Insurance companies are facing a myriad of challenges at a time when there is deep uncertainty in the industry and the global economy. Similarly, transformation projects have changed and now require a far greater focus on data and analytics capabilities. The trend toward digitalisation has resulted in companies embracing the cloud, and with each wave of transformation, the level of cost and complexity has increased.
As the UK moves past the pandemic, the life sciences industry is still adjusting to the challenges associated with the post-Brexit regime. This, combined with the slowdown in trials during the pandemic, has resulted in a slowdown in recruitment within the sector, particularly affecting regulatory affairs professionals.
For the UK, Financial Services has a critical part to play, in terms of GDP, our balance of payments and employment. Within the Financial Services industry though, increasingly Fintech is starting to come to the fore. New challengers such as Starling, Monzo, Revolut and Wise have disrupted the incumbents and as a result, the industry has permanently changed.
The impact of the budget on tax recruitment is apparent. March 2024 was the record month for tax vacancies going back to January 2019, beating even the peak post pandemic months in 2021. At the same time, in a recent report featured in Bloomberg, the UK is set to see 9,500 millionaires repatriate away, which is more than any other country globally, with the exception of China.
With the general election looming, increasingly the question is becoming one of judgement. Who do we trust to represent the country and with that, the economy? The UK economy is consumption led, meaning that what happens in retail and consumer goods and services, is significant, when looking at economic activity. With that, in what is turning out to be a spectacular own goal, the Government’s ill fated ‘tourist tax’ on retail (not allowing VAT rebates on shopping) is starting to be felt amongst retailers.
