Latest news with #DeloitteUK
The Star
08-07-2025
- Business
- The Star
UK firms lose taste for US investment, Deloitte survey
The U.S. flag flutters on a building as people make their way through the streets of Manhattan during a work day in New York, U.S., January 23, 2025. REUTERS/Fabrizio Bensch/File Photo LONDON: The attractiveness of the United States as an investment destination has plunged in the eyes of British business executives who now see opportunities closer to home, a survey shows. Deloitte's survey of chief financial officers at major British firms showed a net balance of plus 2% of respondents saw the United States as an attractive place to invest, down from plus 59% in late 2024, shortly before President Donald Trump took office. The report tallied with official US data last month that showed inward foreign direct investment fell sharply in early 2025, a drop that coincided with high business uncertainty over Trump's tariff plans. By contrast, Deloitte said British company executives warmed to their own market, with the balance for the United Kingdom rising to plus 13% from minus 12%, ranking top with India for investment attractiveness. The United States remained more attractive than the rest of developed Europe or China, both of which had negative readings in Deloitte's survey. 'These results reveal a shift in sentiment with the United Kingdom now viewed as a leading global investment destination,' said Richard Houston, senior partner and chief executive of Deloitte UK. 'This renewed confidence, coupled with a rise in risk appetite, is welcome and underscores the considerable investment potential the United Kingdom offers.' In 2023, Britain was the fourth-biggest direct investor into the United States by ultimate beneficial owner, with a position of US$636bil, according to official US data. The Deloitte survey showed British executives reported an uptick in business confidence compared with the previous survey published in April. While still subdued, the optimism index ticked up to minus 11% from minus 14% in the previous quarter. British business surveys generally point to weak economic growth, a problem for Finance Minister Rachel Reeves, who is likely to raise taxes again at the next budget, according to market expectations. Deloitte polled 66 chief financial officers and executives between June 16 and June 29, including 37 listed companies with a combined market value of £386bil. — Reuters
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First Post
07-07-2025
- Business
- First Post
UK, India are most attractive destinations for global investment, US trade deal had role to play: Deloitte
UK, previously the sixth most preferred destination for global investments, rose to the first place alongside India after Prime Minister Keir Starmer struck a trade deal with the United States read more UK and India have become the most attractive destinations for global investments. File image The United Kingdom has emerged as one of the most attractive destinations for global investment alongside India, according to Deloitte's latest Q2 CFO survey. In a marked turnaround from its sixth-place ranking in the final quarter of 2024, the UK now ranks joint first with India as the most appealing country for investment. A net 13 per cent of UK chief financial officers described the country as 'very or somewhat attractive' for investment. The upward move has come after UK Prime Minister Keir Starmer struck a trade deal with the United States. Ian Stewart, chief economist at Deloitte UK, noted that while global uncertainties persist, there was a small easing in concern following the UK‑US trade agreement reached in early May. STORY CONTINUES BELOW THIS AD Richard Houston, chief executive of Deloitte UK, said the results reflect a notable shift in sentiment: 'These results reveal a shift in sentiment with the UK now viewed as a leading global investment destination. This renewed confidence, coupled with a rise in risk appetite, is welcome and underscores the considerable investment potential the UK offers'. More from World Why India is pushing for social security as part of its trade deals CFOs show growing risk appetite Fewer UK businesses are adopting defensive strategies for the first time in a year. About 17 per cent of CFOs say now is a good time to take on extra risk—up from 12 per cent last quarter. Despite continued caution, defensive measures remain twice as likely to be prioritised as expansionary ones. Expansionary strategies, such as new product launches or entering new markets, are now a higher priority for 19 per cent of CFOs, whereas 41 per cent favour defensive approaches. Broader business optimism and geopolitical risk Overall business confidence improved, with the index of optimism rising to –11 per cent from –14 per cent in the previous quarter. CFOs also expect inflation to ease to 2.9 per cent by mid‑2026 and foresee a reduction in the Bank of England's base rate to around 3.75 per cent over the next year Geopolitical threats remain the chief concern among finance leaders, with eight consecutive quarters placing it atop their risk rankings, though the weighted risk score dropped slightly to 71 from 74.
