LSBF Blog - Global Matters

UK economy improves in fourth quarter, according to ONS

January 31 ,2016 | by Hari Sri

UK economy improves in fourth quarter, according to ONS

The UK economy showed improvement in the three months to December with a growth of 0.5%, according to the Office for National Statistics.

Overall growth in 2015 was 2.2%, a figure that was predicted by the International Monetary Fund (IMF). Whilst the annual growth rate has been slow over the past few years, the UK economy is still one of the fastest growing of the developed nations.

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Wales is top spot for businesses in finance sector

January 30 ,2016 | by Thiago Kiwi

Wales is top spot for businesses in finance sector

Wales is the UK’s top spot for business growth in the finance sector, according to research from accountancy firm, Nixon Williams. The number of start-ups in the financial services sector increased by 11.2% in 2015, higher than in any other location in the UK.

Research showed that the total number of financial services businesses, including services such as banking, fund management and insurance, rose from 2,400 to 2,695 between 2014 and 2015. Scotland came in second, with an increase of 10.9% since 2014, whilst London, north east England, Yorkshire and Humberside reached third place at 9.7%. 

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Management accounting skills in demand in Grimsby

January 29 ,2016 | by Helen Gould

Management accounting skills in demand in Grimsby

Grimsby has become an ideal location for those looking for a career in management accountancy.

Members of the Chartered Institute of Management Accountants (CIMA) in the Yorkshire and Humber area earned almost double the UK national average salary in 2015.

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Bloomberg publishes list of most innovative UK startups

January 29 ,2016 | by Hari Sri

Bloomberg publishes list of most innovative UK startups

Bloomberg has published a list of the most innovative startups in the UK. The list, titled “Business Innovators 2016”, was selected by a panel of judges along with Bloomberg Head of European Technology News Nate Lanxon and Bloomberg Television’s Caroline Hyde.

The panel comprised ten business experts, including finnCap Ltd founder and CEO, Sam Smith, and ENTIQ Managing Director, Eric van der Kleij. 

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London rent concern for young professionals

January 28 ,2016 | by Claire Payne

London rent concern for young professionals

Rentals in London are now so high that even young professionals in the financial sector are unable to keep up with costs, despite the average wage being 30 per cent higher than in other sectors.

Business experts have warned that rising costs could affect the city’s role as a leading financial centre, as young bankers may end up being unable to afford to continue living in the city. 

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Three-fifths of SMEs in danger of security breach, shows study

January 28 ,2016 | by Helen Gould

Three-fifths of SMEs in danger of security breach, shows study

More than half of SMEs are in danger of a security breach, according to new research.

A study by Digital ID found that businesses do not have enough security measures in place, with 23 per cent having very little visitor security and 36 per cent having no visitor security at all.

 

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UK female entrepreneurs urge Britons to stay in EU

January 28 ,2016 | by Erin O’Neill

UK female entrepreneurs urge Britons to stay in EU

Some of the UK’s leading female entrepreneurs have united in a bid to urge Britons to stay in the European Union (EU).

Fifty successful females, including business leaders, authors and entrepreneurs, have joined a campaign set up by Women IN chair Jenny Halpern Prince to encourage an in-vote.

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Brexit will cause economic shock for UK, say Credit Suisse analysts

January 27 ,2016 | by Claire Payne

Brexit will cause economic shock for UK, say Credit Suisse analysts

A UK vote to leave the EU will cause an economic and financial shock for the UK, analysts at Credit Suisse have warned. Whilst analysts predict that the UK will vote to stay in the EU, they say that the consequences will be “drastic and long lasting” if a Brexit does occur.

Credit Suisse economists, Neville Hill and Sonali Punhani, said that a drop in business investment, hiring and confidence is expected. 

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London ranks as the number one city for start-ups

London ranks as the number one city for start-ups

London has been named the number one city for start-ups in Europe, according to the European Digital City Index (EDCI), which was developed by charity Nesta in association with the European Digital Forum.

The analysis named the best cities for digital start-ups and innovation, and was created to provide a “holistic and local view across Europe, describing what ecosystem factors are most conducive to encouraging digital start-ups (and scale-ups).”

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Video: Great Minds series - LSBF interviews Wayne Bowers, CEO of Northern Trust

January 26 ,2016 | by LSBF Blog Staff

CEO of Northern Trust, Wayne Bowers, has spoken of his belief that the increase in regulations in financial services are fully justified.

In an interview with LSBF, Mr Bowers admitted that getting to grips with regulatory environments can be a challenge for companies and those looking to launch a career in the industry.

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PwC acquires cyber identity consultancy Praxism

January 26 ,2016 | by Erin O’Neill

PwC acquires cyber identity consultancy Praxism

PwC has acquired Praxism, the specialist identity and access management consultancy based in Edinburgh.

The move is the latest in the Big Four firm's extensions of its own cybersecurity practice and a further recognition of the importance of the issue to the financial sector.

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Creative industries add £84bn to UK economy

January 26 ,2016 | by Helen Gould

Creative industries add £84bn to UK economy

The creative industries contributed £84.1billion to the UK economy in 2014, which is a rise of £7billion from 2013.

