- Oil prices extend gains on Mideast tensions, Wall Street falls
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
RBGPF | -1.97% | 58.94 | $ | |
CMSC | -0.53% | 24.57 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
SCS | -0.15% | 12.95 | $ | |
RIO | -0.11% | 69.62 | $ | |
GSK | -0.49% | 38.63 | $ | |
NGG | -1.56% | 65.48 | $ | |
BCC | 1.68% | 141.27 | $ | |
AZN | -0.78% | 76.87 | $ | |
CMSD | -0.09% | 24.79 | $ | |
BCE | -0.54% | 33.53 | $ | |
JRI | -0.76% | 13.18 | $ | |
VOD | 0.31% | 9.69 | $ | |
RELX | -0.54% | 46.04 | $ | |
BP | 0.78% | 33.14 | $ | |
BTI | -0.26% | 35.2 | $ |
Recession-hit UK needs more migrant labour: business lobby
Britain needs more migrant labour to boost productivity as it faces a toxic mix of soaring inflation and shrinking growth, the country's main business lobby group warned Monday.
The verdict from the Confederation of British Industry came at its annual gathering in Birmingham, Britain's second biggest city.
The CBI conference comes after the government of Prime Minister Rishi Sunak slashed spending and hiked taxes in a budget, despite admitting that the inflation-wracked economy had fallen into recession.
"We come together, once more in extraordinary times," CBI director-general Tony Danker told delegates in Birmingham, central England.
"Britain is in the middle of stagflation -- rocketing inflation and negative growth -- for the first time that probably most of us can remember.
"We know how to fight inflation. We know how to fight recession. But we don't really know how to fight them together."
Sunak, who also addressed the CBI on Monday, took office one month ago after predecessor Liz Truss delivered an unfunded tax-slashing mini-budget that tanked the pound and sent UK borrowing costs soaring.
UK inflation sits at a 41-year peak of 11.1 percent on rocketing food and energy costs in the wake of the Ukraine war.
Consumer prices have also raced higher as demand rebounds following the lifting of pandemic lockdowns.
That has worsened a cost-of-living crisis for businesses and individuals, hit also by soaring interest rates as the Bank of England seeks to cool runaway inflation.
The UK has forecast the economy to shrink 1.4 percent next year, hit also by fallout from Brexit which has resulted in foreign workers returning home.
"When you look at the (growth) data, the only thing holding it up, actually, is higher hours worked due to higher immigration," Danker added on Monday.
"People are arguing against immigration -- but it's the only thing that has increased our growth potential since March.
"Let's be honest -- we don't have the people we need, nor do we have the productivity."
- Focus on illegal immigration -
Sunak, addressing the conference later on Monday, ducked the CBI's call for more legal migrant labour -- and stressed that he was focussed on curbing illegal migration.
"The country's number one priority right now, when it comes to migration, is tackling illegal migration," he said.
"When people see that happening, it undermines trust in the system, it doesn't seem fair that people are able to break the rules.
"That's what I'm absolutely determined to fix."
He also told CBI delegates that last week's budget sought "to grip inflation and balance the books".
"The best way to help people is by stopping mortgages, rents and food prices from spiralling out of control," Sunak said.
"Re-establishing stability is the critical first step. But there is so much more we need to do," he added, stressing he wants to see more business innovation to boost economic activity.
J.Bondarev--CPN