United Kingdom Day on 11 September 2024 will focus more on:
● United Kingdom prisons were overcrowded, resulting in the early release of 1,750 prisoners
● Starmer pledged to repeal Conservative-era laws restricting strikes
● The United Kingdom job market is weak and job vacancies are decreasing
● United Kingdom wage growth has slowed significantly this summer, and the central bank may announce that it will keep interest rates unchanged next week
United Kingdom prisons were overcrowded, resulting in early release of 1,750 prisoners
Yesterday (10 September), 1,750 prisoners were released early in prisons across England and Wales as part of the United Kingdom government's plan to alleviate prison overcrowding.
Under Labour's early release scheme announced in July, convicts who have been sentenced to less than five years in an England and Wales prison and have already served 40 per cent of their sentences can be reintegrated into society after receiving permission. When they are released early, they remain subject to certain restrictions for the remainder of their sentences, including curfews and tracking devices, while being monitored by probation officers.
By 22 October, a further group of convicts sentenced to five years or more in prison will be released early. The Labour government stressed that early release did not apply to the most serious offenders, such as murderers, rapists and terrorists.
The move has sparked huge controversy, but United Kingdom prison chief Charlie Taylor said the government had "no choice but to take steps" to address prison overcrowding. Official figures on 6 September 2024 show that the United Kingdom prison system has a usable operational capacity of 89,619 and is now close to the limit of 88,521.
Justice Minister Shabana Mahmood said that if this is not done, there will be a breakdown of law and order, the police will not be able to make arrests, and judges will no longer be able to pronounce sentences because there is no room in the prison to accommodate new prisoners.
Starmer pledged to repeal the Conservative-era laws restricting strikes
On September 10, United Kingdom Prime Minister Starmer delivered a speech to the trade union federation, pledging to repeal Conservative-era laws restricting the right to strike and end "the government's retaliatory strike against the trade union movement."
In his speech, Starmer reiterated the details of the Employment Rights Bill proposed by the Labor Party, including giving employees the right to request flexible working hours, as well as the right to rest in the evenings and weekends.
Starmer said he would not risk destabilizing the economy by meeting all the union's demands in terms of pay. But he also stressed that unions and businesses do not need to be on opposite sides.
The United Kingdom job market is weak and job vacancies are decreasing
The United Kingdom job market remains under pressure, with the number of job vacancies falling to its lowest level in two years, the BDO survey by accounting and business consultancy found. Many businesses have slowed down or paused hiring in response to tougher economic conditions.
According to data previously released by the United Kingdom Office for National Statistics, the number of people applying for unemployment benefits in the United Kingdom also increased in August, reaching the highest level since December 2021.
Meanwhile, the BDO survey notes that the services sector remains "the cornerstone of United Kingdom's economic growth", with higher levels of consumer spending in sectors including hospitality, culture, financial services and real estate.
United Kingdom wage growth has slowed significantly this summer, and the central bank may announce that interest rates will remain unchanged next week
The latest data from the United Kingdom Office for National Statistics shows that wage growth in the United Kingdom has slowed "significantly" this summer. Annual wage growth, including bonuses, slowed to 4.0% in the three months to July, the slowest pace since November 2020. Wage growth after bonuses fell to 5.1% from 5.4% previously, the slowest pace since June 2022.
British media related news pointed out that next Thursday (September 19) the Monetary Policy Committee of the Bank of United Kingdom will announce the latest interest rate decision. However, the market widely expects that the latest wage data will not materially affect the central bank's policy outlook, and the central bank will keep interest rates unchanged.