TheBriefing
BIG FOUR
Deloitte to cut 800 risk and consulting jobs
Deloitte is to slash 800 jobs in the UK as demand for consulting services slows amid a challenging economic environment. The firm plans to cut 3% of jobs across the consulting, financial advisory, and risk advisory divisions from its overall 27,000-strong headcount. The redundancies come amid a slump in demand for the consultancy sector, as businesses rein in costs. Richard Houston, Deloitte CEO, said: “We announced some targeted restructuring across our businesses, which may – subject to consultation – put some roles at risk of redundancy. This follows a slowdown in growth, which, combined with ongoing economic uncertainty, means we have to consider the shape of our business.”
“Inflation has fallen a lot in recent months, but there is no room for complacency. We need to be sure inflation returns to normal and we continue to take the decisions necessary to do just that.”
Bank of England governor Andrew Bailey on the UK's inflation rate
HORIZON SCANDAL
Victims of Post Office accounting software scandal offered £600,000
Post Office workers who have had wrongful convictions for theft and false accounting overturned have been offered £600,000 each in compensation, the government has said. Around 700 prosecutions of branch managers may have received evidence from faulty accounting software. So far, 86 convictions have been overturned. The compensation is for subpostmasters whose convictions relied on the now discredited Horizon IT system, in return for settling their claims. Subpostmasters who have already received initial compensation payments, or have reached a settlement with the Post Office of less than £600,000, will be paid the difference. Anyone declining the offer can continue their claims.
News in numbers
Average profit per partner at UK accountancy firms in 2022/2023, down from £920,000.
Source: PwC
Record sales for chip maker Nvidia, up 101% year-on-year, largely due to its AI-enabled chips.
Source: Nvidia
The value of pawnbroker loans in the UK during 2022, up from £158m in 2021.
Source: Mazars
Brits who say work is “very important in their life” — the lowest of 24 countries.
Source: King's College
The value of Covid grant fraud that is unlikely to be recovered.
Source: Public Accounts Committee
Birmingham City Council’s deficit.
Source: Birmingham City Council
LOCAL AUTHORITIES
Commissioners to take financial control of Birmingham City Council
The government has sent in special commissioners to run Birmingham City Council after it faced multimillion pound deficit and unaffordable equal pay settlement. The UK’s largest local authority is £87m in debt, and the council chief executive Deborah Cadman OBE has been told to prepare an improvement plan within six months, showing how it can return to a stable footing. The government added the commissioners would be in place for up to five years due to the seriousness of the failures.
