UK economic outlook: Moving from shaky ground to stability and growth April 18, 2023 Few would argue that UK businesses have had an easy time the last few years. Between the pandemic, cost-of-living crisis, and rising inflation, many had predicted an upcoming recession for the UK economy. Whilst we may have avoided a sharp economic downturn, there is no denying that businesses in the UK are still very much on rocky [...]
EY’s US unit to cut 3,000 jobs after failed split – but UK division won’t follow suit April 17, 2023 EY’s US unit announced today that it will cut some 3,000 jobs after the Big Four accounting firm dropped its plan to separate its consulting and audit divisions. EY’s global executive committee announced last week that it had ditched the plan, known as ‘Project Everest’, following opposition from the US unit. EY’s US unit today said [...]
Retail groups call for business rates reform to save Britain’s high streets April 17, 2023 Retail and hospitality groups have called for urgent reform of business rates, which are contributing to shop closures and job losses. “Retail accounts for 5 per cent of the economy but pays more than one-fifth of business rates,” Helen Dickinson, British Retail Consortium (BRC) chief executive, said. “The overall industry tax take is unsustainably high [...]
Ping An to vote for HSBC break-up at upcoming AGM – reports April 17, 2023 Ping An has thrown its weight behind proposals from investor Ken Lui to break up HSBC ahead of the bank’s Annual General Meeting (AGM) in early May, according to Reuters. The Chinese insurer will vote in favour of resolutions calling for the bank to lift its dividends and for it to provide regular updates on [...]
Business groups ‘welcome’ maths focus to plug ‘skills gap’ April 17, 2023 Business groups say Rishi Sunak’s focus on maths is a “welcome” measure to plug key “skills gaps” as Britain goes for growth, despite concerns over a lack of teachers. The Prime Minister has unveiled plans to transform the UK’s approach to maths education, including an expert advisory group, maths hubs and a new primary teaching [...]
Exxon Mobil challenged by investors over climate goals ahead of AGM April 17, 2023 LGIM and CBIS have co-filed a shareholder resolution, calling on Exxon Mobil to provide more climate disclosures.
FTSE finance chiefs ditch UK recession bets as confidence rebounds sharply April 17, 2023 Money managers at Britain’s biggest companies have signalled a sharp increase in confidence in the UK economy, a closely watched survey out today shows, in a further sign the country is on course to dodge a recession. Chief financial officers of top UK corporates notched a net positive 25 per cent confidence rating in Deloitte’s [...]
National Grid needs competition for UK to meet energy ambitions, argues energy boss April 17, 2023 National Grid’s electricity network should be opened up to competition from private companies to speed up connections for new projects.
As The Perkcession Bites, What Workplace Benefits Are Important Now? April 17, 2023 With layoffs at Goldman Sachs, Morgan Stanley and Bank of New York Mellon racking up thousands of job cuts, those working in the financial services sector are understandably worried about contagion, and whether their own jobs will be safe. The collapse of Credit Suisse in March, and its subsequent rescue by rival UBS, as well [...]
‘A breath of fresh air’ vs ‘more to do’: What City grandees have to say about Sunak April 17, 2023 As Labour leader Sir Keir Starmer doesn’t tire of reminding voters: expertise beyond politics can be invaluable. For the current resident behind that most famous front door, it’s so far proved an advantage. Liz Truss’ accountancy background may not have aided her short-lived leadership bout, but – for the City’s boardrooms at least – her [...]