Connect with us

Published

on

The Empire State is losing its grip as the nation’s financial services capital.

New York’s financial services industry – a great contributor to the state’s gross domestic product – has been imperiled by the plummeting population of high-income residents, who are fleeing amid towering taxes and rising housing costs, according to a sobering new study.

“As other states attract talent and investment in the sector, there is no guarantee of future success,” said the report from the Business Council of New York State.

“Addressing the states tax burden, business climate, and cost of living can help to ensure New Yorks position as a national and global leader for finance.”

Over the last three years, the top four states landing new high-paid financial services and insurance jobs over the last three years were Texas, Florida, North Carolina and Georgia, the analysis conducted by the Business Council found.

New York ranked 36th in terms of percentage growth — at a rate of a puny two-tenths of 1%.

“North Carolina and Florida have rapidly added jobs in the finance and insurance sector while New Yorks employment has remained below national growth trends,” the report said. 

Each finance sector employee generates nearly an additional three jobs in other sectors — so any loss of employment ripples through the entire economy, the study noted.

“This report should serve as a call to action for leaders across New York to forcefully address the competitiveness issues that threaten one of its most valuable and critical economic forces, the finance industry,” the study said.

The average compensation package in New York’s financial services industry is a nation-high $309,000 per year — $275,800 in salary plus $34,000 in other benefits.

The figures showed continuing trends of population decline in New York – with a 2.7% decrease from 2019 to 2022 — marking the worst loss among the 50 states during the COVID-19 pandemic.

Most of the population loss was in New York City and its suburbs, home of most of the state’s wealthiest residents.

A review of net migration of residents showed that the largest flight of gross income was from Manhattan at nearly $11 billion.

“The data confirms the flight of the wealthiest from the New York City area,” the business group’s review found.

In 2021 alone, the Empire State saw a net decline of $9.8 billion in income that migrated to Florida, according to the report.

It’s not a coincidence, the study said, noting that the Tax Foundation think tank rates New York as having the highest combined state and local tax rate on residents, and the Sunshine State the lowest.

“This single competitive factor [taxes] is likely playing an influential role in the migration of high-net-worth individuals as they have the most to gain by leaving a high-income tax state for a low, or zero, income tax state,” the study said.

It also pointed out that New York is also one of a small collection of states that levies a tax on estates, derisively referred to as the “death tax.”

“High-wealth individuals are likely factoring this tax into their location decisions,” the report said.

“Forceful action is necessary,” the analysis concludes. “The state will need to address the tax burden, business climate, and cost of living issues that hurt the states competitiveness.

“If the state does not address these issues, it risks losing its dominance in the finance and insurance industry, and ultimately, jeopardizes the health and prosperity of New Yorks economy.”

Continue Reading

Business

English water firms get lowest environmental rating since records began

Published

on

By

English water firms get lowest environmental rating since records began

English water companies have collectively been given the lowest environmental rating by the Environment Agency (EA) since records began.

Companies were ranked on a scale of one to four stars. Out of a maximum score of 36 stars for all nine companies, the firms together scored 19, the lowest since the EA began monitoring.

The only utility to receive the highest four-star rank was Severn Trent, the agency said in its annual performance assessment.

The number of serious incidents, in which “significant” environmental harm was caused, increased by 60% last year compared to 2023.

Just three companies were responsible for the vast majority of incidents.

Money latest: ‘Heating on low all day’ v ‘Use when need it’ debate settled

Thames Water – the country’s biggest supplier – Southern Water and Yorkshire Water were responsible for 81% of all incidents.

More on Thames Water

Only two firms out of nine – Northumbrian Water and Wessex Water – recorded no serious incidents.

More monitoring, inspections and data have meant that knowledge of pollution in English waterways is now greater than ever. In turn, the amount of reporting has been greater.

Other factors driving the figures are underinvestment and poor maintenance of infrastructure, as well as wet and stormy weather.

Firms have again been called on by the Environment Agency to “urgently” improve their performance. There had previously been a trend of improvement since records began in 2011, but the latest figures indicated a “dip”.

In addition to pollution incidents, companies were assessed on self-reporting and compliance with permits.

Please use Chrome browser for a more accessible video player

Is Thames Water a step closer to nationalisation?

A separate report by water regulator Ofwat published on Thursday showed “mixed” performance with improvements in sewer flooding and pipe leakage, but only two companies reported a reduction in pollution incidents over five years.

Regulation of the sector has been criticised in a once-in-a-generation review of the water industry by career civil servant Sir Jon Cunliffe. In the wake of it, the government says Ofwat is to be retired.

Pressure has mounted on utilities across the UK as the public has sought action on poor water quality and rising bills.

Thames Water, in particular, is struggling under a £20bn debt pile with the government lining up insolvency practitioners.

Continue Reading

Business

Autistic volunteer told he could no longer work for Waitrose hired by Asda

Published

on

By

Autistic volunteer told he could no longer work for Waitrose hired by Asda

An autistic man who was told he could no longer stack shelves at Waitrose when he asked to be paid has been offered a job by Asda.

