Staff shortage warning for City’s financial services sector October 14, 2021 Over a fifth of financial services firms have warned that the ongoing staff shortage is limiting investment in the sector, according to a new report by the Confederation of British Industry (CBI) and PwC. “In such a competitive market, ensuring the UK’s process for attracting global talent is quick, efficient and workable is key – [...]
Bank of England scraps closed-door briefings with banks October 13, 2021 The Bank of England has scrapped holding private meetings with banks and financial institutions in a bid to raise transparency at the central bank. The shift in position comes after pressure on the world’s leading central banks to stop hosting off the record briefings with banks mounted following European Central Bank chief economist Philip Lane [...]
Release of loan loss reserves and M&A boom lifts JPMorgan profits October 13, 2021 A release of over $2bn in reserves set aside to deal with an expected wave of loan defaults thrusted JPMorgan deep into profitability. The Wall Street giant’s net income for the third quarter climbed to $11.7bn, up $2.2bn from $9.4bn in the same period last year. The investment bank released a wave of reserves after [...]
Insurance broker Howden snaps up Aston Lark from Goldman Sachs in £1.1bn deal October 13, 2021 Employee-owned insurance broker Howden this morning announced it had agreed a deal with Goldman Sachs and Bowman to buy Aston Lark. The deal, thought to be worth more than £1bn according to people close to the broking firms, will give Howden access to the Aston Lark’s complex commercial and private client base. Howden will leapfrog [...]
HGV driver shortage restricts UK trade October 13, 2021 A reduction in trade with the EU drove down British exports as lorry driver shortages scupper the normal functioning of trade flows. Exports were £1.3bn lower in August compared to July, driven by a £600m fall in trade with EU countries, according to the Office for National Statistics (ONS). The contraction in exports was primarily [...]
UK economy returns to growth in August amid staycation boom October 13, 2021 The UK economy returned to growth amid a boom in staycation spending and Brits making the most of an easing in self-isolation rules by rushing to pubs, bars and restaurants. The economy expanded 0.4 per cent in August, a resumption to growth after the Office for National Statistics (ONS) marked down July’s figure to minus [...]
Return to growth fails to lift FTSE 100 as investors brace for BoE rate hike October 13, 2021 A return to economic growth in the UK was not enough to lift the FTSE 100 this morning as investors mulled whether the upbeat data would push the Bank of England to hike rates this year. The capital’s premier index dipped 0.45 per cent to 7,098.19 points. The UK economy grew 0.4 per cent in [...]
GDP grew 0.4 per cent in August, as Brits rush to eat out and return to theme parks October 13, 2021 Gross domestic product (GDP) grew 0.4 per cent in August 2021, according to the latest figures, remaining 0.8 per cent below its pre-pandemic level. The sectors offering the “strongest contribution”, according to the Office for National Statistics (ONS), were accommodation and food services, which boosted GDP 0.28 per cent. Sports and recreation industries have [...]
City lobby group presses Sunak to scrap bank tax October 13, 2021 The City’s chief lobbying group has called on Chancellor Rishi Sunak to scrap the bank surcharge to reinforce the UK’s leading role as a global finance hub. TheCityUK has demanded Sunak remove the eight per cent levy on banks’ profits at the upcoming budget and spending review on October 27. The lobby group urged the [...]
LVMH enjoys post-lockdown sales boom as shoppers turn to luxury goods October 12, 2021 Sales at French luxury giant LVMH swelled 20 per cent in the third quarter as shoppers rushed to buy high-end fashion amid the return of socialising. The company said like-for-like sales, stripping out the effect of foreign exchange fluctuations, rose to 15.51 billion euros ($17.90 billion) in the three months to September. It sells a [...]