Daily Brief – The UK Economically Inactive

The UK Economically Inactive

As PM Andy Burnham dodges rainstorms but courts Caribbean populist support by crafting an apology for slavery that ceased in the UK almost 200 years ago when the British Empire’s Slavery Abolition Act was passed in 1833, he might be more usefully employed putting his government’s mind to the 9.1 million economically inactive people of the UK. There are 1 million NEETs -Not in Education, Employment or Training split 600,000 who are included in the 9.1 million economically inactive figure who are not in education or training and who are not looking for work and 400,000 who are not in education or training but are seeking work and are therefore not included in the 9.1 million. This split is due to the Office for National Statistics measuring them differently. Back to the 9.1 million number which is broken down as follows: 2.5 million students in full time/higher education; 2.8 million long term sick; 1 million early retirees; 1.6 million carers and looking after family; 1.2 million for Other Reasons in which the 600,000 NEETs above are included=a total of 9.1 million and not forgetting the 400,000 NEETs not included. Without entering the minefield of how many students should be, well studying, PM Burnham could usefully consider how better to harness the economically inactive in the UK.

GBP/USD 1.3419.

Oil

Cynics might well have a point when it comes to the US manipulating the oil market this week: Monday saw POTUS propounding the case for constructive peace talks with Iran which sent Oil down from USD 117 at close on Friday to USD 104. Yesterday however with renewed US strikes on Qeshm Island in the Strait of Hormuz that optimism for peace was looking distinctly thin. Those cynics are becoming more vocal with one US oil analyst suggesting that the USA sent oil prices lower by holding out the prospect of peace only to reverse its short positions and to re-establish long positions. Surely not.

Brent Oil USD 103.38.

Trifolau

In case you are not up on truffles, trifolau are what truffle hunters are called in Italy and normally they are busy starting October 1 as they search out the prized and valuable white truffles in the hills around Alba. However due to successive years of global warming and drought, truffles are rarer and this year smaller in size after a blistering summer. Inevitably prices are 20-30% higher but there is more of a question about the prognosis for this highly sought after crop. It is the same story in Zagreb, Croatia where prices for the white truffle can be as much as EUR 4,000 per kilo.

GBP/EUR 1.1987.

Mogging

Rather than looksmaxxing or maximising one’s appearance, the word of the year(apparently) among Gen Z or 14-29 year olds is mogging which means outshining or outclassing someone. This is not to be confused with AMOG or Alpha Male of the Group which has its origins in the toxic culture of the manosphere. Collins dictionary lists mogging as a noun but helpfully suggests it can also be a prefix as in stylemogging, carmogging or even lifemogging which means leading a more impressive life compared with others. Exhausting this mogging.

EUR/USD 1.1194.

You’re Still The One

This day in 1997 Shania Twain released her 16-track smash hit album that contained a raft of hits from the 12 released as singles for the Canadian chanteuse and sold 40 million copies half in the USA and 3.5 million in the UK. It demonstrated unequivocally that Country Music, Stetsons, cowboy boots and line dancing were all alive and well in November 1997.

Hmm yeah eh eh
Looks like we made it
Look how far we’ve come, my baby
We mighta took the long way
We knew we’d get there someday

They said, “I bet they’ll never make it”
But just look at us holding on
We’re still together, still going strong

Mm (you’re still the one)
You’re still the one I run to
The one that I belong to
You’re still the one I want for life
(You’re still the one)
You’re still the one that I love
The only one I dream of
You’re still the one I kiss goodnight

Ain’t nothin’ better
We beat the odds together
I’m glad we didn’t listen
Look at what we would be missin’

They said, “I bet they’ll never make it”
But just look at us holding on
We’re still together, still going strong

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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