UK employers warn of mass job losses in digital revolution June 24, 2019 New technology and automation mean as many as 40 per cent of jobs are expected to change significantly or become redundant in the next five years, the Open University (OU) has said. Read more: Former City minister calls for action on skills shortages Nearly 90 per cent of organisations admit their staff lack digital skills, [...]
UK car industry sees worst month for six years in May, Natwest says June 24, 2019 The UK’s car industry suffered its worst month for business conditions in six-and-a-half years in May, according to a new survey by Natwest, as Brexit and a global slowdown continued to hurt the sector. Read more: Pound falls as UK economy shrinks 0.4 per cent in April British car makers last month saw the steepest [...]
No-deal Brexit could dent UK’s technology-driven growth, says KPMG June 24, 2019 If Britain leaves the European Union with a deal then new technologies will help UK trade more than triple to over £4 trillion by 2050, professional services firm KPMG said today. Read more: Mark Carney warns 150,000 firms not ready for no-deal Brexit Yet should the UK crash out with no deal, the total of [...]
MPs warn against UK neglecting ties with India in favour of China June 24, 2019 The UK is failing to build an economic and security relationship with India as it grows in wealth and influence, the Foreign Affairs Committee (FAC) has today warned. Read more: New UK-India tech hub to be opened in confidence boost for the City In a new report the FAC cautioned that Britain’s focus on building [...]
Trump says he could demote US Fed chair Powell but has not threatened to do so June 23, 2019 US President Donald Trump said he has the power to demote US Federal Reserve chair Jerome Powell, but has not threatened to do so. “I didn’t ever threaten to demote him,” Trump said in an NBC interview broadcast yesterday. “I’d be able to do that if I wanted to, but I haven’t suggested that.” Trump [...]
UK budget deficit grows as Hammond approaches exit June 21, 2019 Britain’s deficit widened more than expected last month as government spending rose. Public borrowing rose by £1bn to £5.1bn last month compared to May 2018, which remains the lowest May month of borrowing since 2002. Read more: City MP faces calls to resign after grabbing protester by neck Meanwhile the deficit has reached £11.9bn for [...]
Mark Carney: 150,000 firms not ready for no-deal Brexit June 21, 2019 Roughly 150,000 UK businesses are not ready to keep exporting to the EU in the event of a no-deal Brexit, Mark Carney has said. The Bank of England governor said the companies still did not have the necessary paperwork and while many had built up contingency stocks, these would only last “weeks”. Read more: BoE’s [...]
Climate protests get ugly as City waves goodbye to Hammond June 21, 2019 Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. [...]
BoE’s Mark Carney cautiously welcomes Facebook’s new currency Libra June 20, 2019 The Bank of England today said it will treat Facebook’s proposed cryptocurrency Libra with an “open mind”, and announced measures to prepare for the coming “payments revolution”. Read more: Facebook confirms launch of own cryptocurrency In a speech in the City’s Mansion House tonight, the Bank’s governor Mark Carney will praise Libra’s potential to “substantially [...]
UK pay rises of 2.5 per cent falls below inflation rate June 20, 2019 UK pay rises stayed flat year on year at 2.5 per cent in the three months to May, according to industry data released today. Employers opted not to increase salary hikes despite rising inflation. Read more: UK unemployment stays at record lows In fact, 87 per cent of the 238 pay rises analysed by Xpert [...]