Tom Boyd, 28, began volunteering unpaid at the branch of Waitrose in Cheadle Hulme, Greater Manchester, in 2021, supported by a care worker, to develop skills for the workplace on a further education course he was taking.

The work gave him a sense of “purpose and belonging”, his mother, Frances Boyd, told the BBC.

When she asked in July if he could be paid for a few hours every week, however, the supermarket’s head office told him he had to stop and could not return to the shop.

Ms Boyd said they felt “deeply let down” by the decision as he had taken great pride in his work, which included putting out stock and tidying the shelves.

“If I went in and saw him, he was smiling, and it gave him independence, a sense of purpose and belonging,” she said.

“He gave over 600 hours of his time purely because he wanted to belong, contribute, and make a difference…

More on Asda

“He deserved better. He deserved kindness, respect and the chance for all his hard work to mean something.”

Mr Boyd has now been offered two paid five-hour shifts each week by Asda.

“It’s overwhelming and they are flexible to say if at any time he is struggling they are fine,” his mother said.

“How amazing that a company could do this.”

Read more:
Supermarket price war could help consumers
National Insurance hit for British supermarkets

Welcoming the news on X, Greater Manchester mayor Andy Burnham said he hoped it would lead to more employers accepting a neurodivergent code of best practice he has launched.

An Asda spokesperson said that when the store heard about Mr Boyd’s desire to find meaningful work they knew he would be a “fantastic fit” and were delighted to offer him a role.

“We know that finding meaningful work can be especially challenging for individuals with learning disabilities or difficulties,” they said.

“Asda has a Supported Internship Programme and partnership with DFN Project SEARCH, through which we have welcomed over 30 talented new colleagues into roles across our stores. We have seen the positive impact this has for the individuals who join and for our colleagues and customers too.”

A Waitrose spokesperson said they “care deeply” about helping people into the workplace who might not otherwise be given a chance and that the chain is currently investigating what happened to Mr Boyd.

“We’d like to welcome Tom back, in paid employment, and are seeking support from his family and the charity to do so. We hope to see him back with us very soon,” they added.

Continue Reading

Technology

Trump backs off sending National Guard to San Francisco after Huang, Benioff phone calls

Published

on

By

Trump backs off sending National Guard to San Francisco after Huang, Benioff phone calls

U.S. President Donald Trump gestures as he hosts a Rose Garden Club lunch at the White House in Washington, D.C., U.S., October 21, 2025.

Kevin Lamarque | Reuters

President Donald Trump said in a post on Thursday that the National Guard was preparing to “surge” San Francisco, but he was swayed by Nvidia CEO Jensen Huang, Salesforce Marc Benioff and others to hold off on the deployment.

Trump said in a post on Truth Social that he also spoke with Democratic Mayor Daniel Lurie, who “was making substantial progress” on crime.

“Great people like Jensen Huang, Marc Benioff, and others have called saying that the future of San Francisco is great,” Trump wrote.

The reversal marks a major political win for the city of San Francisco and Lurie, who is in his first term.

“The president told me clearly that he was calling off any plans for a federal deployment in San Francisco,” Lurie said in a statement. “Secretary of Homeland Security Kristi Noem reaffirmed that direction in our conversation this morning.”

Read more CNBC tech news

Lurie, a moderate Democrat, has taken a different approach with Trump than other California officials, like Rep. Nancy Pelosi and Governor Gavin Newsom, who publicly fire back at the president’s administration. Instead, Lurie consistently does not evoke Trump by name publicly or privately.

In recent addresses on the potential for a deployment, Lurie has touted the city’s progress on business development and crime, often citing data that shows San Franciscans feel the city is on the right track.

“We have work to do, and we would welcome continued partnerships with the FBI, DEA, ATF, and U.S. Attorney to get drugs and drug dealers off our streets, but having the military and militarized immigration enforcement in our city will hinder our recovery,” Lurie said.

The potential Guard deployment became a larger flashpoint when Benioff told the New York Times that he’d support Trump’s call for federal troops to be sent to San Francisco.

His sentiments were publicly supported by Elon Musk and David Sacks, high-profile techies with close ties to the Trump administration.

On Friday, facing mounting criticism, Benioff backtracked.

“Having listened closely to my fellow San Franciscans and our local officials, and after the largest and safest Dreamforce in our history, I do not believe the National Guard is needed to address safety in San Francisco,” he posted on X.

A U.S. Customs and Border Patrol agent fires a non-lethal round at protesters as they clear a path for vehicles to enter Coast Guard Island on October 23, 2025 in Oakland, California. Federal agents have arrived in the San Francisco Bay Area for immigration operations.

Justin Sullivan | Getty Images News | Getty Images

The data show a changing tide in the city.

Crime rates are down 30% from 2024, homicide levels hit their lowest levels in 70 years and car break-ins haven’t been at current levels in 22 years.

Meanwhile, event bookings and tourism are on the rise, residential real estate is becoming more scarce and the office market is heating up.

Business momentum in the city is largely built on the AI boom, post-pandemic. New CBRE data show venture funding in 2025 is expected to surpass the record reached in 2021, thanks in large part to AI investments in San Francisco and Silicon Valley.

Continue Reading

Trending