UK factories in ‘survival mode’ as output tumbles to 29-month low November 1, 2022 UK factories are in “survival mode” amid a demand slump, rising interest rates and swelling costs, a closely watched survey out today shows. The S&P Global and Chartered Institute of Procurement and Supply’s (CIPS) final purchasing managers’ index (PMI) for October tumbled to 46.2, the weakest reading in 29 months when the country was grappling [...]
City Moves: Who’s switching jobs in the Square Mile this week? September 13, 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. Kantar Data insights company Kantar has appointed a managing partner to lead its consultancy practice. Natalie Vander Vorst is set to lead the 150-person strong practice, which advises brands on commercial and marketing strategies. Over her career, [...]
Hotels cashed in on scorching summer but face gloomy winter freeze August 30, 2022 British hotels cashed in last month during a scorching heatwave, but the industry fears its profits will freeze up as the UK prepares for bleak economic times. Holiday destinations across the country had a record-breaking summer with a new survey showing more than 77 per cent occupancy in July compared to 73 in June. This [...]
Brits ‘batten down hatches’ ahead of bleak winter August 30, 2022 Brits are “battening down the hatches” ahead of an exceptionally tough winter marred by sky-high energy bills, economists warned today. Households are cooling spending on credit cards and putting money aside in savings accounts to keep their finances intact to withstand a historic shock to their living standards. Brits spent £700m on credit cards last [...]
Bank of England to launch another jumbo rate hike to tame over 10 per cent inflation August 17, 2022 The Bank of England is set to launch a series of jumbo rate hikes to tame inflation that is beginning to be driven by domestic factors, City economists warned today. Prices climbed 10.1 per cent annually in July, the fastest acceleration since February 1982 and much higher than the Bank and analysts’ forecasts, according to [...]
Big Four auditors up advisory fee incomes as challengers capture larger share of audit work August 5, 2022 The UK’s challenger auditing firms are increasingly capturing a larger share of Britain’s audit market, as the Big Four increasingly generate their revenues through non audit work, new data from the UK’s accounting watchdog shows. The research shows smaller auditors upped their audit fee incomes at almost twice the rate of the Big Four, as [...]
Economic green shoots to coax Bank of England into steepest rate rise since independence July 13, 2022 Signs of green shoots in the UK economy will encourage the Bank of England to launch the steepest interest rate hike since it was made independent 25 years ago. Stronger than expected growth in May suggests the economy can absorb higher interest rates without falling into recession, known as a “soft-landing,” according to City analysts. [...]
London’s hotel mojo is back as occupancy rates climb albeit pandemic recovery remains ‘uphill battle’ June 29, 2022 Recovering occupancy rates and food and beverage sales are rapidly powering a recovery in the London hotel market, albeit slower than the industry had anticipated. For the first time since prior to the pandemic, occupancy rates in London are now exceeding the rest of the UK, at 66.9 per cent, overtaking UK rates of 68.4 [...]
High Street footfall nosedives by staggering 25 per cent with London commuters and foreign travellers not returning June 27, 2022 High street footfall fell 25 per cent in May, from the previous month, according to RSM UK’s analysis of the latest data from Datscha, published this morning. London continues to be hit by hybrid working with less workers commuting into the city, and international and business travel is still not back at full capacity. Whereas [...]
Oxford Street footfall still 52 per cent lower than pre-pandemic, making it the UK’s worst hit High Street May 27, 2022 Footfall on London’s Oxford Street is still 52 per cent lower than pre-pandemic levels – the worst hit high street across the UK, according to fresh retail data shared with City A.M. this morning. London continues to be impacted by hybrid working and less commuting into the city than previous years, as well as the [...]