There will be “fair immigration” to the UK after free movement ends when the country leaves the European Union, Jeremy Corbyn has said.

The Labour leader refused to put any figures on the level he would like to see but promised there would be “managed migration” after Brexit.

In an interview for ITV’s Tonight programme Mr Corbyn confirmed the Trident nuclear deterrent would be included in a Labour government’s defence review and denied being wealthy despite being “very well paid”.

With immigration a key electoral battleground, Theresa May has said she remains committed to the Tory target of cutting net migration to the tens of thousands, a pledge she has so far failed to meet as home secretary or Prime Minister.

Mr Corbyn confirmed there would be changes to immigration policy after Brexit, but refused to commit to reducing the numbers coming to the UK.

“I’m not going to put any figures on it, Theresa May has done that for, this is now the third General Election she’s promised figures none of which she’s come anywhere near to achieving,” he said.

“Clearly the free movement ends when we leave the European Union but there will be managed migration and it will be fair.”

Mr Corbyn, who has campaigned against nuclear weapons throughout his career, leads a party which supports the retention of the deterrent, an uneasy situation which has caused tension within Labour ranks.

Asked if he would review Trident if he was in Number 10, Mr Corbyn said: “There will be a strategic defence review as all governments have done when they come in to office which will look at all aspects of our defence strategy.”

Confirming that review would include Trident, he said: “Nuclear will be included in that. The bigger threats we face are actually, I think, cyber-attacks and … irrational acts of terrorism.”

Pressed repeatedly on whether he is wealthy, Mr Corbyn, who was entitled to a salary of more than £138,000 as an MP and Leader of the Opposition, insisted he was not, because of “where I put the money”, although he refused to elaborate on that.

“I consider myself well paid for what I do and I am wanting to say to everyone who’s well off, make your contribution to our society,” he said

“No, I’m not wealthy because of where I put the money but I’m not going into that.”

The Labour leader reflected on a “wonderful” and “very liberal” upbringing in Shropshire but revealed his discomfort at attending a private prep school and then a grammar.

“I went to a grammar school which I didn’t like because of its selectivity, and I didn’t like because of the aspects of implicit privilege that all the boys that went there were taught,” he said.

“There was a school debating society which I spoke at on many, many issues including a debate to get rid of fox hunting in the middle of a fox hunting area.

“I didn’t get a lot of support for my proposal.

“But I also proposed various motions about turning the school into a comprehensive.”

Mr Corbyn sidestepped questions from interviewer Julie Etchingham about whether he would quit if he led Labour to electoral defeat.

“We are fighting to win, I’m proud to lead this party and I’ll lead this party to win the General Election, that’s the only question at the moment,” he said.

“Are we capable of winning the General Election? Yes. Am I determined to do it? Absolutely.”

:: Tonight: The Leader Interviews – Jeremy Corbyn is on ITV at 8pm on Monday May 15.

PA Wire

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The boss of crowd-funding giant Seedrs has likened Conservative plans to curb skilled migration to “shooting ourselves in the head” and warned over the threat of Brexit to the technology sector.

Jeff Lynn told the Press Association that Theresa May’s proposal to double the immigration skills charge to £2,000 a year for every skilled non-EU migrant a company employs is “baffling”.

“Is Brexit about making us a more open and global country? Having talented people from around the world come to this country is only a good thing, and the notion that we would do anything to make that more difficult is just shooting ourselves in the head.

“I’m baffled by the idea that we are looking to increase the skills tax,” he said.

The American chief executive also railed against Brexit, saying it is “not good for Britain” and that investment in the tech sector will diminish as a result of Britain’s decision to quit the EU.

Like several other financial firms Seedrs, which acts as a marketplace for early stage investment in companies, is also weighing up plans for an EU hub.

“We do have a financial services passport and might have to look at getting some sort of dual authorisation in Dublin or something like that.

“If you have a serious economic slowdown or, as a result of trying to stop skilled migrants coming in, a reduction in the number of entrepreneurial businesses, then it will be an issue.

“If talented young entrepreneurs who would have once come to London to start a business are now going to do so in Berlin, we will do more deals in Berlin.

“If we start finding that the talent is located elsewhere, that’ll probably cause a talent shift for us.”

However, Mr Lynn said any movement in staff numbers from London, where the firm employs 40 people, will be reasonably small.

Seedrs is also looking to launch in the US later this year as the firm embarks on ambitious growth plans.

The firm is currently providing a platform for 10 to 15 deals a month and has seen about £220 million invested since launching in 2012, but Mr Lynn wants to take a much bigger chunk of the market.

He said: “We’re still a drop on the ocean compared to where we want to get to.

“The market we’re going after is probably worth £30 billion to £50 billion a year. At scale, we feel we could be doing up to £1 billion of that.”

As part of the push, Seedrs is working on a number of new innovations to appeal to a wider group of investors, including the launch of a secondary market.

Behind some of Seedrs’ success has been the falling appeal of investing in public markets, Mr Lynn added.

