China economy wilts under weight of ‘zero Covid’ restrictions and soft demand August 15, 2022 Strict adherence to blunt restrictions on daily life to deal with Covid-19 outbreaks is sending a chill through the Chinese economy, a raft of data released today showed. Beijing’s blanket lockdowns across some of the country’s economic powerhouses, including Shanghai, one of the world’s top trade hubs, are weighing on output. Retail sales growth in [...]
Fintech challenger banks steam ahead of high street stalwarts in CMA ranking August 15, 2022 Fintech challenger banks Starling and Monzo have leapt ahead of their traditional high street rivals in a fresh ranking of UK lenders published today by the Competition and Markets Authority.
Warnings for road and rail as extreme weather continues and heatwave turns to storms August 15, 2022 The UK rail and road network is bracing itself for the impact of severe weather as the heatwave comes to an end and thunderstorms are expected. With Britain having experienced its driest July since 1935, the Met Office issued a yellow weather warning on the weekend as heavy rain is expected across large parts of [...]
Hospitality sector sounds alarm bells: Pub and restaurant closures loom as energy bill jumps of 300 per cent August 15, 2022 There will be mass closures without urgent support on soaring energy prices, pubs, restaurants and music venue leaders warned the Government today. Industry bodies UK Hospitality, Night-Time Industries Association, Music Venue Trust, The British Institute of Innkeeping and The British Beer and Pub Association, have written to the prime minister, Boris Johnson, the Chancellor, Nadhim [...]
Goldman Sachs slashes London office pay as dealmaking lull hits profits August 15, 2022 The world’s biggest investment banks have slashed the sums of money they spend on paying their staff, following a sharp decline in dealmaking. Goldman Sachs cut the sums of money it spends on paying staff in its in London offices by 59 per cent over the first half of 2022, the investment bank’s financial results [...]
Govt reassures commuters next year’s rail fares rise will be below inflation rate August 15, 2022 The government said this morning that next year’s increase in rail fares in England will be below the current rate of inflation. Changes in regulated fares such as season tickets are traditionally implemented on the first working day of the year and based on the previous July’s retail price index (RPI), which for 2022 will [...]
House prices continue to climb in nightmare scenario for first-time buyers even though buyer interest is slowing August 15, 2022 House prices continue to move firmly upwards and are still expected to be higher in a year’s time, according to the Royal Institution of Chartered Surveyors (RICS) this afternoon. The numbers are somewhat surprising given that surveyors have seen the longest stretch of shrinking buyer demand in the housing market since the early stages of [...]
Government pension reform will ‘accelerate end game’ for final salary schemes August 15, 2022 Government plans to ramp up scrutiny of ‘final salary’ pension schemes will spark an “accelerated end-game” as managers are forced to rapidly sell-off their riskier assets, a pensions chief has warned.
PwC scraps 2:1 entry requirement for graduates as City war for talent heats up August 15, 2022 BIG four accountant PwC will start recruiting graduates who missed out on a 2:1 degree at university, the firm announced today, in a bid to “diversify” its intake amid an ongoing City talent war. Graduates who received a 2:2 – colloquially known as a “Desmond” in reference to the late South African priest Desmond Tutu [...]
Brits in EU slide into Brexit banking limbo as some UK banks shut their accounts August 15, 2022 Thousands of Brits residing in the EU have been informed by UK banks that their EU-based bank accounts will soon be shut. A range of British banks, including Barclays, have told UK citizens living in the EU that they will no longer be able to have and use their account in member states, primarily in [...]