5 Things You Need To Know (11/5/17)
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
Welcome to our daily update, where we summarise the key talking points from the last 24 hours.
1. Labour Manifesto Leak
Labour’s draft Election manifesto has been leaked, revealing nationalisation plans and a pledge to scrap tuition fees.
Key points include – Spending an extra £8 billion on social care, Part nationalisation of the energy industry, and income tax increases for those earning £80,000 or more.
Speaking about the leak, Jeremy Corbyn said an amended version of the draft document has now been agreed.
2. Minimum Wage Rise Could Cost Jobs, IFS Warns
Labour and Conservative plans to increase the national minimum wage could cost jobs, the Institute for Fiscal Studies has warned.
If Labour win the election, they are planning a £10 minimum wage to be implemented by 2020, which they believe will be necessary to maintain living standards. The Conservatives are also planning a rise.
3. Trump Allowed Russian Photographers Into Oval Office
A Russian state media photographer was allowed into the White House Oval Office to take photos of President Trump meeting Russian Foreign Minister Sergei Lavrov on Wednesday.
The White House had blocked US photographers from capturing the meeting, and critics have questioned the security issues around allowing a Russian state media photographer into the Oval Office.
The Trump campaign team has been the subject of an FBI investigation around its links to Russia. On Tuesday, Trump fired FBI Director James Comey.
4. Bank Of England Warning
The Bank Of England has warned that the consumer spending squeeze could tighten, with inflation set to outpace earnings this year.
Governor, Mark Carney, said: “With wage growth moderating and inflation picking up, both household spending and GDP growth have slowed markedly.
5. House Prices
Housing surveyors are predicting a flat summer in the property market, with a lack of stock on the market proving a key challenge to the industry.
Sales and new instructions slowed in April, and Halifax report that house prices have fallen over the last three months, which marks the first quarterly drop in nearly five years.