BUSINESS LIVE: Wage growth accelerates; Britvic takeover cleared; Capita to cut more staff
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UK wages grew by a stronger than expected 5.2 per cent in the three months to October, fresh data from the Office for National Statistics shows. The data, which surpassed forecasts of 5 per cent growth in average weekly earnings before bonuses, could further weigh on expectations for the pace and scale of Bank of England interest rate cuts.
The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Britvic, Capita, Chemring and Indivior. Read the Tuesday 17 December Business Live blog below. > If you are using our app or a third-party site click here to read Business Live.
. Outsourcing giant Capita has raised its cost-saving target from £160million to up to £250million, with the group's AI push leading to more job losses. The London-listed company, which hires about 41,000 people around the world, said it was increasing the use of artificial intelligence, which has helped further reduce costs.
Capita said voluntary employee attrition - meaning when staff choose to leave the company - of about 21 per cent will contribute to the savings target and reduce the need for redundancies. Capita also revealed that it was expecting about a £20million annual hit from the rate of employer national insurance increasing next year.
A £4billion Greek industrial conglomerate has confirmed plans to seek a primary listing in London in a fresh boost for the City. Metlen Energy & Metals, which is listed in Athens, said yesterday that it has filed paperwork with the watchdog, the Financial Conduct Authority (FCA).
