Prosecution backlog: London criminal trials redistributed to other areas September 24, 2021 London criminal trials have reportedly been redistributed to other areas of the country in a bid to ease a mounting backlog as a result of the pandemic. Cases risk being delayed by months unless they are transferred, as the capital’s crown court backlog has hit 60,000 cases so far this year, according to data from [...]
Brexit-proof: City remains top dog in Europe for financial services September 24, 2021 Innovation, an open business environment and a breadth of highly skilled talent has put the Canada ahead of Europe’s financial services industry. London ranks as the second best financial hub in the world, while its closest rival in the continent is Paris, which only finished tenth, according to the 30th edition of [...]
Hybrid future is ‘part-time work for full-time wages’, says City grandee September 24, 2021 Veteran city broker Andrew Monk has spoken out against government plans to legislate the right to request flexible working from day one, arguing that it should be up to business leaders and that many CEOs in the city believe it doesn’t work for financial firms. “Frankly, I know how to run my business better than [...]
Renters return: London rental market makes up 4.3 per cent of city GDP September 24, 2021 Around £21.4bn is generated in rental income in London alone, which equates to some 4.3 per cent of the city’s GDP according to new research. The research, from Sequre Property Investment, found that – unsurprisingly – the capital topped the list as the region with the highest rents and the most privately rented homes. Across [...]
Karren Brady: Female founders must develop a mindset not to be dismissed September 24, 2021 In Karren Brady’s view, the pandemic has been a double-edged sword for women. “I think the negatives are there for everyone to see, in the way that women have been disproportionately affected by job losses, lower wages, and the pressure of childcare while working from home,” the businesswoman and Conservative peer tells City PM. “But [...]
Business leaders including Thames Water and Nestle call for end of gas usage by 2035 September 24, 2021 Business giants, including Thames Water, Nestle, BT and the Co-op, have reportedly called for an end of gas usage by 2035, as a supply and pricing crisis grips the UK. It would allow the UK to champion a “historic first”, following on from its legislation to end relentless coal-fired power. In a letter addressing MPs, [...]
Lucrative Covid-19 contracts drive profits at outsourcer Mitie September 24, 2021 Outsourcer Mitie has lifted its profit guidance due to a string of Covid-linked contracts, which saw it clean Heathrow and Manchester airport, alongside Transport for London (TfL). It now expects operating profit before other items to hit between £145m and £155m, the company said in its half year update. “In our first quarter trading update [...]
City Moves: Who’s switching jobs in the Square Mile today? September 24, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email [email protected] to be featured. BNP Paribas Asset Management BNP Paribas Asset Management (BNPP AM) has hired Maya Bhandari as Global Head of Multi-Asset, who will join the firm at the beginning of November. Based in the capital, Bhandari will report [...]
Small law firms are let off from economic crime tax September 23, 2021 Small law firms have escaped the UK government’s Economic Crime Levy, aimed at raising £100m annually from anti-money laundering (AML) regulated organisations, to help pay for the fight against economic crime. Instead, AML-regulated organisations, including legal practices, banks and accountancy firms, with revenues above £10.2m will be subject to the new tax. The Economic Crime [...]
British Airways ditches Gatwick after union scuppers plans for cut-price subsidiary September 23, 2021 British Airways has canned plans to launch a budget subsidiary based out of Gatwick airport and will instead pull out of the airport permanently. BA pulled operations out of Gatwick at the beginning of the Covid pandemic and had planned to relaunch there, but with a budget unit. However, the launch a short-haul subsidiary at [...]
