Skills in the City: financial services sector looks to the future October 18, 2021 To what extent should organisations that compete fiercely to attract new recruits (and for business overall) be collaborating when it comes to enhancing their workforces’ skillsets? It’s tricky to imagine many of the Square Mile’s biggest names freely sharing their training programmes outside their own four walls. ‘Sure, we’ll just send you what we do [...]
City pay packets bulge as firms hike wages to lure talent October 18, 2021 Pay packets in the City are bulging as competition for talent heats up amid the post-pandemic rebound. Finance firms are hiking pay in a bid to lure workers away from their current employer, research by professional services recruiter Morgan McKinley found. Workers moving from one company to another netted on average a 22 per cent [...]
UK business insolvencies highest in September October 16, 2021 September registered the highest number of business insolvencies since March 2020, reported the BBC. The number of companies going bust increased from 1,349 in August to 1,446 the next month. Compared with the same month last year, in September 2021 56 per cent more firms shut down, including energy providers People’s Energy and Igloo Energy. [...]
Goldman Sachs on track for record full-year profit October 16, 2021 Goldman Sachs is on track for a record full-year profit after a week of skyrocketing bank earnings from a boom in dealmaking, reported the Financial Times. The group registered third-quarter earnings per share of $14.93 on a net income that increased from $3.4bn in 2020 to $5.4bn this year. As reported by the paper, the [...]
Council taxes need to rise by at least 10 per cent to afford social care, warns Age UK October 16, 2021 Council tax would need to be hiked by 10 per cent on average next year if social care is to “stand still”, according to a charity calling for an urgent central government cash injection. Chancellor Rishi Sunak’s decisions in the autumn spending review will determine whether social care services “wither and die”, stand still or [...]
Make do and mend: Britain’s wartime mentality is back as spending nosedives October 15, 2021 As the UK continues to battle Covid-19 and a series of fuel, energy and distribution crises, households appear to be battening down the hatches in preparation for a post-pandemic Britain. The once popular wartime mantra, ‘Make do and Mend’, is once again making a revival as household spending begins to fall significantly. ONS data analysed [...]
Post-Brexit accounting body to face first major test over insurance sector October 14, 2021 The UK Endorsement Board, which oversees accounting rules, is preparing to come to heads with insurers in the first major test of the new body, according to reports. The UK Endorsement Board (UKEB) was formed in direct response to Britain’s exit from the European Union, which forced the country to manage and endorse international accounting [...]
Exclusive: UK set to keep EU cap on bankers’ bonuses post-Brexit October 14, 2021 The UK is set to keep the EU’s cap on bankers’ bonuses, with the Treasury instead focussed on a range of other measures to shake up financial services regulation post-Brexit. Treasury sources say the measure is not even being discussed by chancellor Rishi Sunak and that it will not be scrapped any time soon. The [...]
Salary slaves: 2021’s best and worst paid industries and the UK’s fastest-growing sectors October 14, 2021 Earlier this week, City A.M. revealed private equity firms are prepared to pay junior staff with less than two years experience an average salary of more than £152,000, a jump of 52 per cent compared to two years ago. For those with two to four years of experience, an salary of around £181,000 has become [...]
Tax hikes to derail UK economy at the final hurdle October 14, 2021 Imposing punitive tax hikes on businesses will blow the UK economic recovery off course just as it is in touching distance of reaching pre-pandemic strength. That’s the warning to Chancellor Rishi Sunak from economists and industry leaders after data from the Office for National Statistics (ONS) revealed Britain is inches away from full repair. “Our [...]