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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| Interest rates will fall again soon |
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04 August 2005 |
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Today’s 0.25% cut in interest rates to 4.5% – in line with my long-standing forecast and the first cut since July 2003 – will not be enough to offset the economic weakness caused by the housing market and consumer spending slowdowns. More cuts will be needed. This is not to say that the Bank has made a major mistake. On the contrary, it has managed the containment of inflationary pressures and the gentle deflation of the housing market brilliantly. If it has made even a minor error it has been to underestimate the effect of the slowing housing market on consumer demand, causing it to be a little slow to reduce interest... |
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| UK job market continued to expand in July, but pace of growth slowed again |
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04 August 2005 |
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The Report on Jobs, published today by the Recruitment & Employment Confederation and Deloitte, provides the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies and employers, as well as data on national newspaper recruitment advertising. The latest Report on Jobs shows that the UK labour market continued to gradually cool in July. Although further gains were recorded in employee placements, demand for staff and average pay, in each case growth eased again. Meanwhile, candidate supply shortages were reported to have been less widespread than one month ago,... |
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| London hotels show robust performance for July |
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04 August 2005 |
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London hotels revenue per available room (RevPar) was down only 5 per cent in July compared with 2004 figures, according to the HotelBenchmark Survey by Deloitte.
Commenting on the month’s results, Marvin Rust, Managing Partner of Hospitality at Deloitte, said: “Critically, data for the last week of July showed that hoteliers had not cut rates in response to the bombings. In fact, rates increased by 6 per cent, consistent with our expectation that the terrorist attacks would have a relatively short term effect on the London market.
“Weekend occupancy levels are proving the slowest to recover, with figures down... |
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| Deloitte records strong performance |
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03 August 2005 |
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Deloitte today reported a strong performance for the financial year ended 31 May 2005. Revenues at £1,355 million increased by 8.8% over the prior year and profit before tax grew by 11.6% to 419million.
John Connolly, Deloitte’s Chief Executive and Senior Partner, commented:
"Our partners are pleased with the firm’s performance. Our business model continues to be very straightforward – we provide a broader and deeper range of skills to our clients and we focus passionately on quality. We continued to place a massive emphasis on creating the environment which enables the... |
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| Premiership clubs in hunt for £100m |
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29 July 2005 |
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The final qualifying round draw for the 2005/06 UEFA Champions League on Friday will determine the opponents for Manchester United, Everton and Liverpool. A minimum prize of £10 million is guaranteed to each club should they all progress to the lucrative group stages of the competition. Should all three clubs qualify for the group stages, the total revenue generated for the five participating Premiership clubs in 2005/06 could be in excess of £100m depending on results on the pitch. Dan Jones, Partner in the Sports Business Group at Deloitte, explained: “Entry into the group stages of the UEFA Champions League guarantees each... |
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| Odeon subsidiary wins VAT case at High Court |
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28 July 2005 |
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The High Court has ruled today that card handling fees charged by Bookit Limited for seats in Odeon’s cinemas across the United Kingdom should be exempt of VAT. Bookit operates call centres that take bookings for its parent company Odeon plc and charges a card handling fee for dealing with payments made by customers. The additional fee (in this case 50p on top of the ticket price) is only applicable when the customer is paying by credit or debit card and is booking via the telephone or internet.
HM Revenue & Customs (HMRC) argued that the fees charged for this service should be subject to VAT. The High Court’s decision was... |
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| Investor and financial reporting community take initial steps to address concern that OFR will not achieve its initial aims |
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25 July 2005 |
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Institutional investors, accounting standard setters, accountants, lawyers and company directors came together at the London Stock Exchange on Friday (22 July) to discuss the challenges listed companies face in producing an Operating Financial Review. Investors are concerned that companies’ fears over the legal implications will result in the OFR being no more than a box-ticking process or an artifice of little use to them.
Martyn Jones, an audit partner at business advisory firm Deloitte, addressed delegates at the ‘Producing an OFR’ seminar principally for the benefit of preparers of financial information. He commented: ... |
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| Second terrorist attack will mean slower tourism recovery |
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24 July 2005 |
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While hotel performance for the last two weeks has been optimistic, the second attack will have a significant impact on the recovery time of the London market The second terrorist events in a fortnight will further challenge the London tourism market in wooing tourists to the capital. While initial analysis in response to the first incidents in London two weeks ago was that recovery would be swift, the latest incidents will have a significant impact on the recovery of London hotels.
HotelBenchmark Survey results for the period following the immediate aftermath of the 7th July terrorist attacks, showed that... |
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| UK manufacturing is missing a tax trick |
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21 July 2005 |
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Take-up of R&D tax relief amongst UK manufacturers is disappointing and signals serious shortcomings in the Government’s efforts to encourage innovation in the UK. The latest survey from the EEF and CBI reveals that only a fraction of companies have claimed the tax relief, to which they are entitled and only a handful more plan to claim.
According to Deloitte, UK manufacturing is missing out on multi million pound claims each year. The business advisory firm warns that finance directors of UK manufacturers are likely to continue to miss the opportunities because in many cases they either do not appreciate the breadth... |
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| Economic consequences of an ageing population |
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20 July 2005 |
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As the demographic make-up of the UK population changes, economic advisor Roger Bootle, asks how this is likely to affect the UK’s future economic performance?Over the next five or six decades the UK’s population is set to become older as the post-war baby boomer generation reaches retirement age and life expectancy continues to rise. By 2031 the average age of the population will climb from 39 to 44, while the number of over 40s will over-take the under 40s by 2021. This ageing of the working population could have profound effects on the economy. For a start,...
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