Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| Little to cheer in Pre-Budget Report for employers |
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24 November 2008 |
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Matt Ellis, global employer services partner at Deloitte, comments: “Overall, there was little good news for employers in the Chancellor's Pre-Budget Report (PBR). The general costs of employment will rise in 2011 with the half percent increase in National Insurance Contributions (NIC).
This will cost employers an additional £2 billion. For many employers that's not the worst of it - the increase in the tax rate to 45% for those earning £150,000 or more will cause other problems, such as: - the war for talent will get harder with many of the very best people possibly opting for...
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| Tales of the unexpected |
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24 November 2008 |
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Patricia Mock, Private Clients Services Director, Deloitte:
“The PBR was a case of tales of the unexpected from a personal tax perspective – a mix of widely expected through to the downright surprising.
We already knew to expect that the temporary uplift to personal allowances, designed to compensate lower and middle earners for the withdrawal of the 10% tax rate, would be made permanent. It’s also been uplifted to £145 (from £120) from 1 April 2009.
We also knew that the highest 1% of earners – those earning more than £150,000 – will find themselves subject to a new 45% tax rate from 2011, assuming... |
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| Consumers shun credit this Christmas |
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22 November 2008 |
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- 25% fall in number of people paying for Christmas by credit card;
- Loyalty points, savings stamps, gift cards and hamper schemes on the rise
UK consumers are responding to the economic crisis by reducing the amount of money they plan to spend on credit cards this Christmas, according to research by Deloitte, the advisory firm. Just 12% of consumers plan to pay for the majority of their Christmas gift and food shopping on their credit cards this year. This is down from 16% last year and 17% in 2006. By contrast, 83% of people plan to use cash/debit cards for the majority of their spending compared with 80% last... |
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| Deloitte predictions affecting the real estate industry for the Chancellor’s 2008 Pre-Budget Report |
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21 November 2008 |
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Chancellor Alistair Darling will deliver his 2008 Pre-Budget Report on Monday. Phil Nicklin, real estate tax partner at Deloitte, is hoping he will address a number of issues that are important to the real estate industry:
Residential REITs
Improving the Real Estate Investment Trust (REIT) regime to facilitate residential REITs by, for example:- Introducing unlisted REITs or AIM-traded REITs. This would reduce the cost of becoming a REIT (which currently needs to be listed) and would recognise that it is difficult to list in the current climate.
- Changing the...
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| Sale of David McLean Homes by Joint Administrators |
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20 November 2008 |
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The Joint Administrators of the David McLean group, Nick Edwards, Bill Dawson and Carlton Siddle of Deloitte, have today announced the completion of the sale of David McLean Homes Limited, the house building business, to Elan Homes Limited.
Elan Homes is a new company formed by the former senior management team of David McLean Homes, led by John Kendrick (former Group Finance Director), and is backed by Barclays Bank.
Nick Edwards, Joint Administrator, commented: “We are delighted to have been able to secure a going concern sale of the house building business to Elan Homes. This sale will preserve a... |
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| Further work to be done before Solvency II is implemented |
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20 November 2008 |
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Responding to the results of the fourth Solvency II quantitative impact study (QIS4) published by CEIOPS and the FSA today, Deloitte, the business advisory firm, identified some key areas that still need to be resolved ahead of the introduction of the new capital regime in 2012. Catherine Barton, insurance partner at Deloitte said: "The QIS 4 results have been published at a time when the insurance industry is facing massive economic uncertainty. Insurers, regulators and analysts need to consider whether the analysis and planning done so far for Solvency II stands up in the current economic climate. "Further consideration should... |
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| Deloitte responds to latest ONS retail sales data |
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20 November 2008 |
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Richard Hyman, strategic adviser to the retail practice at Deloitte, said: “The ONS numbers present a picture of a resilient high street but when placed in the context of the weight of anecdotal evidence, have to come as a surprise. It is clear that retail as a whole is experiencing very difficult times but this does differ sector by sector.
“The sales value figures suggest that food retailers continue to perform well with year on year sales value showing 6.7% growth. However, there is a stark divide between food and non-food. Non-food sales values are down by 0.4% on the same time last year.
“The high number of... |
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| Pirates are not the only threat to the global shipping industry |
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20 November 2008 |
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With the global economy on the brink of recession, the ‘supercycle’ experienced by the shipping industry in recent years has seen a sudden and dramatic reverse as it prepares to enter its most difficult trading conditions since the late 1970s/early 1980s. Deloitte notes that as the financial crisis continues, the reduced number of financing options will start to impact the shipping industry.
George Cambanis, head of global shipping at Deloitte, comments: “The shipping industry has weathered many a storm, but this time we are seeing an unprecedented combination of forces at play. Lack of demand is... |
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| The time is right for Oil and Gas M&A |
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19 November 2008 |
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In the current economic climate Deloitte believes there are opportunities for cash-rich oil and gas companies to acquire smaller independent oil and gas companies with attractive portfolios but capital-constrained balance sheets.
Rajeev Chopra, head of energy, infrastructure and utilities in corporate finance at Deloitte said: “With valuations becoming more realistic as management teams accept a lower oil price environment, those International and National Oil Companies (NOCs) with a war chest are well positioned for M&A activity. Smaller independent oil and gas companies will be particularly vulnerable if they are highly... |
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| Deloitte’s Global Tourism, Hospitality & Leisure Leader transfers to the Middle East |
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18 November 2008 |
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Deloitte, the business advisory firm, today announces the transfer of Alex Kyriakidis, the Deloitte Global leader for the Tourism, Hospitality & Leisure industry, from London to the Middle East. Alex will work with a large team of professionals offering a broad range of services to this important industry in the Middle East markets. Alex’s experience in supporting clients deal with three recessions over the past 30 years will help the region navigate through the global recession.
John Connolly, Deloitte Global Chairman and UK Firm Senior Partner and Chief Executive, commented: “The Middle East region is spending around $0.5... |
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