Friday newspaper round-up: Deloitte, eurozone risks, British energy exports

by | Oct 1, 2022

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Partners at Deloitte in the UK and Switzerland will receive an average income of more than £1m each for the second year in a row, after the accountancy firm enjoyed another successful year. Each partner will receive an average distributable profit of £1,058,000 in the year to the end of May, about 33 times the UK’s average annual pay. This is the first time the sum has exceeded £1m and is an increase of about 24% compared with the same period the year before. – Guardian
Germany’s finance minister has vowed that he will not follow the UK “down the path of an expansionary fiscal policy” as his government announced a €200bn (£177bn) fund designed to protect consumers and businesses from rising gas prices driven by Russia’s war in Ukraine. Europe’s largest economy will reactivate an economic stabilising fund previously used during the global financial crisis and the coronavirus pandemic, said the chancellor, Olaf Scholz, at a joint press conference with the finance minister, Christian Lindner, and the economic minister, Robert Habeck, on Thursday afternoon. – Guardian

The eurozone’s financial system is ­facing “severe risks” from the chaos gripping global markets, the European Central Bank said in an unprecedented warning as Germany unveiled a €200bn (£177bn) borrowing binge. The institution told the region’s banks to prepare for financial turmoil caused by huge falls in investments and potential disaster in the house market. – Telegraph

Britain exported a record amount of electricity to the Continent during spring as Russia’s war on Ukraine and outages on France’s nuclear fleet sparked a power crisis across the European Union. Eight percent of the electricity generated in Britain in the three months to June 2022, or more than five terawatt-hours, was sent to other European countries through undersea power cables. – Telegraph

Market turmoil and higher interest rates will result in constraints on lending to small businesses and a surge in borrowing costs, experts have warned, just as companies are asking for short-term loans to navigate rising prices and the threat of waning demand. About half of small and medium-sized business borrowers are on variable-rate loans that rise in price in line with higher interest rates, adding to the pressure on companies with inflation at a four-decade high and the UK economy poised to sink into a recession. – The Times

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