Fund inflows jump to reach record August clip October 7, 2021 British investors poured a record amount of money into funds during the typically quiet summer period. £5.3bn in funds flowed into funds in August, the first time inflows have topped £5bn, according to the Investment Association. A low interest rate environment, compounded by soaring inflation, has made investment funds more attractive to investors. Households looking [...]
BoE new chief economist slams employer for dropping the ball on inflation October 7, 2021 The Bank of England’s newly crowned chief economist has slammed his new employer for dropping the ball on inflation. Huw Pill, Andy Haldane’s successor, characterised the Bank’s bet on the inflation upsurge being transitory as “proving greater than expected.” “Over recent months inflation has surprised to the upside, UK activity data have disappointed somewhat, while [...]
Finance firms cut crime prevention teams despite money laundering alerts swelling October 7, 2021 Instances of suspected money laundering in Britain’s financial services sector are growing rapidly. The number of alerts to law enforcement agencies of potential money laundering or terrorist financing climbed to over 1m last year, according to the City watchdog. More to follow.
London banks embark on record hiring spree as City tilts toward post-Brexit future October 7, 2021 City banks are embarking on a record hiring spree, indicating the sector is in rude health despite warnings Brexit would hit it hard. London banking jobs are on course to smash pre-pandemic levels by 30 per cent, highlighting the capital’s banking industry has effectively weathered the Covid-19 crisis and is tilting toward making its post-Brexit [...]
Britain’s economic adjustment only ends in one way October 7, 2021 The ails of the nation’s favourite sausage roll maker are a microcosm of the problems afflicting the UK economy. In a trading update yesterday, high street baker Greggs warned it is suffering from a “supply of ingredients.” A couple months back, it pulled its iconic chicken bite for similar reasons. Severe shortages plaguing the British [...]
Industrials rally lifts FTSE 100 but inflation jitters linger October 7, 2021 A rally among industrial stocks lifted London’s FTSE 100 this morning, but concerns about stickier than expected inflation tempered gains on the capital’s markets. The FTSE 100 added 0.78 per cent to rise above the 7,000 threshold in the opening session. Market sentiment has been stung by concerns the UK economy is headed for a [...]
IFS: Council tax hike is looming over Brits October 7, 2021 Brits are facing the prospect of further tax hikes down the line that will intensify the cost of living crisis already squeezing household finances. Council tax could have to rise by as much as five percentage points per year for the next three years, according to the economic think tank the Institute for Fiscal Studies [...]
Robert Walters’s profit powered by hot job market and post-pandemic boom October 7, 2021 A hot job market and post-pandemic boom have helped Robert Walters to report a profit which exceeded expectations. Robert Walters reported a gross profit of £91.8m during the third quarter, an increase of 26% from the same time last year. The recruitment firm reported a 26 per cent year-on-year gross profit up from £72.8m from [...]
Tesco hands out £193m to investors to settle accounting scandal October 7, 2021 Tesco has handed out £193m to settle an accounting scandal from seven years ago, a larger figure than it received from the UK’s fraud watchdog. The country’s largest supermarket confirmed that it had settled claims from investors with two law firms that had brought legal proceedings against it last September. The investors include Allianz, Russell [...]
Exclusive: London bearing the brunt of skills shortages, say city bosses October 7, 2021 The skilled labour shortage gripping the UK is being felt most acutely by London businesses, with seven in 10 executives saying their company has been affected. Despite promises of emergency visas and skills training from the Government, 22 per cent of London business leaders think the problem will be the biggest hurdle their company will [...]