Sunak launches fresh attack on Truss’s tax cut plans warning Brits will face higher mortgage payments August 4, 2022 Ahead of the Tory leadership hopefuls next debate in their quest to become prime minister, Rishi Sunak launched a fresh attack on Liz Truss’s plans for tax cuts. The former chancellor said his Foreign Secretary rival in the Tory leadership race would further drive up interest rates, raising mortgage payments, with her plans. His warning [...]
The Gym Group sees memberships leap as boss lauds ‘once in a generation’ growth opportunity August 4, 2022 The Gym Group has said membership has swelled 10 per cent in the past six months, as it eyes the autumn opportunity to sign up returning university students. The gym operator, which runs 215 sites, shared that revenue had leapt to £84.2m and group adjusted EBITDA to £33.5m. The London-listed company hopes to have 300 [...]
European venture funding plunges as inflation hits private markets August 4, 2022 European venture capital funding slumped in the second quarter of the year as an investment boom tailed off amid soaring inflation and market shocks brought on by Russia’s invasion of Ukraine, new research has revealed.
Lloyd’s of London aims to attract billions in capital via launch of new investment vehicle August 4, 2022 Lloyd’s of London has set out plans for the launch of a new investment vehicle, with a view to drawing in billions from institutional investors. The London insurance market today announced plans to set up a second protected cell company (PCC) following the successful launch of its London Bridge Risk PCC vehicle last year. [...]
Rolls-Royce shares dive as soaring costs squeeze profits August 4, 2022 Rolls-Royce reported a slowdown in profits in the first six months of the year as a cocktail of snarled supply chains, soaring inflation and war in Ukraine caused costs to spiral.
Next sales up as shoppers flock back to high street but firm warns of slowdown as inflation hits August 4, 2022 Next has shared elevated quarterly sales, suggesting that warm weather and the closure of high street rivals has driven shoppers into stores. In a trading update on Thursday, second quarter full price sales were boosted five per cent versus last year, some £50m ahead of the clothing firm’s previous guidance. Next attributed this to a [...]
City Moves: Who’s switching jobs in the Square Mile? August 4, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Knight Frank Knight Frank has poached its latest partner from CBRE, as the property consultancy looks to grow its landlord project management offering. James Orchard joins the project and building consultancy team and will advise clients on [...]
New prime minister must up R&D funding or risk ushering in ‘low skilled’ economy August 4, 2022 The next prime minister must up the UK’s spending on science research and development (R&D) or risk losing its standing as a global leader, Tory-backed think tank Onward has urged today. In a report, supported by several MPs including former science minister George Freeman, Onward said the lack of spending risks damaging the UK’s core [...]
Most employers believe four-day working week will be the norm before 2030 August 3, 2022 The majority of employers believe that a four-day working week will become the norm in the UK before 2030. According to a survey conducted by Censuswide on behalf of NatWest Rapid Cash, 78 per cent of employers believe it will happen by the end of the decade while 52 per cent of recruiters said it [...]
Battery sustainability firm plots overseas growth after snagging approval for lithium storage box August 3, 2022 Battery sustainability firm Technology Minerals has snagged UN-standard approval for its lithium-ion storage boxes and is now looking to scale its new business overseas. The London-headquartered firm’s new business, known as Recyclus, can “now go live” with the new ADR certification, executive chairman Robin Brundle told City A.M. today, which means it can operate across Europe. While [...]