UK employment reaches record high, Russia blamed for widespread cyber-attack, and other trending news

UK employment has reached a record high. The proportion of working-age people in employment reached 75.4% in the three months to February – the highest it has been since the Office for National Statistics’ records began in 1971. Unemployment was at a four-decade low, falling from 4.3% in January to 4.2% in the three months to February. This coincides with an increase in wages, which rose 2.8% in the year to February.

The US and UK have blamed Russia for a widespread cyber-attack on computer networks, government offices and even routers operated by home office workers. Security agencies released an alert urging people to check their network infrastructure, saying this attack could have just laid the groundwork for a more far-reaching incursion. The Times (paywall) reported the hackers would exploit weak passwords and expired anti-virus software to enter the network through home wifi systems. A statement said the countries had a “high level of confidence” Russia was behind the attack, which the Kremlin denied.

A third of millennials will never own their own home, according to a report by the Resolution Foundation. The thinktank claims that, of approximately 14 million 20- to 35-year-olds, half will still be renting when they reach their 40s and a third could still be doing so by the time they claim their pensions. This would lead to an explosion in the government’s housing benefits bill, from ￡6.3bn today to ￡16bn by 2060.

The pound reached its highest level since the Brexit vote, hitting just above $1.43 by 9am to break the most recent high reached back in January. Some analysts credited the gain to EU-UK trade negotiations this week, while others pointed to the prospect of higher UK interest rates and weakness in the dollar due to trade issues. This year, the pound has gained 6% on the dollar, becoming the best-performing currency among the G-10 economies.

A laboratory accident has led to the discovery of a plastic-eating protein that could break down one of the most popular plastics used by the food and beverage industry. British researchers testing a naturally occurring bacteria found it became supercharged when exposed to X-rays. The bacteria can eat away the surface of the plastic, which can be recycled back to the manufacturing industry as “clear, virgin plastic”.

Idea of the Day: Today’s professionals can learn a thing or two about climbing the corporate ladder from Sir Edmund Hillary, who made it to the top of Mt. Everest 65 years ago next month. It wasn’t a solo accomplishment, says Deloitte’s Punit Renjen – Hillary teamed up with the right people.

“Strategic alliances and ecosystems can help individuals and organisations accomplish what they cannot achieve on their own.”

This article has been updated. From earlier: Celebrity chef Jamie Oliver’s Australian restaurant chain has collapsed, just weeks after his British operation was restructured. Also: There are fears advertising giant WPP could be broken up, after almost ￡1bn was wiped off its share price.

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