“The appeal of the public markets as a place to earn returns has gone down. Companies are going public later, once all of the exciting growth has already happened,” he said.

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House prices are still expected to increase by around 3.5% per year over the next five years, despite signs that the market has become more subdued recently, according to surveyors.

In an “ominous signal” for aspiring first-time buyers, surveyors anticipate house price inflation will continue to out-pace wage growth, the Royal Institution of Chartered Surveyors (Rics) said.

The General Election does appear to have prompted more home buyers and sellers to adopt a “wait and see” approach, as the number of new buyer enquiries, the volume of fresh property coming to market and the number of sales agreed all fell in May, Rics said.

Despite the more subdued market, surveyors taking part in the report expected house price inflation to average 3.5% per year across the UK over the next five years.

Property stock levels remain at all-time lows, Rics said, with an average of 43 unsold homes on estate agents’ books. It said a “sheer lack of supply continues to support prices for the time being”.

Over the next 12 months, surveyors expect house sales to pick up, with a net balance of 26% expecting sales activity to increase rather than decrease.

Surveyors in the South West of England and Wales are the most upbeat about sales levels in the next 12 months, the report found.

House prices generally continued on an upward march in May, with a net balance of 17% of surveyors reporting increases rather than decreases, down from a balance of 22% the previous month.

May’s house price reading is the weakest since August 2016, but it still indicates modest house price gains, Rics said.

Beneath the national trend however, house prices continued to slip in central London, while property price inflation in East Anglia had “moderated noticeably” since the start of 2017, with little change reported there over the last two months, the report found.

Across the rest of the UK, house prices are continuing to rise, it said, although surveyors’ expectations point to a potential weakness in the South East of England in the next few months ahead of “solid growth” there over the coming year.

Simon Rubinsohn, chief economist at Rics, said: “Although the latest survey suggests that uncertainty related to the General Election may have contributed to what appears to have been a disappointing level of transactions in the housing market over the spring, perhaps the most ominous signal emanating from the data released today is that contributors still expect house prices to increase at a faster pace than wages over the medium-term despite the difficulty many first-time buyers are clearly having in taking their first steps onto the property ladder.”

Joe Giddens/PA Wire

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Business leaders have voiced concern about the political uncertainty gripping the country and its impact on the economy.

The first poll of businesses since the General Election reveals a “dramatic drop” in confidence, said the Institute of Directors (IoD).

Company directors see no clear way to resolve the political situation quickly and believe another election this year would have a negative impact on the UK economy.

The 700 members of the IoD who took part in the survey said they were keen to see quick agreement with the European Union on transitional arrangements surrounding the UK’s withdrawal, and clarity on the status of EU workers in the UK.

The overall priority for the new Government must be reaching a new trade deal with the European Union, the directors said.

Stephen Martin, director general of the IoD, said: “It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could – if not addressed immediately – be disastrous for the UK economy.

“The needs of business and discussion of the economy were largely absent from the campaign, but this crash in confidence shows how urgently that must change in the new Government.

“It was disheartening that the only reference the Prime Minister made to prosperity in her Downing Street statement was to emphasise the need to share it, rather than create it in the first place.

“With global headwinds and political uncertainty at the front of business leaders’ minds, it would be wise for this administration to re-emphasise its commitment to a pro-business environment here at home.”

Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), called on the Government to “change tack” in its approach to the Brexit talks and give business a place at the negotiating table.

Writing in the Financial Times, she said: “With negotiations almost upon us, British business does not believe that we are where we need to be.

“The likelihood of a good deal for the UK is further away with every exchange across the Channel.

“That cannot be allowed to continue.”

Ms Fairbairn said growth and jobs depended on the Government keeping Britain an attractive place to do business.

She warned that, the less likely a deal becomes, the more investors will take their money elsewhere.

“There is no question this is already beginning to bite: a gradual drip, drip, drip of lost investment and missed opportunity.

“For the sake of our economy and the prosperity of our regions, it is time change tack.”

PA Wire

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Access to the single market should be put firmly back on the agenda following the General Election result or work could be lost to other countries, a business group is urging.

The EEF, which represents 20,000 manufacturing firms, said that unless a more pro-business stance is taken in Brexit negotiations, companies could be forced to switch business plans away from the UK.

Almost one in four manufacturers were already reviewing their business strategy before last week’s election, said the EEF.

Chief executive Terry Scuoler said: “The new Government’s priorities must radically re-focus Brexit negotiations around trade and close co-operation ensuring a smooth exit from the EU.

“There are numerous ways of establishing a new relationship with the EU and, given we’ve just wasted a year, the Government needs to move away from its previous rhetoric and start repairing relations with EU partners.

“This means putting access to the single market and a form of customs union at the heart of a revised strategy.

“The UK can surely manage who is and who is not in the country by introducing a more effective and robust form of immigration control which maintains the rights of EU citizens and UK citizens across Europe.

“With less than two years to negotiate a meaningful deal, the Government should commit to a significant period of transition to manage uncertainty for businesses and bolster confidence.”

