Consumer confidence calls as cost of living crisis continues

Consumer confidence fell to its lowest level since the first pandemic lockdown, according to the accountancy firm PwC (The Times). In its recent survey of 2,000 people it found there had been a ?complete reversal? in consumer priorities compared to last year, with households preparing to spend less on discretionary spending, but more on food and groceries. With concerns over rising prices consumer confidence fell to minus 20, the fastest rate of decline since the global financial crisis in 2008 (City AM).

City firms hunt for workers drives rise in overseas talent

About 200 foreign-based workers a week are being hired by City firms, according to figures from the Home Office (The Times). The number of visa sponsorships by UK-based financial services firms increased from 722 in the fourth quarter of 2020 to 2,192 in the same quarter a year later, the fastest rate since before the UK left the European Union. City AM reports that City firms have also reduced the number of staff they intend to relocate from the UK to the EU.

News in brief

The Financial Times reports that officials at the Department for Business, Energy and Industrial Strategy have been speaking to bank executives for views on a permanent successor to the Covid-19 business loan schemes for SMEs.

Several industry professionals have claimed that the New Home Quality Board lacks representation from architects, ordinary homeowners and BAME communities (The Guardian).

Families can expect another four years of high energy bills, according to analysis from the Centre for Economics and Business Research (Telegraph).

Over 3,000 employees at 60 companies across the UK will trial a four-day working week from June to December, in what is thought to be the world's biggest pilot scheme (The Guardian).