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More women 'in full-time work than ever before'

The gender pay gap is narrowing, the Minister for Women and Equalities has said, after a report suggested that women managers were getting £9,000 less than men. Nicky Morgan said:

We're committed to delivering a long-term economic plan that works for women. That's why we are giving employees the right to request flexible working as well as introducing shared parental leave, and introducing tax-free childcare - also available for eligible parents who are self-employed.

Women can now make the right choice for them on how to balance work and families. As a result, we're seeing more women in full-time work than ever before and, although the gender pay gap remains too high, it is narrowing and for full-time workers under 40 is almost zero.

– Nicky Morgan, Minister for Women and Equalities

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Gender pay inequality 'worsening' for women managers

Shadow minister for women and equalities Gloria De Piero
Shadow minister for women and equalities Gloria De Piero Credit: PA

Pay inequality is worsening for women managers, the shadow minister for women and equalities said, after a new report suggested that women were being paid £9,000 less than men for management positions.

These figures reveal a depressing picture for women who want to get ahead in their careers.

We should be closing the pay gap for women at all stages of their working lives but instead we see pay inequality worsening for women managers as they progress and for working women across the country.

– Gloria De Piero, Labour

Women 'should be paid depending on performance'

Lower levels of pay for women managers cannot be justified, the chief executive of the Chartered Management Institute has said, after a new report suggested that the pay gap was widening.

Women and men should be paid on the basis of their performance in their particular roles, but this is clearly not yet the case for far too many. It's not right that women would have to work until almost 80 for the same pay rewards as men.

We have to stamp out cultures that excuse this as the result of time out for motherhood and tackle gender bias in pay policies that put too much emphasis on time served.

– Ann Francke, Chartered Management Institute chief executive

Management gender pay gap widens, new report shows

The gender pay gap in management is widening, with women in their 40s earning more than a third less than men, according to a new report.

A survey of 68,000 managers across the UK showed an average pay difference of over £9,000, or 23%, which increased as women got older.

Gender pay gap in management is widening, according to a new report.
Gender pay gap in management is widening, according to a new report. Credit: PA

The Chartered Management Institute (CMI) said average bonuses for company directors were also lower for women, at just under £42,000, compared with over £53,000 for men.

A woman would have to work over 14 years more - until they were almost 80 - to earn the same as a male manager over a career, said the report.

Asda fuel cut could spark supermarket price war

Asda is reducing the price of its petrol by up to 2p a litre.
Asda is reducing the price of its petrol by up to 2p a litre. Credit: PA

Asda could spark a supermarket price war by cutting the cost of its fuel.

From tomorrow, Asda is reducing the price of its petrol by up to 2p a litre, with diesel coming down 1p a litre.

This means that drivers filling up at Asda will pay no more than 124.7p a litre for petrol and 128.7p for diesel - the lowest prices since January 2011.

Asda petrol director Andy Peake said: "It now costs £6 less than last summer to fill up a family car with fuel, meaning we're putting much-needed cash back in drivers' pockets for those bank holiday ice-creams."

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Largest drop in house asking prices during August

House sellers' asking prices fell steeply by 2.9% month-on-month to £262,401 typically in August as the mood of the market grows calmer in London in particular, website Rightmove has reported.

The dip as sellers adopt a "summer sales" attitude is the largest for the month of August that Rightmove has on its records, which go back more than a decade.

Largest drop in house asking prices during August
Largest drop in house asking prices during August Credit: Dominic Lipinski/PA Wire

Asking prices in London saw the largest monthly drop across England and Wales, with average prices in the capital standing at £552,783, which is 5.9% lower than in July.

Despite the drop, asking prices in the capital are still 10.3% higher than they were a year ago. The North was the only region to see asking prices increase month-on-month, with a 0.5% uplift pushing them to £149,354 typically.

Mark Carney: Britain 'more than halfway' to recovery

Britain is "more than halfway" along the road to recovery, according to the governor of the Bank of England.

Speaking to the Sunday Times (£), Mark Carney said the economy had moved decisively from recovery to a full-blown expansion.

Governor of the Bank of England Mark Carney
Governor of the Bank of England Mark Carney Credit: PA

Mr Carney said: "Wherever the finish line was in the depths of the crisis, we are much more than halfway towards that finish line now", but warned that challenges still lie ahead.

The Bank of England expects the economy to grow by 3.5% this year, easily the fastest pace predicted for any advanced country. Unemployment is also expected to fall below 6% by the end of 2014, with 800,000 jobs created over the past year.

Reforms 'make it easier for pensioners to get help'

Social security cuts of more than £6 billion are designed to simplify the system to make it easier for pensioners to get the support they need, a Department for Work and Pensions spokesman has said.

Our older people have worked hard and paid into the system all their lives. That is why this Government has protected key support for pensioners including winter fuel payments, free prescriptions, free eye tests and bus passes and free TV licenses for the over-75s.

Furthermore, the 'triple lock' guarantee has given today's pensioners a basic state pension which is a higher share of average earnings than at any time since 1992 and will make 12.7 million people better off by over £400 a year by the end of this Parliament.

– Spokesman, Department for Work and Pensions

Pensioners 'struggling to keep heads above water'

Many pensioners are struggling to keep their heads above water in terms of their finances, the charity director at Age UK has said, after a report suggested that pensioners would be worst hit by benefits cuts.

Age UK strongly supports the triple lock which gives people the security of knowing that their basic pension will go up over time.

However low earnings growth in the past few years and the government's decision to switch from using RPI to CPI have undoubtedly had a detrimental impact on the overall value of the state pension and benefits.

– Caroline Abrahams, charity director at Age UK
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