City AM

Soon, should the government’s Data Protection and Digital Information Bill make it to the statute book, banks and financial institutions would be legally required to report suspicious activity in the bank accounts of those in receipt of government payments to the Department of Work and Pensions. The claim is that these new bank spying powers would help governments crack down on fraud: spotting a bank account belonging to a benefit claimant that is also being used to lease a Lamborghini, perhaps. Some would argue that’s sensible fraud prevention – but even if you do think that’s acceptable, where do we stop? Find out why City A.M. Editor Andy Silvester thinks the powers are "Orwellian."👇 https://lnkd.in/esjnBkMh #bank #dataprotection #newlaw #privacy #banks #spying #government #ukgovernment #data #spending #uk #news #opinion #bill

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New figures have shown the UK’s services sector continued to grow last month as sunnier economic forecasts boosted orders, despite rising costs. The S&P’s purchasing managers’ index (PMI) for the UK’s services sector jumped to 55.0 in April, the highest level recorded since May 2023. A mark above 50 represents economic growth, rather than contraction. It is a rise from March, when the same survey showed a reading of 53.1, down from 53.8 in February and below the earlier 53.4 ‘flash’ estimate. The survey, which measures private sector activity, showed a spike in new orders but cost pressures also increased at the fastest rate since August. Improvement in the economic forecast was frequently mentioned as a driving force behind April’s strong sales but several UK services firms pointed to a 10 per cent surge in the national minimum wage as the main cause of the inflationary pressure. And some said that escalating salary expenses contributed to the deceleration in employment growth, marking its lowest level this year. ✍️ Jess Jones Read more of the story here 👇 https://lnkd.in/eVQeNx-j #economy #ukeconomy #servicesector #privatesector

In the financial world, all eyes are on the FCA’s new non-financial misconduct rules. These rules are sounding similar to the legal regulator’s rules—which are known for their strict guidelines on out-of-work behaviour. City A.M. has a closer look at what this may look like. The legal sector’s regulator, known as the Solicitors Regulation Authority (SRA), is notorious for how highly it upholds lawyers’ conduct – even in their personal lives. If you want to be a lawyer in this country, you must be regulated by the SRA. As a result, you must follow the profession’s code of conduct. The legal regulator is also very clear that conduct does not need to occur in a workplace to relate to their legal practice. There have been several headlines over the years of lawyers being fined, reprimanded and even struck off for offences outside their work, including drunk driving and tweeting. Just earlier this year, a lawyer at City-based Farrer & Co was fined £10,000 by the SRA for drunk driving, after he lost control of his car. Previously, well-known partner Boris Bronfentrinker of Wilkie Farr was rebuked in 2022 after he was convicted of driving his car at a person in 2019 with the intention of scaring them. ✍️ Maria Ward-Brennan Read the full story here 👇 https://lnkd.in/ef28VJWG

The number of rental properties in Greater London has risen by 34.7 per cent in the last year, according to new research from London estate agents Benham & Reeves. Rental stock in the City is up by 43 per cent year-on-year and country-wide available stock rose by 12 per cent year-on-year, to 154,510 rental properties. While the increase in London stock will be “warmly welcomed by those who are still on the hunt” it is unfortunately “unlikely to balance the scales”, Director of Benham and Reeves, Marc von Grundherr, said. There were 45,200 flats available to rent in Greater London in the first quarter of 2024, up from 33,562 in the same period last year, Benham & Reeves said. ✍️ Amber Murray Read the full story here 👇 https://lnkd.in/dnCzVj96 #london #property #stock #renting

Generation z are shunning the corporate ladder because they recognise we live in an asset-driven economy that penalises work, says Dr Eliza Filby. ✍️ Average real wages are now no higher than they were in 2005, and a well-stocked office breakfast bar doesn’t do much to make up for this. We know of the pay squeeze on doctors but the same frustration, albeit on a different level, exists in the graduate-fuelled private sector. Corporate wages do not bring anything like the rewards they once did, and now we operate in an environment where tech-overload requires us to work longer than ever. Meetings shot up by 150 per cent between 2020-2022. Collectively, gen z have grown up considering the modern workplace as somewhere you spend more time but for less reward. We are in an asset-driven economy where wealth is supported but work is penalised. This reinforces the wealth of the older generations and is creating disillusioned young people across the income scale. We have been in this stasis since the financial crisis, most of gen z’s life. As one young millennial consultant told me; “I have chosen a conventional corporate path, but it doesn’t feel secure. I know those extra hours rarely translate into something. It’s just time I’ll never get back.” Read the full opinion piece here 👇 https://lnkd.in/dMEWMMjX #generationz #genz #generations #workplace #work #worklife #corporatelife #corporate #opinion

French F1 team Alpine has launched legal action against its sustainable partner after filing a claim to the English High Court. Alpine Racing (also known as BWT Alpine F1 Team) is an Oxfordshire-based team that competed in the famous sport F1 under a French licence. According to the High Court claim’s system, it launched legal action last Thursday against its sustainable partner. Its claim is against Ecowatt Energy, a Dublin-based renewable energy semiconductor manufacturer. The company says it is a green investment platform that accelerates change through democratised investment in sustainable energy solutions and reforestation. The claim system shows that Apline filed its action to the Commercial Court of the High Court, over a commercial arrangement. It is not yet clear why the F1 team is suing the energy company as claim forms are not yet available. Both Alpine and Ecowatt were contacted for comment. Law firm Bird & Bird is listed on the system as Apline’s legal representative. ✍️ Maria Ward-Brennan Read the full story here 👇 https://lnkd.in/eWNbZr3Y

London has continued to prove its popularity as a tech hub after the highest number of UK technology companies were incorporated in the capital during the first quarter of 2024. The number of UK tech businesses formally registered as limited companies surged by 11 per cent to 13,802 in the first quarter of this year, reaching a five-year peak. It was a rise of 4.4 per cent on the previous quarter’s 13,218, according to the data from audit, tax and consulting firm RSM UK. Of these, London emerged as the leading location, with 7,253 incorporations of tech companies in the first quarter of 2024, up 16 per cent from 6,278 in the same period of 2023. ✍️ Jess Jones Read the full story here 👇 https://lnkd.in/eGuYEYKg #uk #london #tech

Britain’s building societies have long established themselves as boring, sensible and democratic alternatives to the major banks. However, the first few months of 2024 have raised questions over these hallmarks. As major lenders enjoyed bumper profits on the back of interest rate hikes from the Bank of England last year, they found their coffers full of spare cash. Whereas listed banks distribute excess capital to shareholders via dividends and buybacks, mutually owned building societies tend to do this by reinvesting in the business or offering their members better rates on savings and loans. ✍️ Lars Mucklejohn Continue reading 👇 https://lnkd.in/eCNbmTN6 #buildingsocieties #bankofengland #banks #natwest #citynews #london #news

The most highly anticipated merger in the legal sector will formally be completed today, operating under a new name A&O Shearman. Magic Circle firm Allen & Overy (A&O) and US firm Shearman & Sterling shocked the legal sector last May when they announced the proposed merger. With the merger completing today, A&O Shearman becomes one of the biggest law firms in the world, with $3.5bn in revenue and nearly 4,000 lawyers globally. ✍️ Maria Ward-Brennan Read the full story here 👇 https://lnkd.in/ds4rfe6F #law #lawfirms #legalsector #mergers