Chemicals tsar Jim Ratcliffe has been ranked the richest person in Britain, increasing his wealth by £15bn in the last year. Ratcliffe rose from 18th to first place on The Sunday Times Rich List, after a reevaluation of his assets. He is the first British-born person to claim the honour since 2003. Restaurateurs and retailers suffered this year; chef Jamie Oliver dropped off the list entirely and Topshop’s Sir Phillip Green marked a fall to £2bn. The Sunday Times said the new super rich were of humble birth, not old money.
UK consumer spending has dropped again despite hopes wage growth would spark a turnaround. The Financial Times (paywall) reports higher wages and spring weather failed to promote a bounce for Britain’s battered retail sector. An analysis by Visa found household spending was on track to be the lowest since 2012. A Bank of England analysis earlier said while reduced inflation and wage growth was expected to encourage spending, householders may choose to rebuild savings rather than spend.
European companies may be hit by US sanctions if they fail to fall into line over Iran. National Security Adviser John Bolton said it was “possible” companies in the EU could be curbed by sanctions for doing business in Iran. President Donald Trump last week dismantled the nuclear peace accords and reinstated sanctions against the Islamic republic. It comes amid European fears a trade vacuum could be filled by rival Asian companies, the Financial Times (paywall) reports.
Several Carillion executives should face hearings over their fitness to serve as company directors, an inquiry is expected to report this week. Sky News reports two House select committees will recommend the leaders of the failed company face board disqualification hearings. The construction firm collapsed four months ago with liabilities of almost £7bn, including billions in unfunded pensions, making it one of the largest insolvency cases in the UK.
Younger workers feel more stressed than their older counterparts, a survey by mental health experts has found. A third of millennials surveyed by the Mental Health Foundation said they felt stress during the working week, compared to just 12% of baby boomers, The Times (paywall) reports. The Foundation said young people were more likely to have unstable contracts, low pay rates and high workloads, which could contribute to workplace stress.
Also … almost 40% of managers have been approached by staff with mental health concerns, research from the Institute of Directors reveals – up from just over a quarter last year.
Idea of the Day: University of California President Janet Napolitano has one key piece of advice for people starting their careers: “Be open to the unknown.” Focusing on just one path can keep you from spotting other options.
“Opportunities will come your way; be ready to recognise and seize them, no matter how daunting they may seem.”
What’s your take? Join the conversations on today’s stories in the comments.