Frasers Group is poised for leadership change, bringing Sir Jon Thompson as its new chair.Sir Jon Thompson has a robust history in governance and defence, promising notable leadership.Thompson joined Frasers as a non-executive director and is set to succeed David Daly in 2025.His appointment aligns with strategic corporate manoeuvres amidst boardroom tensions with Boohoo.Thompson’s experience may steer Frasers through current governance challenges effectively.Frasers Group is on the cusp of a significant leadership transition with the anticipated appointment of Sir Jon Thompson as chairman. This development follows Thompson’s earlier involvement with the company as a non-executive director, highlighting a planned leadership…
Author: Dave Antrobus
Andrew Bailey, the Governor of the Bank of England, highlighted significant issues with UK labour data accuracy in a recent Mansion House speech.The Office for National Statistics (ONS) has been unable to obtain sufficient responses for its Labour Force Survey, affecting data reliability.This data shortfall has compelled the Bank to use alternative sources for critical monetary policy decisions.Bailey stressed the need for improved engagement with ONS surveys to gain better insight into workforce dynamics.The situation could impact the UK’s economic performance, especially with ongoing challenges like Brexit and energy price shocks.In a significant address at Mansion House, Andrew Bailey, Governor…
HMRC’s decision to lower the interest rate on late tax payments highlights a notable disparity, drawing attention to different rates charged on refunds and late payments.From 18th November, HMRC will apply a 7.25% interest rate on late tax payments in response to a cut in the Bank of England’s base rate.Taxpayers will continue to receive a lower interest rate of 3.75% on tax refunds, creating a 3.5% difference favouring HMRC.The change affects new tax debts and quarterly instalment taxpayers immediately, while those on non-quarterly plans will see it from 26th November.Tax experts advise maintaining focus on the self-assessment deadline to…
The accuracy of UK’s labour data has been questioned by the Bank of England’s governor, Andrew Bailey, highlighting critical challenges in economic decision-making.Bailey addressed the incomplete responses in the Labour Force Survey impacting the Bank’s reliance on economic data for policy decisions.Concerns over the UK’s declining workforce participation rate were noted as a significant risk to the country’s economic health.Efforts to improve data collection are underway, but quality of information remains an issue, especially post-Brexit and during global economic shifts.Parallel discussions included proposals to boost domestic investment via reforms to the UK’s Individual Savings Accounts, aimed at strengthening economic resilience.During…
Allianz Trade highlights a potential significant impact on the UK manufacturing sector due to a prolonged US-China trade conflict.An escalation in US tariffs to 60% on Chinese goods could detrimentally affect the US economy and slow global trade growth.A moderate tariff increase might still impact UK exports negatively, hindering growth by approximately £2.2 billion over two years.Despite concerns, Capital Economics suggests the UK’s direct exposure to potential tariffs remains limited due to balanced trade.The impact on UK GDP could be negligible, with potential offsets from a weaker pound enhancing competitiveness.Allianz Trade has issued a caution regarding a possible severe impact…
UK tech companies have seen a remarkable surge in investment this week, totalling £131.2m, marking a 710% increase.Tessl, an AI-native platform, secured funding from prominent investors including Accel and Index Ventures.Microplastics replacement startup Naturbeads has also garnered significant attention and funding.Running app Coopah is among the notable recipients of this week’s investment influx.This week’s investment activity highlights the robust growth and innovation within the UK’s tech sector.The UK technology sector has experienced a substantial increase in investment this week, with a total of £131.2 million invested, representing a 710% rise compared to the previous week. This increase spans eight funding…
The government is strategically positioning university spinouts at the core of its growth agenda, showcasing a commitment to nurturing innovation.Labour’s manifesto, the draft industrial strategy, and the Budget highlight robust support for spinout companies, aiming to drive economic growth and job creation.These spinouts are pivotal in translating pioneering research into commercial opportunities, contributing significantly to the national economy.Since their inception, university spinouts have generated substantial employment and attracted considerable investment into the UK.Companies like Autolus exemplify the transformative potential of spinouts in high-growth sectors.The UK’s government is strategically focusing on university spinouts, underscoring its role in fostering innovation and economic…
Oscar-winning actor Gary Oldman is set to narrate a unique CBeebies Bedtime Story for BBC Children in Need, bringing his star power to the beloved children’s programme.Oldman joins an array of famous personalities who have graced the show, offering a special reading aimed at inspiring hope and imagination.The story, crafted by Claire Taylor and illustrated by Tim Budgen, draws from a true story, promising an engaging experience for young viewers.BBC Children in Need’s live broadcast will take place at MediaCity’s dock10 studios, a hub for creative productions.Oldman’s participation highlights the broader efforts of BBC Children in Need, focusing on support…
The UK’s economic growth slowed significantly in the third quarter as GDP rose only by 0.1%.After a promising start to the year, the economy’s growth rate has consistently declined over the subsequent quarters.Economists’ expectations of a 0.2% growth were not met as manufacturing output and communication services weakened.Retail sales showed a positive trend despite an overall challenging economic environment.The approaching months are critical for retailers, who face challenges from consumer confidence and high business rates.The GDP increase of 0.1% from June to September presents a stark difference from the earlier part of the year, where growth was recorded at 0.5%…
Textile recycling company Circulose has appointed former H&M Group CEO and McKinsey & Company partner to lead.Helena Helmersson, previously serving as CEO of H&M Group, has been appointed as chairman of Circulose.Jonatan Janmark, a seasoned partner at McKinsey, takes the helm as CEO to guide the firm’s new direction.Circulose is formerly known as Renewcell, a pioneer in sustainable textile innovations that faced financial challenges.Swedish firm Altor has acquired remaining assets of Renewcell, enabling Circulose to expand globally with fresh leadership.Circulose, a textile recycling firm with a focus on sustainability, has announced significant leadership changes. The company welcomes Helena Helmersson as…