The latest weekly passenger data for London mayor Boris Johnson’s Thames cable car is out – and it’s not good.
The cable car (sponsored by Emirates, and thus officially known as the Emirates Air Line) launched last summer and was billed as a new route for the city’s frazzled commuters, as well as a tourist attraction and a catalyst for regeneration in the areas it serves. It crosses the Thames between the Greenwich peninsula and Silvertown, to the north of Canary Wharf.
The cable car cost £60m to build and will cost Londoners £6m a year to run (Emirates has contributed £36m in sponsorship, spread over 10 years). It can carry up to 2,500 people an hour in each direction* – the equivalent of 30 buses. That equates to a maximum capacity of 65,000 people per day, or 455,000 a week (for comparison London’s busiest Tube line, the Northern, carries nearly a million passengers a day).
But TFL’s passenger figures show that the cable car isn’t getting anywhere near that level of use. On average our calculations suggest it may be* running at just 7 per cent of capacity. Read more
The number of self-employed in the UK rose by 60 per cent between 2011 and 2012 and now accounts for about 14 per cent of all people in employment.
This is a striking contrast with the rest of the OECD countries where the proportion of self-employed is generally declining. In 2011, there were between 2 and 5 percentage points fewer self-employed in South Korea, Turkey, Portugal, Japan and Italy than six years before. Most of the other OECD countries reduced their proportion of self-employed even if more slowly. Read more
Berlusconi, the billionaire former Italian prime minister pledged to reimburse Italians €4bn for an unpopular property tax. This is probably the first time he has promised to give money back, but it is definitely not the first time he has pledged to cut taxes.
Berlusconi lavished promises of tax cuts periodically throughout the past decade, but he failed to translate them into reality, even when he was in power from 2001 to 2006 and again from 2008 to the end of 2011.
In fact, according to the OECD the average income tax rate increased in Italy across all types of households, whereas it was reduced in most other OECD countries. Read more
An interesting picture of the changing face of the UK housing market is provided by an analysis of census data by estate agency Savills, given exclusively to the FT.
The private rented sector is the main success story – it’s the only part of the market to have increased in value since the recession, and now makes up 17 per cent of the UK’s housing stock by units and 18 per cent by value, Savills found.
Today’s census data release offers a fascinating picture of linguistic diversity in England and Wales. In particular, it sheds useful light on London’s population.
The capital city differs strongly from the rest of the country in its demographic profile. But at a more granular level, the city contains some striking contrasts. In fact, in some ways it seems to be two cities, each living on top of, but almost invisible to, the other (a concept that will be familiar to fans of novelist China Mieville). Read more