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Tuesday newspaper round-up: Young workers, IWG, business leaders

Tue 27 October 2020 07:36 | A A A

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(Sharecast News) - Young people in the UK are more than twice as likely to lose their jobs compared with older workers, according to a study that documents the growing divisions in the workplace since the Covid-19 pandemic hit in March. In the past two months, the proportion of people to lose their job aged 16 to 25 was 11.1%, compared with 4.6% for those aged 26 and over, academics at the London School of Economics found. - Guardian

Business leaders would support tougher employment laws and a higher minimum wage to protect workers from exploitation and poverty during the second wave of Covid-19, according to a report. The Centre for Progressive Policy (CPP) said urgent legal reforms were needed in the jobs market to prevent extreme levels of financial insecurity, in-work poverty and worker exploitation during the coronavirus emergency. - Guardian

Business confidence in Germany has taken a severe knock as the economic damage caused by a second Covid wave spreads to the "last stronghold" of Europe. Fears of a double dip downturn in the region's largest economy mounted after the Ifo Institute's closely watched monthly business survey slipped for the first time in five months. - Telegraph

Small business owners have begun mimicking the controversial tactics deployed by the tycoon behind Britain's biggest serviced offices provider to get out of contracts. IWG creates special-purpose vehicles for its leases, which means that the parent company cannot be pursued if the vehicle fails to pay rent. The company, which owns Regus, was founded by Mark Dixon, 60, who is based in Monaco and is its chief executive and biggest shareholder. - The Times

World leaders have spent trillions protecting their citizens from the economic consequences of the pandemic, but the bill is hanging most heavily over poorer countries. Economists say that without sustained international effort, developing countries will suffer permanent scars that could wipe out a decade of progress in reducing poverty. Crippled by the costs of supporting their economies, some will be driven to the verge of defaulting on debts. - The Times

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