UK unemployment rate shrinks faster than expected to 4.7 per cent August 17, 2021 The UK jobless rate shrank faster than expected over the last quarter as employers hired workers rapidly to cope with soaring demand triggered by the lifting of Covid restrictions, according to official figures published today. Latest data from the Office for National Statistics shows the unemployment rate dipped 0.2 per cent over the last quarter [...]
UK GDP soars in second quarter as Covid unlocking turbo-charges economy : CityAM August 12, 2021 The burst in consumer spending triggered by the gradual lifting of Covid prevention measures in April and May boosted the UK economy in the second quarter, according to fresh official data released today. Figures from the Office for National Statistics reveal the UK economy grew 4.8 per cent in the second quarter of this year, [...]
Weekend Read: We may be about to find out what shape the recovery takes August 7, 2021 Since the first cases of Covid-19 began to disrupt the global economy, economists have not been shy of predictions. V-shaped, L-shaped, even hockey-stick recoveries have all been on the table. We may be about to find out who was right. While output growth and economic activity are still historically strong, in developed economies, those indicators [...]
Bank of England to tighten monetary policy to tame runaway inflation August 5, 2021 The Bank of England signalled today it is likely to start reining in the wave of monetary stimulus it unleashed in response to the Covid crisis to control inflation. “At some point, monetary policy may need to tighten so that the MPC can meet its remit” of achieving an inflation target of two per cent, [...]
Sunday Read: Bank of England’s QE programme has muddied the water between right and wrong August 1, 2021 “The problem with QE is it works in practice but it doesn’t work in theory,” an often quoted joke said by former Fed chair Ben Bernanke. But, some are testing that hypothesis. The backdrop to Thursday’s Bank of England meeting is much more unforgiving than previous ones. A House of Lords committee recently accused the [...]
Weaker economic backdrop presents fresh headaches for Fed July 28, 2021 Today’s Federal Open Market Committee announcements come amid mounting concerns that the rapid rise in Covid cases could dampen the global economic recovery. This backdrop presents a different set of problems for Fed Chair Jerome Powell to when he last spoke in June. Recovery prospects are still good, but have tempered. Investors around the world [...]
Hospitality sales drop by 26 per cent in May despite indoor reopening June 11, 2021 Pubs, bars and restaurants across the UK saw sales slide more than a quarter below pre-pandemic levels last month despite the reopening of thousands of venues, according to new figures. The latest Coffer CGA business tracker revealed that hospitality operators reported a 26 per cent decline for May against the same month in 2019. Trading [...]
City Moves: Who is switching jobs in the Square Mile this week? March 17, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. IoD appoints new chair The Institute of Directors (IoD) has appointed a new chair after a thorough search process, who will step into the role next Monday. Patrick Macdonald is set to take [...]
Challenger audit firms prep for forced audit separation January 29, 2021 Challenger audit firms are readying themselves for audit separation, a requirement not yet expected of them, but one they see as inevitable in the future. Last summer audit regulator the Financial Reporting Council (FRC) ordered the Big Four firms – Deloitte, KPMG, PwC and EY – to separate their audit units from the rest of their [...]
RSM pays back £4.4m furlough cash December 16, 2020 Audit challenger firm RSM has repaid £4.4m to the government, having decided to do so in a board meeting earlier this month, City A.M can reveal. RSM’s board made the decision to repay the the money in full on 8 December. CEO Rob Donaldson said the firm did not see the decision as an opportunity [...]