Author: WTX Business Team
Business confidence drops at fastest pace for over three years Business optimism fell at its fastest pace in over three years following October’s Budget, a new survey shows. BDO’s latest business trends survey, which collects and regroups data from the UK’s main business surveys, showed that corporate confidence fell to its lowest level since January 2023. The optimism index dropped 5.8 points to 93.49 in November, which was the largest monthly fall since August 2021.…
UK start-ups still at the forefront of global innovation Despite the “doom and gloom” narrative and post-Budget fears looming over the UK’s start-up ecosystem, the country still holds its ground at the forefront of global innovation. At least that is the view of Ashish Patel, managing director at Houlihan Lokey’s Capital Market Group, who says that a rise of international investment into UK start-ups this year is indeed a sign of good fortune. While referencing the success of…
Cabinet minister pledges to make government more ‘start up’ A cabinet minister is set to pledge that the government will become “more like a start up” ahead of the launch of a £100m fund targeting public service reform. Pat McFadden will call for Whitehall to adopt a ‘test and learn culture’, stating: “If we keep governing as usual, we are not going to achieve what we want to achieve” Speaking at University College London in Stratford…
Job vacancies collapse as Budget tax raid puts firms off hiring, survey shows The number of job vacancies in the UK fell at its fastest pace in over four years last month as firms held off hiring due to the government’s Budget tax hikes, a new survey suggests. The latest report on jobs from KPMG and the Recruitment and Employment Confederation (REC) showed an “accelerated decline” in the number of people placed in permanent roles…
Bitcoin, the world’s largest cryptocurrency, has smashed through the $100,000 mark for the first time, setting a new record high. This historic milestone comes amid growing excitement over the possibility that US President-elect Donald Trump may support cryptocurrency-friendly policies.
Will other Chinese firms follow Shein to London? Shein’s reported decision to list in London rather than New York is likely to be an anomaly rather than a trend, says Megan Penick Fashion giant Shein’s prospective IPO – slated for early next year – has caused something of a stir in the City. Indeed, the decision to list on the London Stock Exchange appears on the surface a major vote of confidence for London, as…
Costain wins major HS2 contract It has been announced that engineering firm Costain has been awarded a contract by HS2 worth upwards of £400m. The deal will see the group supply tunnel and lineside mechanical and electrical systems over a seven-year period, beginning in the first quarter of 2025. It comes after a stellar year for the company, which has seen its shares rise over 60 per cent since January. Costain reported a near-doubling of…
Employment reforms need considerable thought to not ‘swamp business’ A legal group urged Parliament that the Employment Bill needs “considerable thought” to avoid ” swamping business” with costs or obligations that “confuse even senior and experienced lawyers.” In written evidence provided to the Committee overseeing the Employment Rights Bill, the Employment Lawyers Association (ELA), a group of 7,000 lawyers, urged the government to reconsider some of the changes contained within the bill. The ELA stated…
The chaos in South Korea leads the Financial Times after the country’s president declared martial law – later rejected by the country’s parliament.
The front page of CITY AM reports on the junk food ad ban set to be introduced amid warnings from the industry that it could impact the economy.
Business insights this week – 02/12/24 -WTX News Business Consumer confidence in the economy dips following Budget -CITYAM
French PM forces social security budget bill without a vote -Le Monde French PM Barnier announces concession in bid to end budget standoff -France24 What happens without a Social Security budget? -Le Monde
House prices rise at fastest rate in two years – Nationwide House prices rose at their fastest annual rate in two years in November as the housing market continued to display surprising strength. New figures from Nationwide show that house prices rose by 3.7 per cent year-on-year last month, up from 2.4 per cent the month before. This means that house prices are just one per cent below their all-time high recorded in the summer of 2022.…
Budget could wipe out 125,000 jobs in family businesses The government’s move to limit inheritance tax relief for family-owned businesses could cost Britain roughly 125,000 jobs and significantly reduce economic activity, new research has found. The change unveiled in Labour’s first Budget could reduce the value of goods and services produced across the UK economy by £9.4bn and incur a £1.3bn net loss for the Treasury between 2026/27 and 2029/30, according to a study by…
Consumer confidence in the economy dips following Budget Consumer confidence in the health of the economy dipped in November, a new survey shows, as the Budget failed to allay households’ economic fears. The British Retail Consortium’s (BRC) sentiment monitor showed that consumers’ confidence in the economy fell back to -19 in November, down two points from October. The reading confirms that households’ optimism in the economy remained relatively depressed throughout the autumn, having improved significantly…
Employer national insurance raid could lead to 130,000 jobs being slashed The government’s hike to employers’ national insurance could cost as many as 130,000 jobs, according to new research. Analysis from Bloomberg Economics suggests that up to 130,000 jobs could be lost if firms responded to the tax hike primarily by cutting employment. This would amount to a 0.4 percentage point increase in unemployment, and would likely encourage the Bank of England to cut interest rates faster than markets…
