Author: WTX Business Team
Deloitte cuts 250 underperforming staff in UK Big Four firm Deloitte has cut 250 members of staff in the UK, as the firm embarks on yet another round of redundancies as profit stalls. According to the Financial Times, around 250 employees in the UK who were deemed to be underperforming have been axed from the firm. Those affected were staff across its advisory divisions. However, the FT reported that the firm did not disclose this move across the business. This move follows last month’s revelation that Deloitte was set to make around 800 redundancies in the UK as demand for its services…
Major change planned for tallest skyscraper outside London A proposed 76-storey tower planned for Manchester city centre, which would be the tallest skyscraper in the UK outside London, is in line for a major change. Developer Salboy, which was co-founded by Fred Done who set up Betfred with his brother Peter, is on the verge of resubmitting its plans for Viadux 2 to incorporate a high-end hotel. The updated proposals would seek consent for a 160-bedroom hotel on its lower floors – a change from the previous plans which would have seen the tower constructed purely for residential purposes. If…
Gold glitters as investors seek safe haven amid geopolitical tensions Gold prices surged to an all-time high of $2,730 (£2,093) this morning as investors sought safe-haven assets amid rising geopolitical tensions. This means that the price of the yellow metal has surged 38 per cent this year. The rally has come as conflict intensified between Lebanon and Israel, with fears growing over a broader regional escalation. The uncertainty of the US election outcome, with particular concerns over Donald Trump’s improved odds in betting markets, has also pushed investors towards safe haven assets. Source link
Rachel Reeves could borrow £80bn over next five years, lenders say Rachel Reeves could borrow an extra £80bn to fund government spending on infrastructure and green energy, according to lenders. The Chancellor is trying to convince investors in UK government bonds, also known as gilts, that they can support tens of billions of pounds in additional borrowing without triggering a Liz Truss-style market panic. An assessment by Lloyds Banking Group has now found they would be willing to lend the government £80bn more of gilts over the next five years “for productive infrastructure investment”. The fresh borrowing could help plug an alleged £22bn “black…
UK inflation expected to fall below two per cent target UK inflation out this week is tipped to fall below the Bank of England’s two per cent target for the first time in more than three years, according to economists. Official data from the Office for National Statistics, due to be released on Wednesday, is expected to show annual consumer price inflation fell to 1.9 per cent in September from 2.2 per cent in August. That would be the first time inflation has fallen below target since April 2021, and will likely add to calls for UK ratesetters to lower…
Wage growth eases again in boost for rate cut hopes Wage growth eased in line with expectations, new figures show, helping to pave the way for further interest rate cuts this year. According to the Office for National Statistics (ONS), pay growth excluding bonuses eased to 4.9 per cent in the three months to August, down from 5.1 per cent previously. This was in line with expectations and the slowest rate of pay growth since June 2022. Including bonuses, annual wage growth fell to 3.8 per cent, down from 4.0 per cent and slightly ahead of the 3.7 per cent…
Ministers refuse to rule out hike to employer national insurance rate The Chancellor and business secretary have again refused to rule out a hike employers’ National Insurance (NI) contributions in the upcoming Budget when speaking on the sidelines of the government’s investment summit today. Speaking exclusively to City AM on the question of whether Labour would increase employers’ NI, Jonathan Reynolds stressed: “I think the manifesto commitments about the taxes on working people were absolutely clear. “I think our commitments on corporation tax and the business taxation roadmap were absolutely clear.” Labour has come under pressure in recent weeks to…
Reeves hails £63bn boost for Britain at flagship investment summit Ministers have hailed £63bn worth of investment into the UK that was unveiled at the government’s investment summit in the City today. The figure, which includes a number of investment projects announced in recent weeks, covers a range of industries and sectors from clean energy, life sciences, data centres and aviation. Prime Minister Sir Keir Starmer began the high-powered summit with a speech to CEOs and investors in which he deployed the word ‘growth’ a total of 24 times. “I am determined to do everything in my power to galvanise…
