UK will be poorer under 'any form of Brexit'​, who fuel UK ad boom, and more top news

The UK will be poorer economically under any form of Brexit, according to new government analysis. The economy could be up to 3.9% smaller after 15 years under Theresa May's Brexit plan, compared with staying in the EU, official figures show. But the Bank of England warns that a no-deal Brexit would be worse than 2008 crisis, delivering a 9.3% hit. Governor Mark Carney says that May’s deal will offer businesses more time to prepare for the outcome of Brexit.

Spending on advertising in the UK is set to pass £20bn for first time next year, fuelled by digital giants such as Google and Facebook. Advertising media company Group M forecasts internet advertising spend will rise 8.6% next year to £12.8bn, as spending on traditional media will fall 0.7% – contributing to 4.8% growth in the total UK market to £20.8bn. Last week, the Intelligence and Security Committee urged brands to pull advertising from the likes of Facebook and Google unless they improved efforts to curb terror-related and extreme content on their platforms.

One in five freelancers are considering quitting because they cannot get a mortgage. A report by specialist broker the Mortgage Lender found 21% of those questioned were reconsidering their employment situation because they had either been refused, or feared they would be refused, a mortgage. Nearly half of those surveyed said they found it difficult to provide the paperwork required to complete their application. There are 4.9 million self-employed people working in the UK.

The owner of Frankie & Benny’s will acquire Wagamama in a £550m deal, despite fierce opposition from shareholders. Just 60% of the shareholders voted in favour of the tie-up with concerns about price and debt levels a key gripe for a small group of rebel investors. Restaurant Group plans to expand the chain, which currently has more than 190 restaurants. Founded in 1987, Restaurant Group, which also owns the Chiquitos and Garfunkel’s group employs 15,000 staff at more than 500 outlets.

A person needs to work 80-100 hours per week to “change the world,” Elon Musk tweeted this week. The billionaire and entrepreneur cautioned that the pain tied to working those long hours “increases exponentially.” Musk, who serves as CEO for four companies, has said he worked 120 hours per week and his employees at Tesla worked 100 hours per week on increasing production of the Model 3 sedan.

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