Clifford Chance partners see pay packets surge to record highs of more than £2m July 19, 2022 Partners at Clifford Chance are set to see their pay packets surge to £2m for the first time in the law firm’s history after the Magic Circle law firm revenues surged by 8 per cent to highs of £1.97bn. Clifford Chance’s equity partners will take home a record £2.04m this year after the law firm’s [...]
Steaming inflation cuts Brits’ spending power at fastest pace on record July 19, 2022 The number of Brits in full time work reached record highs in the three months to May as unemployment rates held at 3.8 per cent, official figures have revealed today.
Virgin Money to give out £1,000 bonuses to help staff deal with cost-of-living crunch July 19, 2022 Virgin Money today told staff it will be giving out £1,000 bonuses to all workers on salaries of less than £50,000 a year to help them deal with the UK’s cost-of-living crisis. In an internal memo seen by City A.M., Virgin Money chief executive David Duffy told staff earning less than £50,000 that they will [...]
Yü Group anticipates sharp rise in revenues as it prepares smart meter rollout July 19, 2022 Yü Group has posted a bullish trading update, with the challenger supplier expecting a 90 per cent boost to half-year revenues.
Rail network unable to cope with extreme heat as track hits 62C: ‘Just not built to withstand this temperature’ July 19, 2022 The hottest railway track reached a scorching 62C on Monday, as the Transport Secretary admitted it will take decades to upgrade existing lines to be more resilient. Grant Shapps conceded the UK’s transport network cannot cope with the extreme heat, saying that the Victorian-era infrastructure “just wasn’t built to withstand this type of temperature”. On [...]
Joules: Margins continue to be under pressure as shoppers seek out sale items July 19, 2022 Prestige retailer Joules has said discount-hungry consumers have intensified pressures on margins while expecting yearly profit to surpass expectations. The clothing and lifestyle brand admitted gross margins had “remained under significant pressure” after “consumer appetite” was focused on marked down products. Shoppers have been hunting for reductions amid monster hikes in energy and fuel bills, [...]
Mordaunt supporter Tobias Ellwood loses Tory whip for vote no-show July 19, 2022 Penny Mordaunt supporter Tobias Ellwood has lost the Conservative party whip today for not showing up to support the government in yesterday’s confidence vote. Ellwood, a perennial critic of Boris Johnson, will now be unable to participate in the final two MP votes for the Tory leadership contest. The Defence Committee chair was in Moldova [...]
Hotel Chocolat boss warns of melting profits next year amid cost of living crisis July 19, 2022 Hotel Chocolat revenue has risen more than a third over the past year, as it braces for a spending slow down amid the cost of living crisis in the UK. Revenue hit £226m in the 12-month period, up from £165m a year prior and ahead of market forecasts. However, co-founder and CEO Angus Thirlwell said [...]
Steep losses looming: Made.com warns job cuts are coming to slash costs after dive in consumer spending July 19, 2022 Made.com said this morning it has launched a review its workforce amid efforts to slash costs as a slump in consumer spending is set to send it tumbling to steep losses. The group said it is looking at its operational structure and headcount, as well as improvements to stock buying and warehousing to try to [...]
Santander hands out four per cent pay rises to help 11,000 workers manage cost-of-living crunch July 19, 2022 Santander today pledged to give four per cent pay rises to all 11,000 of its workers on salaries of less than £35,000 a year. The bank said the pay rises, which will be handed out to around 60 per cent of Santander’s entire workforce, are aimed helping its staff deal with the UK’s cost-of-living crisis. [...]