UK to tip into ‘mild recession’ as cost of living crunch cools spending June 27, 2022 Brits responding to the cost of living crisis by reining in spending may tip the UK into a “mild recession” next year, reveals fresh forecasts released today. The Bank of England embarking on a rapid interest rate hike cycle may also send the economy into reverse, according to a new report by consultants KPMG. Yael [...]
PwC to give 11,000 workers their biggest pay rise in a decade June 26, 2022 PwC is set to give around half of its UK workforce their biggest pay rise in a decade, in hiking around 11,000 of its workers base salaries. The accountancy firm is set to give a nine per cent pay rise to around half of its more than 22,000 staff – at a cost to [...]
Consulting and finance firms hire more black candidates when using anonymous ‘skills-based’ tests in the hiring process June 26, 2022 City employers are more likely to hire black candidates if they rely on anonymised, “skills-based” assessments in the hiring process, instead of more traditional interview methods, new research shows. Finance and consulting firms hired 79 per cent more black candidates when they relied on skill-based assessments, over more traditional methods such as cover letters, group [...]
GSK to inject £1bn into new vaccines, as demerger leaves it with ‘less distractions’ June 23, 2022 GSK has announced it will inject £1bn into the research and development of infectious diseases over the next decade, just weeks after a major demerger. The British pharmaceutical giant will focus on diseases that disproportionately impact lower-income countries, in a move predicted by analysts since GSK split from its consumer healthcare division, now a separate [...]
KPMG opens virtual office in the metaverse for staff in US and Canada June 23, 2022 KPMG has set up an office in the “metaverse” for staff in the US and Canada to facilitate cross-border collaboration. The Big Four firm yesterday opened its first ever “metaverse collaboration hub,” with a view to letting staff work in an “immersive” virtual world. KPMG said its new virtual office will facilitate collaboration between its [...]
UK inflation highest in G7, dialling up pressure on Bank of England to raise rates again June 22, 2022 The likelihood of the Bank of England hiking interest rates for the sixth time in a row is ramping up after new figures revealed the UK has the highest inflation in the G7. Prices climbed 9.1 per cent annually in May, up from April’s already four decade high rate of nine per cent, according to [...]
Another day, another record: Price of a litre of petrol hits new high of 189.3p June 22, 2022 The average price of a litre of petrol at UK forecourts reached a new high of 189.3p last night, according to data firm Experian. The average price of diesel was 197.1p per litre. The announcement comes only hours after the rate of inflation rose again in May, remaining at 40-year highs, the Office for National [...]
Inflation jumps to 9.1 per cent: Worried City insiders respond to consumer prices climbing again June 22, 2022 The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics said this morning. The rate of Consumer Prices Index inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. “Though still at [...]
Welcome aboard, this is a driverless train: unions begin their own demise June 22, 2022 As the summer sun makes the UK feel like a Mediterranean resort, we are also about to see the perils of the labour problems that Southern Europe was so often bedeviled by. Trains have ground to a halt, the London Underground has stopped, and buses are stuck in their depots. Millions of pounds will be [...]
KPMG strikes deal with Cambridge University to study workplace wellbeing June 21, 2022 KPMG has struck a deal with Cambridge University to let researchers come into the Big Four firm to study the impacts of its mental wellbeing initiatives. The Big Four accountancy firm’s partnership will see Cambridge University researchers allowed into the company to study workplace wellbeing – with a view to developing strategies to boost productivity, [...]