New tax year ushers in more woe for businesses and households April 6, 2022 Today marks the start of what will be yearly increases in tax bills for households across the UK as a raft of hikes, threshold freezes and fiscal tweaks come into effect. The new tax year has been ushered in by the much-lamented 1.25 percentage point national hike, which is forecast to deal a more than [...]
March car production falls to lowest in 24 years as markets feel supply chain squeeze April 5, 2022 The UK’s automotive production in March fell to the lowest since 1998 as markets continued to feel the supply chain squeeze. According to data from the Society of Motor Manufacturers and Traders (SMMT), new car registrations fell by 14.3 per cent to 243,479 units while overall the first quarter of 2021 reported a 1.9 per [...]
City Moves: Who’s switching jobs in the Square Mile? April 5, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. A&O Allen & Overy has added a partner to its international arbitration group, signalling sustained investment in the law firm’s division. Joining from Skadden, David Herlihy brings two decades of experience to the firm, with a focus [...]
Russia-Ukraine war to send chill through UK economy April 5, 2022 Russia’s brutal invasion of Ukraine could leave gas prices twice as high as they would have been if the Kremlin had not sent troops into Kyiv for years to come, sending a chill through Western economies, reveals fresh forecasts published today. Energy prices may be permanently higher if the war in Ukraine drags on, adding [...]
Deloitte paid former diversity chief £8m after she was cleared of bullying allegations April 3, 2022 Accountancy giant Deloitte has paid its former head of “diversity of inclusion” as much as £8m, after she stepped down from her role last year following allegations of bullying. City sources told The Telegraph that Deloitte’s former deputy chief executive, Dimple Agarwal, received severance pay of between £7m and £8m, after an internal investigation cleared [...]
Bitcoin is Boring. March 31, 2022 Bitcoin is boring. At least, that’s what everyone is saying these days. Family, friends, even parents on the school run – everyone I talk to at the moment tells me, “Bitcoin is boring.” But is it? Having made headlines over the years for its “sudden surges” and “catastrophic crashes”, most people who have heard of [...]
Tesla extends production halt at Shanghai plant following city lockdown March 31, 2022 Tesla extended its production halt at a Shanghai plant for at least one more day, as the city was posed under a two-stage lockdown from earlier this week. The lockdown – which ends tomorrow for the eastern part of the city – initially allowed Tesla to resume production on Friday. But according to the latest [...]
City A.M. Awards 2022: Dealmaker of the Year March 29, 2022 The City is back, and so are the City A.M. Awards, recognising the best of the Square Mile, Canary Wharf and London’s business community – which has shown shown resilience, innovation and adaptability like never before over the past year. We’re delighted to host what will be a wonderful celebration of the capital’s rebound, but [...]
UK car production falls for eighth consecutive month following chip shortages March 25, 2022 The UK’s automotive output fell 41.3 per cent in February as chip shortages don’t seem to end. According to data from the Society of Motor Manufacturers and Traders (SMMT), car production went down to 61,657 units produced, the worst February since 2009. Production for the domestic market went down 35.8 per cent, while overseas markets [...]
British factories to launch fastest price hiking cycle on record March 22, 2022 British factories are preparing to launch the fastest price hiking cycle on record in a sign that inflation will surge even higher in the months ahead. A net balance of one in every eight UK manufacturers intend to raise prices, according to research by the Confederation of British Industry (CBI). Products produced by factories are [...]