Almost half a million UK workers are in line for a pay rise to at least £12 an hour as the real living wage increases, providing some relief in the midst of the cost of living crisis. The Living Wage Foundation announced that employers in London under the scheme will pay an enhanced rate of £13.15 an hour, acknowledging the extra costs of living in the capital. This rise follows research that showed the cost of living crisis is affecting low-paid workers, with many struggling to make ends meet. The rise in the real living wage comes as the cost of living continues to rise, pushing many workers to food banks and forcing them to skip meals due to financial difficulties.
In other news, Azerbaijan is set to see a major expansion of fossil gas production in the next decade, raising concerns about the impact on climate change, especially as the country is hosting the Cop29 global climate summit. The International Energy Agency has emphasized the need to reduce carbon dioxide emissions to zero by 2050, but Azerbaijan’s plans for increased gas production could hinder these efforts.
The UN has warned that Gaza’s economy has been left in “utter ruin” after the year-long war between Israel and Hamas, with a projected recovery timeline of 350 years to return to pre-conflict levels. The situation in Gaza highlights the devastating impact of the conflict on the region’s economy and infrastructure.
On the business front, the cost of cleaning up Sellafield is projected to reach £136bn, with tensions rising between the site and the Treasury over costs and decision-making processes. Meanwhile, the UK government is closely monitoring Thames Water amidst concerns over the company’s viability, with potential plans for a complete overhaul of the water industry.
Deutsche Bank reported higher profits for the third quarter, boosted by a smaller-than-expected financial hit from shareholder lawsuits, and Lloyds Banking Group beat profit expectations with a predicted increase in UK house prices. These developments reflect the ongoing challenges and opportunities in the global economy.
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