The latest jobs survey from KPMG and the Recruitment and Employment Confederation (REC) reveals a significant decline in hiring due to Budget uncertainties. The survey indicates that the number of job vacancies has fallen for the 12th consecutive month, with the permanent placement index dropping to 44.1 and the temporary billings index to 47.2. Jon Holt, chief executive of KPMG UK, stated: “Uncertainty over the autumn Budget saw businesses continue to put hiring plans on hold during October.” The Government’s announcement of £40bn in new taxes, including a £25bn increase in employers’ national insurance contributions, is expected to “further dampen hiring” as companies seek to cut costs.

This year’s Equal Pay Day will fall on November 20 – two days earlier than it did in 2023 indicating a widening of the gender pay gap. the Fawcett Society promotes the Equal Pay Day campaign. The group’s CEO Jemima Olchawski said: “It’s incredibly alarming to see the mean gender pay gap widen in 2024 and shows that, without concerted effort, most women won’t see equal pay in our working lifetime.” The Fawcett Society calculates the date based on the mean, full-time, hourly gender pay gap.

House prices in the UK have reached a record high average price of £293,999 in October, surpassing the previous high of £293,507 recorded in June 2022, according to Halifax. This 0.2% increase marks the fourth consecutive month of growth, driven by a combination of falling mortgage rates and a persistent shortage of housing supply. RBC housing analyst Anthony Codling noted: “The increase points to a shortage of available homes and the fact that housing affordability is a constraint for all homebuyers.” Despite concerns regarding the impact of Rachel Reeves’ autumn Budget on the housing market, analysts believe that the market will stabilise, with Codling suggesting that “this is a minor irritation rather than the end of the world.”

BT is poised to increase prices following a £100m NICs hike imposed by the Government, according to CEO Allison Kirkby. She indicated that the company would implement “harder and faster” cost-cutting measures, including a review of customer pricing and enhanced use of artificial intelligence to boost productivity. The telecoms giant has already cut its annual sales outlook and reduced its workforce by over 2,000 jobs, aiming to streamline operations from 130,000 to between 75,000 and 90,000 by 2030. BT reported a 10% drop in pre-tax profits to £967m for the six months ending 30 September, with revenues down 3% to £10.1bn.

The Financial Conduct Authority (FCA) is set to allocate £20m for the initial phase of its investigation into car loan commissions, a move that may lead to lenders compensating consumers up to £23bn. The FCA has already spent over £14m since January on examining discretionary commission arrangements (DCAs) in the motor finance sector. The review’s total costs are projected to reach £19.7m by May 2025, but this could change due to a recent Court of Appeal ruling that requires brokers to obtain informed consent from customers before receiving commissions. Adrian Dally, director of motor finance at the Finance and Leasing Association, warned that the ruling could cause “severe disruption” to the industry and the UK economy. The FCA is also assessing records from 2007 to 2021, indicating the extensive nature of the investigation.

The Financial Conduct Authority (FCA) is addressing firms’ need for clearer sustainability regulations to maintain London’s status as a green finance hub. Emily Shepperd, the FCA’s chief operating officer, emphasised the importance of balancing regulation with flexibility, stating: “This needs to be coupled with flexibility as the sustainable finance market evolves.” The FCA’s new sustainability disclosure and labelling regime aims to reflect the realities of the market, including an “improvers label” for funds on a credible path to net zero by 2050. Shepperd acknowledged that while progress has been made, firms require more clarity and time to implement existing rules. The FCA is also providing examples of good practices and plans to consult on enhancing transition plan disclosures for listed companies. Shepperd highlighted the need for corporate cultures that attract top talent, suggesting that looking beyond London could better reflect consumer demographics.

Bridging lending has achieved remarkable growth, with the Bridging & Development Lenders Association (BDLA) reporting record completions of £1.79bn in Q3, a 2.6% increase from the previous quarter. The overall loan book size has surpassed £9bn for the first time, reaching £9.01bn, reflecting a 7.6% rise. Vic Jannels, CEO of the BDLA, stated: “The continued momentum we’re reporting in our quarterly data demonstrates the growing importance of bridging and development lending as a vital cog in the UK mortgage industry.” The data also indicates a 6.7% increase in applications, totalling £10.9bn. The BDLA emphasises the need for sustainable growth and responsible lending practices, aiming to raise standards within the industry.

City AM picks up on news that the Serious Fraud Office (SFO) is set to receive an additional £9.3m in funding to enhance its capabilities in combating fraud. Attorney General Lord Hermer KC stated: “This Government is committed to cracking down on fraud and this additional funding will modernise SFO’s services.” The funds will support a new asset confiscation enforcement team and improve the SFO’s disclosure capabilities and case management system. A report by HM Crown Prosecution Service Inspectorate highlighted the need for more funding to address ongoing disclosure issues. The SFO’s budget for 2024/25 is £83.8m, increasing to £88.9m for 2025/26. Additionally, the Crown Prosecution Service (CPS) will receive £49m to bolster support for victims of crime, particularly in Rape and Serious Sexual Offence units.

UBS has successfully piloted its blockchain-based payment system, UBS Digital Cash, aimed at enhancing the efficiency of cross-border transactions. The pilot involved multinational clients and banks, facilitating domestic transactions in Switzerland and cross-border payments in various currencies, including US dollars and euros. The system is designed to improve liquidity management and provide better visibility of cash positions for firms. UBS plans to further develop and expand this innovative payment solution.

The Bank of England’s Monetary Policy Committee (MPC) has reduced interest rates from 5% to 4.75%, marking the second cut this year. Governor Andrew Bailey noted that the drop is due to UK inflation falling below the 2% target, allowing for a gradual reduction in borrowing costs. He stated: “We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much.” The recent autumn Budget, which includes tax increases for businesses, is expected to boost economic growth by 0.75% at its peak in a year. However, the MPC highlighted “significant uncertainty” regarding the jobs market and inflation, particularly with upcoming national insurance tax increases and a higher minimum wage.