Used car market grows 11.5 per cent in 2021 as prices show no sign of stop February 8, 2022 The UK’s second-hand car market has grown 11.5 per cent, with more than 7.5 million transactions registered in 2021. According to data from the Society of Motor Manufacturers and Traders (SMMT), 777,997 more cars were sold compared with 2020 levels, even though performance remained 5.5 per cent below the pre-pandemic five-year average. Transactions reached peak [...]
IFS: Poorest Brits to shoulder worst cost of living shock January 12, 2022 The poorest households in the UK are set to shoulder a harder hit from the cost of living crisis, reveals new analysis released yesterday. The rising cost of energy will erode a greater proportion of poorer households’ income compared to wealthier Brits, according to the Institute for Fiscal Studies (IFS). Less wealthy Brits tend to [...]
Start-ups look to debt after VCs ‘lost discipline’, says Silicon Valley Bank chief October 26, 2022 UK start-ups are leaning on debt to fuel their growth this year as venture capital investors are buffeted by a downturn, having “lost discipline” in a funding frenzy last year, the UK chief of Silicon Valley Bank has said.
UK crypto hub ambitions at risk if it does not pass new rules quickly, experts warn February 1, 2023 The government’s new plans to “robustly regulate” cryptoassets garnered mixed reactions from the crypto industry today, with experts saying that while the proposals were welcome there were still huge questions about the timeline for when they might come into effect. Nick Taylor from Luno, a crypto exchange, described the launch of the consultation as “a [...]
Worker shortages threaten to derail London recovery October 8, 2021 LONDON is among the worst areas in the country being plagued by worker shortages. The volume of part-time workers available for work across the capital plunged at its quickest pace since records began, according to research by the Recruitment and Employment Confederation and KPMG. A paucity of overseas talent and workers who were previously in [...]
Merciless verdict: Accounting watchdog FRC slams BDO and Mazars for ‘unacceptable’ audits July 20, 2022 Auditors BDO and Mazars have been called out for the “unacceptable” quality of their work by the accounting watchdog. The Financial Reporting Council (FRC) said there has been “some improvement” across the auditing sector amid heavy scrutiny following failings linked to the major collapses of firms such as Carillion. FRC chief executive Sir John Thompson [...]
Automotive production plunges as industry builds 10 million less cars December 27, 2021 Around 10 million less vehicles were produced in 2021 as a result of supply chain issues, market intelligence group LMC Automotive has revealed. According to research, the European automotive industry – which saw a 3 million shortfall in production – was among those hit the worst, while semiconductors shortages led to delays and disruption, the [...]
Some big changes to the tax system no one is telling you about… March 19, 2024 The Budget did little to move the polls, but it included some fundamental philosophical changes to the way we pay tax. Expect unintended consequences, says Tim Sarson Budgets are fleeting spectacles. Like a passing squall they arrive with a few gusts of media speculation, dominate the news for a week at most, then blow themselves [...]
Bring me sunshine! Retailers hit by grim April weather as economy held back by the rain May 9, 2023 Retailers continued to be bruised by soaring inflation and poor weather conditions in April, as the sector holds out hope for summer to give a much needed boost in sales. Data by the British Retail Consortium (BRC) showed that while retail sales rose slightly over five per cent during the month, overall inflation meant that [...]
Car sales will mostly be online by 2030 in a blow to vehicle dealerships November 30, 2021 UK motoring executives think cars will be mostly sold online by 2030, with electric vehicles (EVs) making between 70 and 100 per cent of new vehicle sales in western Europe. Data from KPMG’s automotive executive survey has revealed that 59 per cent of 1118 executives interviewed believe online sales will become the norm by the [...]