Audit, tax and consulting for middle-market firms; seventh-largest UK advisory
The ONS has shown wage growth in the private sector has slipped below 3% for the first time since 2020, with three-month vacancies dropping to 712,000. Unemployment remains at 4.9%, payroll numbers fall slightly, and market signals suggest softening conditions ahead as pay growth in the public sector keeps overall earnings above inflation.
Consumer confidence has improved in July as heatwaves, football success, and the new prime minister boosted mood. However, overall sentiment remains negative, with the GfK index at -17, and gains rely on government delivery to tackle cost‑of‑living pressures.
Foundayo, the oral GLP-1 weight-loss pill by Eli Lilly, has been authorised by the MHRA for weight management and type 2 diabetes. It will be available privately; NHS adoption depends on NICE evaluation. Several UK outlets report on uptake, pricing, side effects and competing pills, including Wegovy and Wegovy HD.
Strathmore Hotels is placed under joint administration as eight hotels, including Perth’s Salutation Hotel, trade while options for the business are reviewed. The move follows sustained creditor pressure and a winding up petition in July; 410 staff are being retained as the portfolio continues operating.
GDP has expanded by 0.4% in Q2, driven by services and a hot-weather World Cup boost. Yet growth remains delicate amid high energy prices and geopolitical tensions, with Treasury modelling warning of a slower 2027 if Iran-hostilities persist.
A run of fresh data shows the UK labour market remains resilient despite signs of cooling. Payrolls edge down; unemployment holds at 4.9%; wage growth remains mixed across private and public sectors, with vacancies at a post-pandemic low.
Inflation has climbed to 3.1% in August, driven by higher fuel prices and airfares, with energy bills expected to push prices higher in October. The ONS notes some items cooled, but the trend points to further gains in the months ahead as energy pressures persist.
The UK has borrowed £18.3bn in August, the ONS has reported, topping City and OBR forecasts and leaving year‑to‑date borrowing at £77.3bn — £8.1bn above the OBR projection. Rising gilt yields have pushed debt interest to record August levels and are narrowing Chancellor John Healey’s fiscal headroom ahead of the 28 October Budget.