PA Wire

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Sofa chain DFS has warned over profits after the General Election and an “uncertain macroeconomic environment” led to weak trading at its stores.

The retailer said that since March it has seen “significant declines in store footfall”, leading to a material reduction in customer orders.

As a result it now anticipates full-year operating profit to be lower than market expectations and in the range of £82 million to £87 million.

DFS said: “We believe these demand effects are market-wide, in line with industry indicators, and are linked to customer uncertainty regarding the General Election and the uncertain macroeconomic environment.

“As stated previously, the upholstery market does see short-term demand fluctuations from time to time, within an overall historical trend of long-term growth.”

Consumer confidence has been battered by a series of factors triggered by last year’s vote to quit the European Union.

The referendum result saw the pound collapse and inflation rocket, ramping up costs for British businesses and eroding consumer spending power.

However, DFS added: “We have maintained our investment in the business and we are confident that we will outperform the market over the longer term, driven by our scale, business model and proven growth levers.

“We believe our expectations for the next financial year are realistic based on consumer confidence remaining broadly in line with current levels, given its consequent impact on upholstery demand.”

Nick Ansell/PA Wire

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Royal Mail has said it narrowed the decline in letter deliveries thanks to a boost from general election political mailings, but confirmed revenues remained under pressure.

The group said total letter revenues fell by a better-than-expected 4% in the three months to June 25 after the snap election that month.

But with the benefit of the political mailings stripped out, letter volumes still fell 6% in the group’s first quarter.

Its UK parcels arm continued to help offset the ongoing decline in letters, with volumes up 5% and revenues up 3%.

This left overall underlying turnover from the letter and parcels arm 1% lower.

Its Europe-wide parcels business GLS continued to see solid growth, with underlying revenues up 6%, but with the benefit of recent acquisitions included, Royal Mail said turnover soared 18% in the quarter.

Royal Mail said the GLS performance helped drive a 1% rise in total group-wide underlying revenues.

Moya Greene, chief executive of Royal Mail, said the group had a “good start to our financial year”.

She said: “GLS continues to be a driving force for the group.

“Its ongoing, focused international expansion is increasing our geographic diversification, scale and reach.”

She added: “Our performance in letters was better than we expected, despite continued business uncertainty in the UK.”

The update comes after Royal Mail last week sought to avert the threat of strike action by announcing a new proposal for pension scheme changes.

The privatised group had planned to close its defined benefit pension scheme next year, which resulted in fury from Unite and the Communication Workers Union (CWU).

But on Friday, Royal Mail said that after “extensive talks” with unions, Unite is planning to hold a consultative ballot of its members on a new plan, which it insisted was a “significant improvement” on an earlier proposal.

The changes will see it offer scheme members a choice between a new defined benefit cash balance scheme and an improved defined contribution scheme.

Shares in Royal Mail lifted 3% after the update.

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: “Royal Mail has emerged as the one clear winner of last month’s general election, with political mailings helping to slow the inexorable decline in UK letter volumes.

“UK parcels also looks like it’s turning a corner with steady volume growth, albeit at lower prices than previously.”

But he said the “wrangling” over the new pension scheme plans would remain a source of “uncertainty” for Royal Mail until all unions are on-side.

While Unite has said it believes the new pension proposal is the “best available deal”, the CWU union has rejected the plans, arguing it “does not meet our aspiration of a wage in retirement pension scheme”.

Joe Giddens/PA Wire

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In a world of fake news, post truths and alternative facts, and another UK election on the horizon, a new threat is emerging for the campaign trail.

As Prime Minister Theresa May, Labour leader Jeremy Corbyn and Liberal Democrat leader Tim Fallon all hit the campaign trail in the run-up to the snap general election on 8 June, there are concerns that their marketing campaigns could be overshadowed by fake news stories spread via social media.

In the run-up to last year’s US presidential race, entirely fictitious stories circulated through social media, such as the Hillary Clinton “Pizzagate” fiasco or false claims about a sex trafficking operation within the Democratic Party, or a “story” about Donald Trump being endorsed by Pope Francis.

There are various theories about what impact this had on the overall US election results. A study by Stanford and New York Universities said that it was unlikely to have swayed the election, but there are still huge concerns about how the rising tide of false information spread via social media could have an alarming effect, not just on our democratic processes, but also on how firms spread their messages to customers.

Although fake news is not seen as widespread threat just yet here in the UK, it is important that social media puts strong measures in place to make sure stories marketed from sources which are not credible undermine our democracy, and our businesses.

The problem is, once a fake news story goes viral, the damage has already been done – as the saying goes, a lie can travel half way around the world while the truth is putting on its shoes.

Facebook and Google have made efforts to stamp out fake news on their sites, while the UK’s Cultural, Media and Sport Committee has launched an inquiry into fake news. Wikipedia founder Jimmy Wales has set up a new site, Wikitribune, to fight the rise of fabricated stories. Let’s hope these initiatives will help stamp out the problem before it’s too late.

This article was published in our Business Reporter Online: Future of Marketing.

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