for four years from next week. A restoration project, costing £29 million, is set to take place. However, the famous bells will still ring for major events such as New Year’s Eve.

3. Pay rises

Wages will go up by only 1% in the next year, with a report by the Chartered Institute of Personnel and Development highlighting an oversupply of job applicants being a key issue.

The report reveals that 24 applicants are applying for every low skilled job, while 19 applicants are applying for every medium skilled job. Eight candidates are applying for every high skilled job.

4. High street shopping

Britons spent less in the shops last month, and also put less money towards leisure activities.

Footfall declined 1.1% in July, which represents the biggest fall since January, the British Retail Consortium has revealed.

However, there was better news for retail parks, with a 1.7% increase in footfall.

5. DVD and Blu-Ray demand decreasing

Amazon will cease its Lovefilm DVD and Blu-Ray rental service from October 31, citing a lack of demand for films on disc, as customers move towards streaming movies and television series.

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