Business Times
07-07-2025
- Business
- Business Times
UK firms lose taste for US investment: Deloitte survey
THE attractiveness of the United States as an investment destination has plunged in the eyes of British business executives who now see opportunities closer to home, a survey showed on Monday. Deloitte's survey of chief financial officers at major British firms showed a net balance of +2 per cent of respondents saw the US as an attractive place to invest, down from +59 per cent in late 2024 - shortly before President Donald Trump took office. The report tallied with official US data last month that showed inward foreign direct investment fell sharply in early 2025, a drop that coincided with high business uncertainty over Trump's tariff plans. By contrast, Deloitte said British company executives warmed to their own market, with the balance for the UK rising to +13 per cent from -12 per cent - ranking top with India for investment attractiveness. The US remained more attractive than the rest of developed Europe or China, both of which had negative readings in Deloitte's survey. 'These results reveal a shift in sentiment with the UK now viewed as a leading global investment destination,' said Richard Houston, senior partner and chief executive of Deloitte UK. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'This renewed confidence, coupled with a rise in risk appetite, is welcome and underscores the considerable investment potential the UK offers.' In 2023, Britain was the fourth-biggest direct investor into the United States by ultimate beneficial owner, with a position of US$636 billion, according to official US data. The Deloitte survey showed British executives reported an uptick in business confidence compared with the previous survey published in April. While still subdued, the optimism index ticked up to -11 per cent from -14 per cent in the previous quarter. British business surveys generally point to weak economic growth - a problem for finance minister Rachel Reeves, who is likely to raise taxes again at the next budget, according to market expectations. Deloitte polled 66 chief financial officers and executives between June 16 and June 29, including 37 listed companies with a combined market value of £386 billion. REUTERS
Time of India
22-05-2025
- Business
- Time of India
Deloitte UK CEO to employees: Technology transformation division faced a particular …
Deloitte UK has announced that it will cut bonuses to 80% for employees in its technology and transformation consulting division and reduce overall promotions after the unit failed to meet profit targets for the 2025 financial year. Chief Executive Richard Houston informed staff in a company wide email that the technology and transformation (T&T) division "faced a particularly challenging year and fell materially short of its performance goals," according to Business Insider, which obtained the internal memo. Partners in the struggling division will also see reduced annual rewards. The firm plans to promote only 5,500 employees—25% of its UK workforce—compared to 28% promoted last year. Houston said Deloitte's total profits would be "slightly ahead of last year" but "below our original plan" when the financial year ends May 31. Market headwinds hit consulting demand, says Deloitte UK CEO Houston attributed the shortfall to continued market uncertainty , citing "an early election, geopolitical complexity, and unexpected economic headwinds" that disrupted anticipated growth opportunities. The consulting industry has faced a broader slowdown in demand that has pressured revenue growth across major firms. Employees in Deloitte's other three divisions—deals, tax and legal, and audit and assurance—will retain full bonuses after meeting or exceeding targets. However, the promotion cuts affect all divisions, with one T&T consultant telling Business Insider the news was "demotivating" and had "dampened" office morale. The firm has implemented aggressive cost-cutting measures , including slashing staff travel and expenses by over 50% in October 2024. Deloitte's global revenue grew just 3.1% to $67.2 billion in 2024, a sharp deceleration from the previous year's 14.9% increase. Despite the challenges, a Deloitte spokesperson emphasized the firm remains committed to "salary increases, bonuses, and promotions" alongside enhanced benefits packages. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
21-05-2025
- Business
- Yahoo
Deloitte to establish four technology centres across UK
Deloitte UK is set to establish four new technology delivery centres, aiming to offer advanced technology solutions to clients across the UK. These centres, forming part of Deloitte's Technology & Transformation business, will start operations on 1 June 2025 in Belfast, Cardiff, Manchester, and Newcastle. Initially, these centres will consolidate 750 of Deloitte's technologists to develop and implement technology solutions tailored to the dynamic needs of UK businesses. The focus areas will include app design, cloud engineering, and the integration of AI into various software and systems, such as SAP, to facilitate business transformation. These technology centres are anticipated to double the headcount to 1,500 within the next three years. The firm will offer multi-year technical training programmes to nurture new joiners into becoming experts in business solutions and technology delivery. Deloitte Belfast already has a workforce of more than 1,000. The new Belfast facility is poised to be the largest of the technology centres, with an additional 500 jobs expected to be created over the next three years. Deloitte regions managing partner Richard Bray said: 'Investing across the UK is a priority for Deloitte, and our technology centres are key to this ongoing commitment. I'm particularly excited about the opportunities these centres create for people wanting to start a new career in technology. 'We chose the North East as the pilot last year, initially hiring in a 25-strong cohort from a diverse pool of over 500 applicants - including individuals without prior technology experience, veterans, and those returning to work after a career break. We've since grown further in the North East and I look forward to welcoming many more talented individuals to Deloitte as we grow our business throughout the UK and create jobs for the future.' Furthermore, as per a report by the Financial Times (FT), Deloitte has informed its UK employees of impending changes, including fewer promotions, reduced average salary increases, and cuts to bonuses on average by 20% within the consulting division due to disappointing profits. In an email to employees, the company's senior UK partner Richard Houston indicated that the firm's overall profits for the financial year were "below our original plan" but "slightly ahead of last year". The consulting arm of Deloitte experienced a particularly challenging year, significantly underperforming its goals, the report said. The audit practice also fell short of profit expectations. However, the firm's deals business and tax and legal arm exceeded profit expectations and will receive full bonuses, stated FT. Deloitte's global revenues in 2024 saw a 3.1% growth, marking its 'worst performance' in 14 years, primarily due to a downturn in consulting services. To counteract this, Deloitte reduced its travel and expenses budget, which Houston acknowledged as a difficult but necessary measure to allocate funds for this year's bonuses. Deloitte plans a 2.9% salary increase for UK employees next year, a cautious approach reflecting the current market outlook and the recent 3.4% inflation rate. The firm also plans to promote approximately 5,500 employees, a reduction compared to previous years. In April 2025, Deloitte announced that it would shed jobs in its US consulting division. "Deloitte to establish four technology centres across UK" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
