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Brexit round-up: Hammond could reset economic policy

It’s been a month since the vote to leave the EU, Theresa May has had her first meetings as prime minister with Eurozone leaders. In France, president Francois Hollande urged Brexit talks to begin as soon as possible and that accessing the single market would mean accepting ‘freedom of movement’. 

Here is a round-up of some of the top Brexit–related stories this week.

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Employment grows but skills shortage still a concern

The unemployment rate has fallen to its lowest since July 2005, according to the Office for National Statistics (ONS).

The number of people in work rose by 176,000 to 31.7 million while those out of work fell by 54,000 between March and May 2016.

A Confederation of British Industry (CBI) survey of 500 companies with over 3 million employees collectively found that there is...

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Firms missing staging date

1 in 5 businesses are completing their auto-enrolment applications after their staging date has passed, according to research by NOW: Pensions.

Of the firms that registered with the workplace pensions provider, 40% completed their application either close to their staging date or after the deadline.

The figures show that:

  • 34% signed up 6 months or more ahead of the...
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Small firms making the move to online banking

The total amount of online lending to small businesses has doubled in the past 2 years, according to research by Lloyds Banking Group.

There has been a 35% increase in what the bank describes as “digitally active business banking customers” in the same time period. 

In May 2015, 55% of small businesses reported managing their accounts online. This had increased to 69% by the...

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Under 35s earning less than previous generation

Workers aged 15-35 could become the first generation to earn less than their predecessors over their working lives, according to research by the Resolution Foundation. 

As a result of recent tax changes, people under 35 earn £8,000 less during their 20s than the previous generation.

While young people have faced difficulties entering the labour market after the financial...

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