The pandemic has prompted financial institutions to adapt fast, but the UK’s financial sector was already embroiled in a Brexit-induced metamorphosis. Although crises spawn revolutionary transformations, the sector’s need to transform digitally and accommodate regulations was in place beforehand. COVID-19 shifts the goalposts while offering opportunities for Britain’s fintechs to use their new-found freedom to innovate their way into a more prosperous future in which clients’ evolving needs are met.
For those of us in the world of contracting, there really is only one big story at the moment – other than Brexit of course – and that it is the potential roll out of the intermediaries legislation to the private sector. To date, contractors have made up a significant portion of the workforce at larger financial services organisations. According to Contractor Calculator, they estimate there are approximately 300,000 PSCs operating in the UK.
2019 was a turbulent year for businesses, with hiring across many industries suffering at the hands of Brexit. Despite all the political and economic turbulence, some professions – Tax, Public Practice, Risk, Investment Management and Legal – remained largely resilient, with vacancy numbers and salaries relatively similar to previous years.
Some companies define their space, and for decades, this was true of Thomas Cook, the world’s oldest travel firm. Longevity was not enough to save it, as it succumbed to mounting debt and pressure from new, agile industry players as well as consumers who became adept at developing their own travel itineraries. Thomas Cook may go down in history books as a sad example of unsuccessful adaptation to changing times.
Voters in the United Kingdom handed Prime Minister Boris Johnson and his Conservative Party a resounding victory via the recent election. Apparently believing that his plan would be the best horse to ride out of the Brexit quagmire in which the nation finds itself, Johnson has a strong mandate to meet successfully the 2020 deadlines: EU exit in January and EU trade deal by year’s end. Can he do it?
Banks increased their recruitment of temporary Accounting & Finance professionals across both Regulatory Reporting and Product Control as the summer hiring lull ended. A number of external factors have played a key role so far this year, not least Brexit uncertainty and the impact of IR35 on longer term contract opportunities.
“The times they are a-Changin’” sung Bob Dylan in the 1960’s as the civil rights movement swept through the US and changed the direction of a Nation forever.Fast forward to 2019 and this anthem of change rings true for the banking sector. Whether it be emerging FinTech start-ups, regulatory bodies or the changing demands of their customers, it’s an industry that is being disrupted from all sides.
Misgivings about the ultimate outcome of Brexit have delivered a blow to the UK’s once-hot housing market. Buyers are reluctant to buy, and sellers are hesitant to sell—until there is more clarity on Brexit. House prices are trending lower, with few exceptions. As October 31, the new Brexit deadline, draws nearer, house buyers and sellers will watch developments closely and hope for a final resolution.
For Better or for Worse: The Linkage Between the US Economy and the Major Economies of the Western Hemisphere
The US economy is on track to break its own record; its current 115 months of expansion is only five months shy of the record set in the 1990s. The next recession will come, maybe soon, as the economy succumbs to factors such as policy errors, foreign growth and corporate profit. And the United States will not fall alone; other Western Hemisphere countries will be dragged down with it.
The Hiring Plans of Finance Professionals in the UK Banking Sector Held up in 2018 Despite Brexit Unpredictability
Brexit looms large over all aspects of the UK’s banking sector, including hiring plans. Continued uncertainty about what direction the UK/EU divorce proceedings will go (if they go at all) has organisations on edge, but that didn’t stop them from hiring last year, research shows. Retaining existing top-notch talent was a priority, but attracting new, highly skilled professionals was also a common goal, with UK banks topping the hiring charts.