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, [...]
Byron saved from bankruptcy but 650 staff to be axed July 31, 2020 Burger chain Byron has been saved from bankruptcy this afternoon after it was bought by Calveton UK, with current investors taking a minority stake. However, more than half of the popular high street restaurant’s stores and employees will be axed as a result of the deal. Only 20 of Byron’s 51 restaurants will continue to [...]
UK retailers must adapt business models to survive pandemic, experts say July 31, 2020 Around half of UK retailers must pivot their businesses in order to avoid collapse during the coronavirus pandemic, industry experts said. UK retailers need to move away from traditional, store-centric models and embrace online shopping, the latest KPMG Ipsos Retail Think Tank (RTT) said. The coronavirus pandemic has accelerated changes that were already happening in [...]
EY prepared ‘unqualified audit’ for Wirecard last month July 24, 2020 EY reportedly prepared an unqualified audit opinion on Wirecard’s accounts in early June, just weeks before the company collapsed. The auditing firm delivered a draft version of its official audit opinion, according to the Financial Times. Accountants usually share a draft to give clients the opportunity to look over the numbers and assessments. The draft [...]
Dyson to cut 900 jobs globally due to virus impact July 23, 2020 Vacuum cleaner firm Dyson said it will cut 900 jobs from its global workforce, as the coronavirus pandemic impacts consumer demand for its products. Approximately 4,000 of Dyson’s 14,000 staff are based in the UK. “These proposals would regrettably result in around 600 redundancies in the UK and 300 in the rest of the world,” [...]
Former Wirecard boss Markus Braun arrested for second time July 22, 2020 The former chief executive of Wirecard has been rearrested as Munich prosecutors accuse him of committing a multiyear fraud. Markus Braun stepped down from the company last month after being accused of misrepresenting the payments company’s accounts and of market manipulation by falsifying income from transactions with so-called third-party acquirers. The Financial Times reported prosecutors [...]
How badly will the UK unemployment rate spike when furlough ends? July 22, 2020 Chancellor Rishi Sunak’s furlough scheme has so far saved the UK unemployment rate from sharp increases during the coronavirus lockdown, but it is drawing to an end. Consequently job losses are set to spike after furlough concludes in October, according to economists. Currently the government is paying 80 per cent of over 9m British workers’ [...]