It seems that the United Kingdom is nowhere near leaving the European Union with a deal. It has been three years and two missed deadlines. Needless to say, the UK would suffer greatly if it left the EU without a deal.
The agreement signed with the United States is indeed advantageous, yet a good Brexit deal is what the people need. The very mention of the word “Brexit” is enough to create an erratic frenzy among citizens, as well as politicians. Stock markets dislike Brexit too. The British pound might weaken in the aftermath of a defeat.
It is very difficult if not impossible to predict what might happen. What is certain is that trade transactions costs will increase.
The withdrawal of the United Kingdom from the European Union may impact the GPB and foreign exchange trading. The UK will maintain strong earnings in spite of Brexit, though. There is still hope. The economic data which has recently turned up shows that the market is doing really good.
It is true that the progress is not considerable, but still. Things are going in the right direction. To be more precise, the average earnings have reached 3,1%, which was more than expected. Experts did not expect such a good figure. The fact of the matter is that earnings are growing and they are at a very good speed.
What about wages?
According to The Guardian, wage growth is on the rise and employers are no longer concerned about Brexit. In Great Britain, employment has increased considerably, reaching a record high of 32,75 million in the last 3 months. This situation is explained by the ever-increasing number of self-employed individuals and women who are entering the job market.
Unfortunately, vacancies still remain high. Jobs in the digital sector account for approximately 20 per cent of all vacancies in the United Kingdom. The tech economy, nevertheless, does not show any signs of slowing down. What is important to remember is that wages have risen by 3,4% and UK’s earnings beat expectations.
What can explain earnings differences among individuals?
Earnings and wages are not the same thing, although they are frequently used as synonyms. They mean different things for people who have bank accounts, retirement benefits, rental income, stock dividends, and so on and so forth. Just to clear the matter, earnings refer to distinct sources of income.
For instance, the term can describe the income a person receives from trading the FX market or the interest paid on the bank account. More often than not, earnings are designated as passive income. It is no secret that people earn differently. What can possibly explain the differences across individuals?
Earnings can be influenced by various characteristics, such as sex, race, marital status, parental status, education, and, most importantly, years of positive earnings. Let us talk a little bit about the last factor. People who are diligent and have a strong work ethic are successful in the labour market.
Interestingly, these individuals have more than one source of income. To be more precise, they do not depend only on salary. They are prepared for hard financial times. It is not hard to understand the appeal of income investing. What is hard to determine is what people do to supplement income? Well, most people resort to day trading.
Not long ago, an online trader from Cheddar, Somerset, became a billionaire trading in the foreign exchange market. Dan Legg, 19-years old, claimed he learned Forex trading from YouTube videos. Trading requires consistency and doing business with a regulated broker. UK brokers regulated by the FCA are beneficial for many reasons.
They have professional experience, not to mention that they are willing to go the extra mile to help traders achieve success. This is something that the online trader who became a billionaire overnight must have known.
To sum up, earnings inequality is a consequence of difference in education and skills. Some individuals may earn less than others because they bring different capacities. Building multiple income streams is of paramount importance. Having additional sources of income can come in handy in unfortunate situations.
For instance, if a person loses their job, they can rely on the money won from day trading. It certainly helps cope with the loss a lot easier. Attention should be paid to the fact that multiple streams of income are not a luxury anymore.
The rise of automation and robots will not affect people’s earnings
At present, there are chatbots that handle customer service. People have artificial intelligence in their pockets, as well as smart homes. Is this a good thing or a bad thing? The general opinion is that the rise of automation and robots is anything but negative. Automation and robots will certainly not affect jobs, skills or wages. There is no denying the fact that radical changes have taken place in terms of work.
Automation and robots will lead to the creation of an economy where everyone has a chance of making it big. Since the technological revolution, more individuals than before have been working. This means that jobs have not been destroyed. On the contrary, the advancement of robotics and artificial intelligence has favoured the creation of millions of jobs.
Technology can be deployed to increase business productivity and increase one’s earnings. As mentioned earlier, Forex trading is good for earning extra money. Technology has brought many things to the world of Forex. Examples include a higher sense of security for traders and ease of access.
Trading is accessible to the average Joe, whereas before it was reserved for institutional traders. There is a close relationship between technological change and earning potential. Much of the increase seems to be due to automation and robots.
The bottom line is that people are not trapped in a state of precarious income and they do not shift from one employment position to the other. The aforementioned factors are impacting individuals’ earning capacity in a positive way. This is a truth that simply cannot be denied.
