City AM

The long-term sustainability of the pensions triple-lock has been called into question yet again after new figures showed an extra 220,000 people were receiving the state pension. According to data from the Department for Work and Pensions (DWP), 12.9m people were receiving the benefit in May 2024, a 1.7 per cent increase on the previous year. Experts said the figures revealed the scale of the UK’s demographic challenge on the public finances, with an ageing population putting increasing strain on the state coffers. Continue reading 👇 https://bit.ly/4g9qo5a

The City minister said she warned the Financial Conduct Authority (FCA) “several times” that its controversial ‘name and shame’ rules could harm companies before the regulator moved to water down the plans. Following intense criticism from firms and ministers, the regulator confirmed on Thursday that it would soften plans to publicly name companies facing investigation on a more regular basis and at an earlier stage. Speaking at a Politico event in London, Tulip Siddiq said she had raised industry concerns with the FCA “several times” that the plans could negatively impact firms’ reputations or valuations and hurt Britain’s attractiveness as a financial centre. Continue reading 👇 https://bit.ly/3VBE2pV

Louise Haigh has resigned as transport secretary after admitting pleading guilty to a criminal offence tied to her incorrectly telling police that a work mobile phone was stolen in 2013. She said in a letter to prime minister Keir Starmer on Friday morning that the incident was a “mistake”, but “whatever the facts of the matter, this issue will inevitably be a distraction from delivering on the work of this government”. Haigh added that while she was “totally committed to our political project”, it would be “best served by my supporting you from outside government”. Continue reading 👇 https://bit.ly/4fPjLVC

UK companies are failing to keep up with international peers on sustained growth, data from Panmure Liberum has revealed. While practically all companies manage to create strong growth on occasional years, few companies have managed to keep growth going every year, noted Joachim Klement, investment strategist at Panmure Liberum. The longest streak on record for a company to post more than 10 per cent revenue growth every year was Amazon, which managed 24 years before it was broken in 2022. For the UK, the longest streaks have been professional services company Capita (20 years from 1990 to 2009) and online retailer Asos (17 years from 2005 to 2022). Continue reading 👇 https://bit.ly/4g77ID4

Fewer office workers are set to attend their company Christmas party this year 🎄🍾 According to a survey of 1,000 workers carried out by Linkedin, almost one in three workers are less likely to attend a festive event this year due to increasing demands on their time. Are you one of them? 👇 https://lnkd.in/eUap_TkV

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 anticipate. Continue reading 👇 https://bit.ly/4i6GzSt

The Financial Conduct Authority has softened its controversial ‘name and shame’ plans and will take into account the damaging impact the proposals could have on companies, after furious backlash from the City and Westminster. In a statement today, the watchdog said it would set out plans for “further engagement” after its initial plans triggered “significant concerns” when they were announced in April. Under its new proposals, companies will be given a ten day notice period that they are facing investigation – rather than the one day previously proposed – as well as an extra 48 hours’ notice should the regulator decide to announce an investigation. The potential negative impact on a firm would also be “explicitly considered” as part of a public interest test, the FCA said. Previously it was not included as a factor. Continue reading 👇 https://bit.ly/4f794gh

Despite a pre-tax loss from Dr Martens, analysts have remained positive on its future growth prospects as it cuts costs and shakes up its leadership team. The boot-maker told markets this morning that profit before tax swung into the red, with a loss of £28.7m in the 26 weeks ended September 29, from a profit of £25.8m in the first six months of last year. Revenue fell by 16 per cent, from £395.8m last year to £324.6m this year. The company had expected a 20 per cent decline. Wholesale revenue fell 29 per cent, while direct-to-consumer revenue fell nine per cent and e-commerce fell four per cent. Continue reading 👇 https://bit.ly/4i6TGmB

OPINION || Ministers are in denial over the Budget’s impact on jobs and growth, writes City AM's Editor in Chief Christian May ✍️ Barely 48 hours after the Chancellor told the CBI conference that the tax-hiking Budget was definitely a one-off, Keir Starmer declined to echo her comments and instead left the door wide open to another round of tax increases and borrowing. We ought to have some sympathy; no Prime Minister can put their hand on their heart and promise never to raise taxes again. Having said that, this one put his hand on his heart just a few months ago and swore his government wouldn’t hit ‘working people’ with new taxes, before doing exactly that via a £25bn raid on the private sector. Continue reading 👇 https://bit.ly/3CNUnkE

🍷 Just one week left to win a year’s worth of wine! 🍷 This Christmas, City AM and Naked Wines are bringing you the ultimate festive prize—worth over £1,000! 🌟 How to enter: 🎥 Watch both competition videos and listen closely to Libby’s clues. 🍷 Correctly guess which wine Libby is tasting. 👇Tap the link and submit your guess via the form. https://bit.ly/4eDv5D0 What’s up for grabs? 🎁 A customised case of Naked Wines delivered to your door each quarter! 🎄 First case: the Christmas All Wrapped Up Case (worth £271.82). Includes: 🍷 12 premium wines ✨ 2 sparkling wines 🍸 1 bottle of gin 🍷 1 boxed wine & 1 port 🍷 4 elegant Schott Zwiesel wine glasses. ⏰ Hurry—competition closes 5th December! Don’t miss out. Terms & conditions apply. UK residents aged 18+ only.