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UK Edition
22nd October 2025
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THE HOT STORY

Reeves targets lawyers, GPs and accountants with tax raid

The Chancellor is expected to use the Budget to impose a new charge on people who use limited liability partnerships, such as lawyers, family doctors and accountants, as she seeks to address a £30bn gap in public finances. Partners are treated as self-employed, so they are not subject to employer’s national insurance, which is levied at 15% and they also pay a lower rate of employee national insurance – a situation Rachel Reeves reportedly considers unfair. A solicitor in a partnership earning the average £316,000 would face a charge of £23,000 under proposals drawn up by economists, equivalent to an average tax rate of 7.3%. Commenting on the proposals, Arun Advani, the director of CenTax, said: "Exempting partners from any equivalent to employer NICs is very regressive and simply means higher taxes for everyone else."
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BENEFITS & HR BENCHMARKING

Benchmark your benefits against industry leaders

From cost challenges and wellbeing pressures to evolving employee expectations, HR and Reward leaders are facing more complexity than ever. This puts your benefits strategy under the spotlight. Every decision counts. That’s why Gallagher’s UK Benefits Strategy & Benchmarking Survey is back.

It’s your chance to see where the market is heading and find out how your strategy compares to 300+ leading organisations like Kraft Heinz, TalkTalk, Santander, ClearBank, and Next PLC who contributed last year. By completing the survey, you’ll get exclusive early access to our 2026 Workforce Trends Report and discover emerging trends in pay transparency, flexible benefits, and new working models.

Complete the survey.

 
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WORKFORCE

Labour's new laws spark strike fears

Labour's upcoming Employment Rights Bill has raised concerns among employers about potential strikes and economic damage. A survey by the Chartered Institute of Personnel and Development (CIPD) revealed that 54% of employers expect increased industrial action in the next year. Additionally, 69% believe trade unions could significantly disrupt the UK economy. Rachel Suff from CIPD said: "Our research highlights the concerns many employers have about the impact of sweeping new rights and powers for trade unions." The bill is set to become law this autumn despite criticism from business leaders.

AI's job impact sparks fierce debate

The impact of AI on the UK job market has sparked significant debate among industry leaders at The Times Tech Summit. Dr Seth Dobrin, chief executive of Qantm AI, warned of potential downsizing, commenting: "I think there is going to be some downsizing of every organisation." However, he suggested that easing regulations for start-ups could mitigate job losses. A King's College London study found that firms with high AI exposure reduced employment by 4.5% on average, primarily affecting junior roles. Experts remain divided on AI's overall impact on employment.

Job seekers splurge to stand out

As job markets tighten, applicants in the US and UK are spending significant amounts on tools to enhance their job search. Giovanna Ventola, a North Carolina resident, reported spending around $6,000 on services like resume writing and interview training. The average time to find a job in the US has increased to six months, while the UK has seen a decline in job vacancies. Experts like Nancy D'Onofrio from Randstad noted the shift towards an employer-driven market, making it crucial for candidates to stand out. Ventola's community initiative, Rhize, supports job seekers in sharing resources and experiences.

Waitrose halts volunteer work for autistic man

Waitrose has ceased the volunteer work of Tom Boyd, a 27-year-old with autism, after his family requested payment for his 600 hours of service. His mother, Frances Boyd, expressed disappointment, stating that Tom enjoyed his role at the Cheadle Hulme store and deserved recognition for his efforts. Despite his contributions, Waitrose informed the family that he could not continue volunteering until the matter was resolved. A spokesperson for Waitrose acknowledged the situation, stating: "We are sorry to hear of Tom's story, and while we cannot comment on individual cases, we are investigating as a priority."
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REMUNERATION

Real Living Wage rises to £13.45 an hour

The Real Living Wage, independent calculated by the Resolution Foundation and overseen by the Living Wage Foundation, rises by £0.85 to £13.45 an hour from today, and by £0.95 to £14.80 in London. Katherine Chapman from the Living Wage Foundation said the "new rates announced today will make a massive difference to workers and their families, helping them to better cope with the costs of rent, bills, food and other essentials, and to live with stability and security".
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DIVERSITY, EQUITY & INCLUSION

Bank of England faces backlash over internship scheme

The Bank of England is facing criticism for an internship scheme that excludes white candidates. The programme, aimed at "black or mixed-black heritage" students, offers £5,000 for living costs and an eight-week paid internship. Leading Conservative MPs, including Robert Jenrick, condemned the initiative as unfair and divisive. Jenrick stated: "It is deeply unfair that the Bank of England is engaging in race-based hiring." Elon Musk also weighed in, labelling the scheme as "anti-White racism." A Bank spokesman defended the initiative, stating it aims to reflect society.

