TOP NEWS ON BUSINESS AND TRADE
More tensions rise in negotiations with the EU. Meanwhile, the UK is experiencing a spike in rental arrears as many have lagged in payments. Experts and authorities weigh in on the unemployment rate and US riots.
Welcome to the Metric Journal and this is the rundown of this week's most pressing news tailored for your interests.
The EU is not obligated to extend the same trade privileges, enjoyed by other countries, to the UK.
In a heated documentary exchange, the EU reminded the UK officials and the parliament that every deal is unique. Parties to an agreement can negotiate to their terms. Not all privileges extended to other countries can be claimed by the UK. The two sides are expected to discuss again the key points of the agreement which is the issue of fair competition.
A rise in rental arrears
An estimated 300,000 renters have reportedly fallen behind in monthly payments. In a previous survey, it was found that for the month of May, about 16,000 properties were in arrears of "at least one week." These developments raise more concern that London tenants are suffering the most from the pandemic economic recession.
Former chancellor warns of unemployment levels
Alistair Darling, former Labour chancellor fears an unemployment level matching that of the crisis of 1980s. While the government is looking at schemes and other packages that can help businesses and individuals, experts worry about its longevity.
"The Government should not concern itself with the high levels of debt the UK is wracking up in the short term, avoid tax rises and consider tax cuts either through a VAT reduction or national insurance payments."
Sir Desmond Swayne's in hot water over his comment
The death of George Floyd has sparked protests in all 50 states of the US.
The country is experiencing civil unrest as rioters and looters have taken to the streets destroying property and causing harm.
Conservative MP, Sir Desmond Swayne received backlash when he responded to an email saying "rioters have it coming." Read more...
And finally, let's look at the revolutionary way FinTech Start-ups are changing the way we deal with money.
There is No Escaping FinTech
From the way we fund projects, to the rise of cryptocurrencies, even to the way we use online banking, FinTech has changed the way we live our lives.
"The global financial landscape is in the midst of an unprecedented shift. Financial technology, or FinTech, is the driving force behind it and it is transforming our relationship with money.
FinTech challenges traditional methods through innovation and so far has turned the financial services industry on its head."