The sector grew almost twice as fast as the wider economy, according to figures released by the Department for Culture, Media and Sport.

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Hiring spree planned by British bosses

January 26 ,2016 | by Claire Payne

Hiring spree planned by British bosses

According to recruiters, the bosses of a majority of British companies expect to hire more staff this year.

Executives in the finance, accounting and marketing sectors are particularly interested in expanding their workforces in the next 12 months due to sustained economic growth.

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PSC register implementation coming soon

January 25 ,2016 | by Hari Sri

PSC register implementation coming soon

Preparations now need to be made by accountants and other professionals who may be responsible for maintaining the statutory registers of companies and LLPs.

The new register of people with significant control (the PSC register) will come into effect for companies from 6th April and will be extended to LLPs later in the year.

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Deloitte study finds analytics essential for IT success

January 25 ,2016 | by Helen Gould

Deloitte study finds analytics essential for IT success

Big Four firm Deloitte has released its latest study identifying trends currently having an important impact on companies across various industries.

The multinational systems designer, integrator and consultant has issued its third Analytics Trends report, which was released on 13th January. The study picks out items of importance for business operation in the accountancy and financial sectors and beyond.

 

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Government borrowing for UK fell in December

January 23 ,2016 | by Thiago Kiwi

Government borrowing for UK fell in December

In what could be seen as some more good news for the UK economy, Government spending dipped in December to stand at £7.5bn, which is £4.3bn lower year-on-year.

However, the official figures show that the running total is above the £68.9bn forecast by the independent Office for Budget Responsibility (OBR) for the whole fiscal year ending April 2016.

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European Central Bank keeps interest rates unchanged

January 22 ,2016 | by Helen Gould

European Central Bank keeps interest rates unchanged

The Eurozone's interest rates remain unchanged after the European Central Bank (ECB) decided to keep them at 0.05% at its latest meeting.

The decision was widely expected, as was the choice to leave the overnight deposit rate at -0.3% after its change last December.

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Lending at seven-year high, says Council of Mortgage Lenders

January 22 ,2016 | by Erin O’Neill

Lending at seven-year high, says Council of Mortgage Lenders

The trade association for mortgage lenders in the UK, the Council of Mortgage Lenders (CML), has reported that annual mortgage lending is at a seven-year high.

According to the latest CML estimates, gross mortgage lending in the UK reached £19.9 billion in December.

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Ten-year high for UK car production

January 22 ,2016 | by Claire Payne

Ten-year high for UK car production

The Society of Motor Manufacturers and Traders (SMMT) has released figures that show the British car industry's output hit a ten-year high last year.

Although the news is good for the UK economy's recovery process, the numbers were actually lower than had been forecast, in part due to decreasing demand in Russia and China. 

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Three Big Four firms praised for being LGBT-friendly

January 20 ,2016 | by Erin O’Neill

Three Big Four firms praised for being LGBT-friendly

The UK LGBT equality charity Stonewall has given EY their coveted Star Performers award for being one of the most consistently LGBT-friendly firms to work in across all sectors of the UK economy.

Also in Stonewall's Top-100 Employers 2016 rankings, PwC ranked 11th and KPMG was in 44th position.

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UN calls for leisure tax to fund humanitarian aid

January 20 ,2016 | by Hari Sri

UN calls for leisure tax to fund humanitarian aid

Countries should consider introducing a voluntary tax on leisure activities, a new United Nations (UN) study says.

Football matches or music concerts could have a levy that raises funds needed by the organisation for its humanitarian operations, the international body suggests.

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Deloitte offers programme to improve employment prospects

January 20 ,2016 | by Claire Payne

Deloitte offers programme to improve employment prospects

Deloitte's Society Partnership initiative is on the lookout for up to 40 charity partners in its ongoing efforts to provide services to improve people's employment prospects.

The company has offered to support charities and social enterprises on a new three-year corporate social responsibility programme, and applications are open now.

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National insurance contributions allowance reform needed, believes CIOT

January 19 ,2016 | by Hari Sri

National insurance contributions allowance reform needed, believes CIOT

The Chartered Institute of Taxation (CIOT) has called for a rethink on the new UK National Insurance contributions (NICs) allowance reform.

The professional body has questioned proposals that will exclude one-person businesses from claiming the National Insurance Employment Allowance (EA).

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Grant Thornton tops Experian Corpfin league again

January 19 ,2016 | by Thiago Kiwi

Grant Thornton tops Experian Corpfin league again

The Experian CorpFin league table is a respected metric for the UK accountancy and financial sectors, and this year Grant Thornton UK has come out on top for the fourth time running.

The position recognises the firm's standing as the number one financial adviser to UK companies by deal volume, having advised on 128 publicly disclosed deals last year.

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Temporary workers draft legislation and guidance published

January 19 ,2016 | by Claire Payne

Temporary workers draft legislation and guidance published

Under proposed changes to taxation laws in the UK, from 6th April 2016 certain temporary workers will no longer be able to claim relief for travel and subsistence expenses.

The current tax relief and disregard for National Insurance contributions (NIC) on travel and subsistence expenses rules allow for expenses claims incurred by these workers on their commute.

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