CHIEF SECRETARY TO THE TREASURY CALLS FOR WAGE RESTRAINT TO TACKLE INFLATION

The Times carries an interview with Simon Clarke, chief secretary to the Treasury, in which he discusses his personal politics and also the issue of public sector pay disputes. He says public sector workers should expect pay rises of around three per cent, as significantly higher increases would make inflation worse.

This comes as the Bank for International Settlements said the global economy is at a “tipping point” of entering a period of high inflation in which price rises become embedded (Telegraph). Separately, economists at KPMG have warned the UK economy is at significant risk of entering a “mild recession” next year due to the impact of inflation (The Times).

DAILY MAIL LAUNCHES NEW FRAUD MANIFESTO

The Daily Mail reports on fraud levels in the UK, highlighting the range of different types of scams that are taking place and also how fraud is impacting the UK more than other countries. It is part of a campaign launched today by the newspaper, which calls for a major overhaul to the way fraud is dealt with. The paper has a manifesto of five requests:

1. Appointing a minister for fraud and creating a single government agency to oversee fraud
2. Increasing the number of fraud specialists in the police
3. Improving the fraud reporting system
4. Making the reimbursement system mandatory, alongside implementing payment delays and full coverage of confirmation of payee
5. Making technology companies reimburse people who fall victim to fraud on their sites

NEWS IN BRIEF

Business groups are reporting that SMEs are stockpiling raw materials and ordering components six months ahead to overcome supply shortages (Guardian).

Russia has defaulted on its foreign debts for the first time since 1918 (Bloomberg).

The Resolution Foundation has published research which says the government’s levelling-up policy will cost billions more than previously thought (BBC News).

The average advertised salary for graduates increased by seven per cent year on year to just over £26,000, according to jobs website Adzuna (The Times).