All posts filed under “UK

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Closing Up Shop in the UK

Although it looks as if the worst of the financial crisis is over, more and more physical stores are closing in the United Kingdom, according to data by the Local Data Company (LDC) for PwC. Subsequently, fewer shops are opening up. On an average day in 2017, eleven shops would open in the UK, while sixteen would close. The biggest victims of this development were fashion and footwear stores. According to PwC, most of the decline can be attributed to the fact that wage growth failed to keep up with inflation, the volatility of the pound since the Brexit decision and the ongoing rise of online sales. Not all is lost for physical stores: there was a rise in the number of beauty shops in 2017, while cafes, coffee shops, ice-cream parlours and bookstores also increased in number.

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Gender Pay Gap (UK)

Today is the deadline for companies active in the UK, and who have 250 or more employees, to submit their data on gender pay gap information. As of last week, only half of UK companies required to, had done so. Facebook did publish its figures last Thursday. The average bonuses for female Facebook employees were almost 40% lower than those of their male colleagues, who (slightly) more often get a bonus. Furthermore, Facebook reports a 0.84 percent difference between the genders, which means than women earned 99 pence ($1.39) for every £1 ($1.41) that men received. The graph above, made by the Financial Times, is based on all submitted data as of 2 March. (source)