Moss Bros calls on KPMG to help with restructuring plans August 30, 2020 Menswear retailer Moss Bros is heading towards a restructuring that could result in the closure of some of its stores and rent reductions on others. Moss Bros has reportedly called in KPMG, according to the Sunday Times, which could pave the way for a company voluntary arrangement (CVA). A CVA allows companies to settle debts [...]
BP to sell London headquarters as work patterns shift August 30, 2020 BP is reportedly planning to sell its headquarters in central London, becoming the latest employer to signal a permanent shift in its working patterns. The oil giant employs 6,500 staff across its offices in the capital and in Sunbury-on-Thames in Surrey. It plans to rent back the building from the new owner for up to [...]
Half of UK finance workers want career change due to pandemic, survey says August 27, 2020 The coronavirus pandemic has caused workers in the UK finance industry to second-guess their career choice, with 44 per cent considering moving jobs, according to a new report. Among those City workers looking for a change, 13 per cent said they wanted to leave the sector altogether. That figure rose to 16 per cent for [...]
UK unemployment: 730,000 Brits lose their jobs in lockdown August 11, 2020 Around 730,000 people have lost their jobs in the UK since lockdown began in March, official statistics showed today, in the largest quarterly slump in employment since 2009. Since June, a further 114,000 people became unemployed, the Office of National Statistics (ONS) added. The UK unemployment rate stands at 3.9 per cent for the prior [...]
UK retail sales grow following lockdown easing August 11, 2020 UK retail sales grew in July as the easing of lockdown restrictions released pent-up demand, but high street stores continued to struggle. On a total basis, sales increased 3.2 per cent last month, compared to a jump of 0.5 per cent in July 2019, which was the second consecutive month of growth since the coronavirus [...]
Wirecard business partner reported dead in Philippines amid investigation August 6, 2020 A German businessman responsible for one of Wirecard’s biggest sources of profit has been reported dead in the Philippines amid ongoing investigations into his involvement with the disgraced payments firm’s collapse in June. Filipino authorities are seeking to confirm whether a recently registered death was that of former Wirecard executive Christopher Bauer, one of several [...]
Economists question Bank of England’s ‘optimistic’ forecast August 6, 2020 The Bank of England today kept interest rates on hold and said the UK economy would not shrink as much as initially thought this year, but it said the recovery would take longer. But some economists have questioned the assumptions, arguing that high unemployment will damage the economy. The Bank said the UK economy was [...]
Bank of England: Downturn better than feared but UK faces longer recovery August 6, 2020 The Bank of England has significantly improved its prediction for the path of the UK economy this year, but said the recovery will take longer than initially expected. The Bank’s projection, released today, said the UK economy was likely to shrink by 9.5 per cent this year and then grow by nine per cent in [...]
London sees fresh fall in permanent jobs placements August 6, 2020 London recruiters saw a further decline in permanent jobs placements last month as firms transitioned out of the downturn caused by the pandemic. The fall in placements across London was stronger than those seen across the rest of England, according to KPMG and REC’s latest report on jobs. However the decline was the least marked [...]
Fintech review flags sector’s status as one to watch August 3, 2020 Six figures from the business world have set sail on a six-month voyage to investigate and recommend priorities for the financial technology sector. Ron Kalifa is helmsman of the ‘Fintech Strategic Review’, announced in March’s Budget but – until now – stuck in the harbour as the coronavirus pandemic took hold. Sherry Coutu, Anne Glover, [...]