Chef and bartender shortages threaten to cost hospitality sector £21bn in lost sales June 23, 2022 A shortage of chefs and bartenders is set to wound the hospitality trade by some £21bn in lost sales. Nearly half of pub and restaurant operators (45 per cent) said they have been forced to slash trading hours or capacity, according to an industry-wide survey. Lost sales will cost an estimated £5bn loss in tax [...]
UK economy stumbles behind Euro peers as risk of recession gathers pace January 24, 2023 The UK economy is falling further behind its international rivals and experts, according to a closely watched survey. The survey by economists has revealed Britain’s services industry, which generates about £2 in every £3 in the country, is shrinking at the fastest pace in two years. S&P Global and the Chartered Institute of Procurement and [...]
The Christmas Day Quiz: City A.M. tests out your grey matter December 24, 2022 It’s the Christmas Quiz you’ve been waiting for! Each year City A.M. publishes Deloitte’s economics team’s festive brainteasers, produced as part of their regular Monday briefing. Grab a pen – the answers are at the bottom, and come packed with plenty of extra details… 1. The nineteenth century Scottish historian and philosopher Thomas Carlyle dubbed [...]
CPI inflation to scale to highest rate in recent history this spring and smash Bank of England’s expectations January 5, 2022 Inflation will hit a record high and smash the Bank of England’s expectations this year, according to bets laid by City analysts. The UK’s mainstream measure of inflation will accelerate to a peak of 6.8 per cent this April, propelled higher by swelling energy bills, investment banking giant Goldman Sachs warned yesterday. However, the cost [...]
Britain’s biggest banks in higher interest rate profit boost as earnings season kicks off April 24, 2022 Profits at Britain’s biggest high street lenders have been boosted by the Bank of England hiking interest rates to tame historic high inflation. That’s according to top City analysts who are forecasting the UK’s largest banks to have reaped the rewards of being able to charge borrowers more for loans. A higher interest rate environment [...]
The Notebook: City trend to cut compliance workers will come back to bite March 26, 2024 Lucy McNulty, editor of Following the Rules, takes the Notebook pen to talk compliance job cuts, social media and the stubborn glass ceiling.
To triple lock or unlock: Pensioners risk losing out on hundreds of pounds per year if inflation-link is dropped October 19, 2022 This morning’s inflation figures mean that retirees could see their state pension boosted by a whopping 10.1 per cent in 2023/24, but only if Chancellor Jeremy Hunt doesn’t ditch the triple-lock. The increase would be in line with September’s Consumer Prices Index (CPI) inflation figure, which is usually used for benefits uprating Increasing the state pension by inflation rather [...]
Job losses loom in further sign of economic slowdown April 21, 2022 The UK jobs market is set to take a knock this year after it weathered the gloomiest post-furlough predictions, reveals new research published today. Around one in five firms are intending to scale back staffing levels over the coming year, according to conciliation service Acas. The fresh survey illustrates the steep deterioration in the trading [...]
Striving for success in 2023? Turn to your partners to find the right balance March 6, 2023 2022 showed us just how much can change in a year. We saw UK businesses emerge from the grips of the pandemic with a sense of cautious optimism. It even seemed like normal service might finally resume. The battle for talent got more competitive as employees made their new working expectations clear. ESG commitments moved [...]
Publicans ‘in despair’ amid reports energy support will be delayed September 14, 2022 Pubs and restaurants are running out of time to stay afloat, industry chiefs have said, amid rumours of a delay to energy help for businesses. Government officials had warned business chiefs that a six-month support scheme may not be ready until November, according to a report in The Financial Times. Reports did suggest that officials [...]