UK pension funding deficits remain at nearly one-third of UK GDP, despite recovery of £50bn in November December 1, 2016 A £50bn improvement in the deficit of defined benefit pension funds in November 2016 failed to offset declines earlier in the year, leaving the total deficit at £580bn. The deficit is still over £100bn higher since the start of the year, according to PwC’s Skyval Index. Deficits have leapt since Spring after asset value growth failed to [...]
The Brexit bill? Chancellor Philip Hammond expected to announce £100bn black hole in Autumn Statement November 17, 2016 Chancellor Philip Hammond is expected to reveal a £100bn black hole in government finances in next week’s Autumn Statement. The estimated figure, built up cumulatively over the next five years, has been linked to the UK’s Brexit vote, because of the deterioration in forecasts since March. Read more: Public borrowing could overrun by £100bn over [...]
Sadiq Khan unveils Brexit panel featuring Lord Mandelson and Santander chair to advise on getting “best deal” for London December 19, 2016 Sadiq Khan has recruited an assortment of business leaders, investors and academics in an effort to boost London's Brexit credentials. The mayor announced a new Brexit Expert Advisory panel to advise him on the risks, challenges and opportunities for the capital in the wake of June's vote to leave the European Union. Members include Sir George Iacobescu, [...]
UK missing out on £45bn millennials dividend October 26, 2016 The UK could be £45bn richer if more young people were in work or education, a new report has claimed. Consultants at PwC also found the UK lags most of the world’s major economies in terms of the opportunities available to young people, which could be stifling economic growth. Britain comes in 21st out of [...]
Banks could reveal more Brexit details in the next few weeks, but don’t expect them to spill everything January 3, 2017 Banks could release some more details on what they plan to do post-Brexit within the next few weeks, as they prepare to announce their full-year results. Many across the City have been concerned about what the final Brexit deal will have in store for them, and how financial institutions are going to react. In particular, there are [...]
Shortage of homes means two thirds of Londoners will be renting by 2025, says PwC February 16, 2016 London is on its way to becoming a city of renters, ending a century-long trend towards homeownership, new research reveals this morning. Over 60 per cent of Londoners will be renting by 2025, up from 54 per cent today, financial services giant PwC said. Only 41 per cent of Londoners had to rent in 2000. [...]
Britain’s companies need to find new ways to incentivise staff so bottom lines are not impacted November 14, 2016 Britain's companies will need to find more creative ways of incentivising staff to mitigate pressure on bottom lines as they start to feel the pinch of increasing inflation over the coming months. FTSE 350 companies have already pencilled in two per cent wage increases for 2016 according to a survey by PwC. Read more: Openness [...]
Accountants at PwC and EY set aside their differences to play on a giant bouncy castle next to their office buildings March 2, 2016 It's well known in the City that the big four audit firms are notoriously competitive. When PwC moved to its current premises at More London by Tower Hill, the firm installed automatic shutters in its windows to prevent neighbours at EY's headquarters from spying. But accountants and analysts took it to another level last night [...]
Here’s a hub for global cybersecurity expertise – and it’s not where you think April 18, 2017 An unexpected location is making a serious case as a worldwide centre of excellence in cybersecurity: Ireland. Cybersecurity activity in Ireland covers a thriving ecosystem, from multinationals at the cutting edge of cloud and mobile security, to indigenous companies working in a range of industries and with a variety of technologies, to academic research and [...]
Red tape warriors to the rescue: London’s top compliance staff to save City’s status post-Brexit January 22, 2017 Banking experts have identified an unexpected reason why big banks could keep major operations in London following Brexit – the capital's high numbers of top quality compliance staff. Bosses at HSBC and UBS said last week they could move thousands of staff out of London due to Brexit, triggering worries the UK could lose its [...]