UK unemployment figures could be three times higher than official figures with an ‘army of missing workers’ not accounted for – report January 31, 2023 The UK’s unemployment rate could be three times higher than government figures show due to widespread “hidden unemployment,” a report has warned. Official figures published by the UK’s Office for National Statistics (ONS) show there are just 1.2m unemployed people in Britain, leading to an unemployment rate of 3.7 per cent. However, the Centre for [...]
Law firm Ince’s shares to remain suspended after further results delay January 31, 2023 The listed law firm Ince announced this morning it has further pushed back the publication of its results for the last financial year. Ince told markets this morning that auditors BDO have “informed the company that they require additional time to conclude their audit procedures.” That means the publication of the firm’s annual report for [...]
UK receives lowest ever score on corruption index as Britain’s reputation suffers after a string of political scandals January 31, 2023 Britain has received its lowest ever score and ranking on Transparency International’s annual Corruption Perceptions Index (CPI). The drop “is a powerful indictment” in the decline in public standards, campaigners say, which have been dragged down by a series of recent government scandals around the procurement of PPE during pandemic and multiple ministerial breaches. The [...]
Howden’s revenues jump 60 per cent as insurance broker looks to capitalise on ‘very turbulent’ market January 30, 2023 Insurance broker Howden today posted “record” results for 2022, reporting a 60 per cent increase in revenue, with its chief executive adding that the firm was primed to further profit from the economic uncertainty heading into 2023. The insurance broker’s chief executive David Howden told City PM has said the London firm is primed to [...]
Is this the end of law firm IPOs? January 30, 2023 British law firms have traditionally stayed away from public markets. Yet following a series of IPOs over the past eight years, there are now six UK law firms listed on the stock exchange. Gateley became the first UK law firm to launch an IPO in 2015 after floating on London’s alternative investment market (AIM). In [...]
Direct Line boss James quits as another insurance firm counts the cost of the deep freeze January 27, 2023 Direct Line said it was seeking a new chief executive following the resignation of Penny James. James, who was also a director of the FTSE 250 company, will be leaving with immediate effect. Jon Greenwood, who was Direct Line’s chief commercial officer, will step in as acting chief executive officer until a permanent replacement is [...]
EY Germany likely to slash hundreds of jobs as Wirecard scandal fall out casts shadow over future profits January 26, 2023 EY’s German arm is planning to cut 40 partners and 380 staff as it attempts to boost profitability in the wake of the Wirecard scandal. The Big Four accounting firm’s German business is in talks to ditch hundreds of jobs after top audit clients including Commerzbank, DWS, and KfW pulled away from the firm following [...]
Serious Fraud Office: Osofsky backs government’s plan for new ‘failure to prevent’ fraud offence January 25, 2023 The director of the UK’s Serious Fraud Office (SFO) has backed plans for a new ‘failure to prevent’ fraud offence, after government ministers today confirmed the offence would make its way on the statute books. SFO chief Lisa Osofsky said government plans to introduce a failure to prevent offence for fraud has the “potential to [...]
London motorists hit with sharpest uptick in car insurance costs as UK premiums surge January 25, 2023 Motorists are now paying £100 more for car insurance than last year, according to new research which shows premiums have increased at their sharpest rate in six years. Car insurance premiums have increased 19 per cent over the past 12 months, meaning motorists now pay average sums of £629 to insure their vehicles, Confused.com’s Car [...]
December’s deep freeze: Cost of living crisis leaves Aviva with a £50m bill for burst pipes and water tanks January 25, 2023 Aviva said last December’s freezing weather meant it had to pay out £50m to policyholders claiming for damage caused by burst pipes and water tanks. An Aviva spokesperson told City PM said soaring energy costs had led to more frozen pipes because households were more reluctance to turn on the heating, leading to more extremes [...]