FCA's diversity push faces backlash

The Institute of Economic Affairs (IEA) report criticises the Financial Conduct Authority (FCA) for exceeding legal diversity requirements, claiming it undermines meritocracy and productivity. Reform UK, led by deputy leader Richard Tice, pledged to restore a merit-based system, stating that current diversity initiatives are "inherently prejudiced and oppressive." Tice noted that the FCA's focus on equality, diversity, and inclusion (EDI) has led to lower standards. The FCA maintains that its diversity efforts are voluntary and essential for fostering inclusive cultures in the financial sector.
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TALENT MANAGEMENT

Darktrace exits UK market over rules

Darktrace's CEO, Jill Popelka, stated that restrictive rules on equity offerings for staff led to the company's departure from the London Stock Exchange in 2023. She noted that these limitations hindered their ability to attract and retain talent. Since relocating to the US, Darktrace has been able to offer more equity to employees. The firm, known for its cybersecurity solutions, was taken private by Thoma Bravo for $5bn. Popelka mentioned that a return to the London market could be possible in the future, depending on Thoma Bravo's exit strategy.
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CORPORATE GOVERNANCE

ACCA calls for changes to corporate governance regimes

The Association of Chartered Certified Accountants (ACCA) is calling on the Financial Reporting Council (FRC) to lessen the reporting burden on SMEs and focus on the complexity of business operations rather than company size. Responding to the FRC’s small and medium-sized enterprises market study, the body suggests that the regulator engage in a formal consultation process, particularly regarding the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities. Sector-specific guidance, educational resources, and collaboration with software providers to facilitate the adoption of technologies and to fill existing knowledge gaps is also recommended.

HSBC shakes up UK leadership

HSBC has appointed David Lindberg as the new head of its UK business, effective December 8. Lindberg previously served as chief executive of retail banking at NatWest until earlier this year. He replaces Ian Stuart, who will transition to the role of group customer and culture director. This leadership change is part of a broader strategy initiated by Georges Elhedery, HSBC's chief executive, who has implemented significant changes since taking office last year.

Matalan appoints H&M veteran as CEO

Matalan has appointed Henrik Nordvall, a former managing director at H&M, as its new chief executive. He will start in February next year, succeeding Karl-Heinz Holland, who has been interim executive chair since Jo Whitfield's departure. Matalan is currently facing significant challenges, reporting an annual loss of £67m. Holland will revert to his previous role as chair of the board.

Novo Nordisk boardroom shake-up ahead

Novo Nordisk will undergo significant leadership changes as seven board members, including chairman Helge Lund, will not seek re-election at an extraordinary investor meeting in November. This follows a series of recent shifts, including the appointment of a new chief executive and plans to lay off 9,000 staff. The company has issued profit warnings due to rising competition, particularly from Eli Lilly, and has revised its profit growth forecast downwards for the third time this year. The Novo Nordisk Foundation, which holds significant voting rights, has influenced these changes.
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CULTURE

Union leaders splurge on Vegas trip

The Telegraph reports that leaked documents reveal that senior officials of the Transport Salaried Staff Association (TSSA), including former general secretary Manuel Cortes, spent £8,500 on a lavish trip to Las Vegas in 2022. The expenses included high-end hotel stays, dining at expensive restaurants, and business-class flights. Forensic accountants found that Cortes claimed £75,000 in expenses from 2017 to 2022, raising concerns about financial mismanagement. Former TSSA assistant general secretary Steve Coe said: "This is members' money and they expect their money to be spent on their interests."
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HEALTH & SAFETY

Fire safety scandal raises alarm bells

Concerns over fire safety at Clarion, the UK's largest housing association, have escalated following a leaked recording. A manager instructed a team member to falsely display a fire safety notice, raising fears for residents' safety. The incident, reported in 2023, led to an investigation only in 2024, resulting in the manager's dismissal. Arnold Tarling, a chartered surveyor, warned that the lack of available information during a fire could lead to "death or serious injury." Edward Daffarn, a Grenfell fire survivor, highlighted ongoing complacency in fire safety standards. Clarion stated that building safety is their top priority.
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PRODUCTIVITY

KPMG launches new AI platform to streamline corporate functions

KPMG has launched a new initiative called Global Business Services (GBS) with KPMG Velocity, built on the ServiceNow AI Platform, to enhance productivity across corporate functions such as finance, HR, procurement, and IT. The offering integrates artificial intelligence and human expertise through ServiceNow technology, aiming to create intelligent and resilient enterprises. KPMG’s own AI Trust services and expertise are integrated with ServiceNow’s platform to promote secure, scalable AI deployment. The partnership also focuses on advancing generative AI, upskilling KPMG professionals to better support client implementations.
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INTERNATIONAL

Nearly half of Americans fear job market collapse

Economic anxiety is on the rise, with a recent Associated Press-NORC Center for Public Affairs Research poll revealing that 47% of Americans lack confidence in their ability to secure good jobs, up from 37% in October 2023. High costs for essentials like groceries, housing, and healthcare are major stressors, with 36% citing electricity bills as a significant concern. Linda Weavil, a Trump supporter, expressed her worries, stating: “I think he's doing a great job on a lot of things, but I'm afraid our coffee and chocolate prices have gone up because of tariffs.” Despite a low unemployment rate and stock market gains, 68% of U.S. adults describe the economy as “poor,” highlighting a disconnect between economic indicators and public sentiment. The survey indicates a growing sense of economic precarity, particularly among younger adults, with many feeling that middle-class stability is increasingly out of reach.
 
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