Ageing Britain, WeWork's woes, bank fraud rules could tighten

The UK's regional age divergence could have a long-lasting economic impact and other stories you might have missed this week.

by Stephen Jones
Last Updated: 01 Nov 2019

Which parts of the UK are getting older?

Some areas of the UK are aging faster than others, a trend that could have a dramatic impact on local economies and political policy. 

The independent think tank The Resolution Foundation, who published the report titled Ageing Fast and Slow, found that some areas including Copeland in Cumbria and Maldon in Essex have been ageing at double the rate of the rest of the UK, while some urban areas like Oxford and Nottingham are growing younger. 

Slower population growth in rural and coastal areas, as well as the migration of younger people to urban centres, are seen as contributing factors behind the divergence.  

The average age of the UK population has risen over the last seven decades, from 35.1 in 1947 and 38.6 in 2001 to 40.2 today. Japan has the oldest population globally with an average age of 46.4.

(Source - The Guardian)

It gets worse for WeWork

A former employee has accused the flexible workspace provider of gender discrimination and of having a "sexually aggressive" culture. 

Medina Bardhi, who joined as chief of staff to co-founder and former CEO Adam Neumann in 2014, says that she had her contract terminated in October after complaining that she had not been given her job back after returning from maternity leave. 

In a lawsuit filing, Bardhi claims that in 2016 the company hired a man on almost double her salary as her replacement after she announced she would no longer be able to accompany Neumann on work trips while pregnant. 

Mr Neumann was forced to step down as CEO after the company’s botched IPO earlier this year and was forced to rely on majority investor Masayoshi Son’s Softbank for a rescue deal. 

(Source -The FT)

Banks to foot the bill for fraud

Finance firms whose customers fall foul of bank transfer scams should be legally required to reimburse victims, say a group of MPs investigating UK banking fraud. 

The Commons Treasury Committee published the report after official data revealed that £616m was stolen by scammers from UK bank customers during the first six months of 2019.

The committee also suggests that companies who have been affected by major data breaches, should pay the costs incurred if the breach leads to fraud. 

A voluntary code of conduct was introduced in May this year, but MPs want it tightened, and also suggest a 24-hour clearance window on first time cash transfers, to give bankers more time to detect dodgy transactions. 

(Source The Guardian) 

Image credit: Scott Olson via Getty Images

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