It’s been a big week with the Brexit White Paper, the heartbreaking World Cup semi-final, and Donald Trump’s visit to the UK. What impact has this all had on the business world? Read on to find out. We look at the impact Trump has had on the pound, Rupert Murdoch’s bid to take over Sky and the amended growth forecasts from the European Commission. In other news, there has been a rise in first-time homeowners and Tesco could be facing a huge equal pay bill.
Trump’s Brexit comments have hit sterling – it fell 0.34% against the dollar and 0.17% against the euro. The US President criticised Theresa May’s Brexit plans and suggested that Boris Johnson would make a great prime minister.
Rupert Murdoch has been given clearance to take over Sky by the UK government. There were worries that Murdoch would have too much power over UK media, however, Culture Secretary Jeremy Wright has now said that the sale can go ahead if Fox sells Sky News.
Growth forecasts for the UK and Europe have been cut by the European Commission in light of a possible trade war with the US. The UK is “particularly exposed” while uncertainty surrounding Brexit continues.
The Guardian has reported a rise in the number of new homeowners. In May, 32,200 new mortgages were completed for first-time buyers, a year-on-year rise of 8.1%. The number of buy-to-let mortgages fell by 9.7%.
Tesco could be facing an equal pay bill of £4bn, the largest ever in the UK. Thousands of women claim that their hourly pay differs from men’s by up to £3 for comparable work. Leigh Day says that around 200,000 workers could be affected and if the legal challenge is successful, Tesco may have to provide back pay.