Used car market accelerates as consumers opt for cheap vehicles amid rising bills May 10, 2023 The UK’s used car market saw its biggest quarter of growth since 2020 today, as consumers opt for cheap motors amid higher bills and the sector benefits from the knock-on effects of the semi-conductor shortage ease. The figures, published by the Society of Motor Manufacturers and Traders (SMMT), showed that the UK market for second-hand [...]
UK businesses turn to temp staff amid recession worries May 10, 2023 UK businesses are turning to part-time staff to avoid locking into long-term contracts for fear of being dragged down by the economic slump, a new survey out today shows. Demand for temporary staff is running much higher than for full-time workers, according to consultancy KPMG and the Recruitment and Employment Confederation (REC). The pair’s permanent [...]
Bring me sunshine! Retailers hit by grim April weather as economy held back by the rain May 9, 2023 Retailers continued to be bruised by soaring inflation and poor weather conditions in April, as the sector holds out hope for summer to give a much needed boost in sales. Data by the British Retail Consortium (BRC) showed that while retail sales rose slightly over five per cent during the month, overall inflation meant that [...]
UK to officially avoid recession in first half of this year as Bank of England readies twelfth straight interest rate rise May 8, 2023 Britain is set to have officially avoided a recession in the first half of this year in a sharp turnaround in fortunes for the country’s economy, figures out this week are expected to reveal. Gross domestic product (GDP), which measures the amount of goods and services produced in the UK, is anticipated to have risen [...]
Banking crisis reinforces need for ringfencing as government’s consultation comes to an end May 8, 2023 Experts have warned that the recent banking stresses demonstrate the importance of the ringfencing regime as the government’s consultation comes to an end. Treasury ministers are keen to push forward with changes to how banks are forced to separate their retail and commercial activities with, for instance, investment banking operations – reducing the number of [...]
UK car production accelerates as semiconductor shortage is ‘all but over’ April 28, 2023 UK car production rose six per cent in the first three months of 2023 thanks to the easing of semiconductor shortages, though concerns remain as production continues to lag pre-pandemic levels. According to figures from the Society of Motor Manufacturers and Traders (SMMT), production rose to 219,887 units, with factories producing 12,540 units more than [...]
PwC invests $1bn in AI tools – but insists jobs are safe April 27, 2023 PwC will invest $1bn to develop AI tools for its staff to use across its audit, tax and consulting services in its American business, but has insisted that it won’t lead to job losses. The Big Four accountant will work with the creator of ChatGPT, Microsoft-backed OpenAI, to develop generative tools, which it hopes will [...]
Molten Ventures tech portfolio slumps nearly £200m – but it’s not all doom and gloom April 27, 2023 Listed venture vehicle Molten said the value of its holdings had slumped by more than £200m in the year to the end of March as high-growth tech firms are buffeted by an economic downturn.
Sick days in UK reach record high of 185m as Covid-19 hangs over economy April 26, 2023 Working days lost in the UK due to people being sick have climbed to a record high of just over 185m, official figures out today reveal. The new figures released by the Office for National Statistics (ONS) indicate that Covid-19 is still having a nagging impact on the UK economy and the health of the [...]
UK venture capital investment tumbles to pre-pandemic levels as market jitters linger April 26, 2023 Venture capital investment in the UK tumbled back to pre-pandemic levels in the first three months of the year as a slump in start-up valuations and volatile markets continue to spook investors.