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2nd June 2025
 
THE HOT STORY
Consultancy focus sees 'culture and mindset' shift at accountancy giants
Writing in the Telegraph, Louis Goss opines that where a role at a leading accounting firm was once among the most prestigious jobs in the City, there has been a shift as the Big Four firms seek to become "sprawling sellers of consultancy services." He cites a former consultant who suggests roles at the leading firms are now about "making money from bulls--t by pretending to be an expert in front of large corporate clients." Professor Atul Shah of City University, London, says an increased focus on consulting has transformed the "culture and mindset" at the Big Four, and notes that such work represents at least a third of these firms' revenue. Shah says that this "has made them highly commercial firms, with strong revenue generation incentives for partners." The Telegraph says that “Insiders at the accountancy firms may agree that their ranks are filled with nonsense roles. But, for now at least, the big four are likely to keep the 'bulls--t jobs' boom going for as long as possible.”
WORKFORCE
Value of university education 'inflated'
The Office for Statistics Regulation (OSR) has raised concerns about the accuracy of Department for Education figures claiming that graduates earn over £10,000 more annually than non-graduates. Paul Wiltshire, an accountant with a degree in maths and statistics, has conducted a six-month review and his report, Why is the average Graduate Premium falling?, reveals that many graduates earn as much as or less than non-graduates, despite accumulating an average debt of £45,000. The OSR has indicated that the current statistics do not adequately account for prior academic attainment, leading to misleading conclusions about the value of university education. Ed Humpherson, head of the OSR, said he expects the DfE to make changes to the publication of data to "reflect that the statistics should not be used to compare the outcomes of graduates and non-graduates in isolation from prior academic attainment."
Union warns over NHS pay strikes
Ross Nieuwoudt and Melissa Ryan, co-chairs of the resident doctors committee at the British Medical Association (BMA), say junior doctors could co-ordinate strike action with GPs and consultants unless the government agrees to an increase in pay. The BMA claims resident doctors have seen real terms pay cuts of over 20% since 2008 due to inflation. A current offer of a 5.4% pay rise has been deemed insufficient. The union leaders have accused Health Secretary Wes Streeting of refusing to commit to any negotiations over pay for resident doctors.
IHT raid puts 200k jobs at risk
A study from CBI Economics suggests that 208,500 full-time jobs could be lost by April 2030 as a result of an inheritance tax raid that will affect family-owned businesses. The changes to business and agricultural property relief are expected to raise around £1.8bn in tax revenue over the next five years, but at a net fiscal cost of £1.9bn. The CBI Economics analysis, which was commissioned by lobby group Family Business UK, also found the tax changes would result in a GVA loss of £14.8bn. Almost half of family businesses expect to reduce headcount due to the changes, while around 50% expect to pause or cancel planned investments.
John Lewis and Waitrose pressed to bring back staff bonuses
Disgruntled workers at John Lewis and Waitrose have shared an open letter and launched a petition calling on bosses to bring back bonuses after a three-year drought.
TRAINING & DEVELOPMENT
Ministers plan education policy rethink
A forthcoming white paper on schools in England is being described in Whitehall as a "reset" of education policy. It will set out proposals for reforming SEND provision and outline a strategy for white working-class boys. Senior Labour figures are calling for exams at 16 to be either scrapped in their current form or reformed. There are also calls for A-levels to be reimagined to allow pupils to take a broader range of subjects. It is noted that a survey of 300 businesses by PwC recently found that only four in 10 think the current curriculum and assessment system prepares young people properly for the workplace.
TECHNOLOGY
AI will take half of entry level jobs, Anthropic CEO says
Dario Amodei, the chief executive of AI start-up Anthropic, says the technology could eliminate up to 50% of all entry level white-collar jobs within the next five years. He said the producers of such technology "have a duty and an obligation to be honest about what’s coming," adding: "I don’t think this is on people’s radar." Heather Dishy, a partner at venture capital firm SignalFire, has suggested that AI is "doing what interns and new grads used to do," adding: "Now, one experienced worker equipped with AI tools can do the work of multiple junior staff, without the overhead."
STRATEGY
Civil service job cuts 'could save £5bn a year'
Research by Policy Exchange suggests that cutting 80,000 Civil Service jobs could save the Treasury as much as £5bn a year. The think-tank's report argues in favour of enabling staff to take home more pay in exchange for smaller pensions. It also suggests increasing salaries at the higher levels, saying they have become "increasingly uncompetitive." Report author Stephen Webb, a former director at the Home Office and Cabinet Office, noted government plans to make reductions of £1.5bn by the end of the Parliament, but suggested that these could go "further" and "faster," delivering £5bn in reductions. Calling for greater efficiency, John Kingman, the former second permanent secretary at the Treasury, said: "An over-resourced administrative machine inevitably generates ever more processes for itself and slows itself down."
Reform launches DOGE council unit
Reform UK is set to launch a new unit aimed at tackling waste and inefficiency in local government, the Daily Mail reports. The initiative is modelled on Elon Musk's Department of Government Efficiency in the US. The agency has been tasked with reducing US government spending and cutting jobs. To be reportedly led by a tech entrepreneur with expertise in data analytics, the team - which will include software engineers and forensic auditors - will visit the ten local councils under Reform's control to identify cost-saving measures.
LEADERSHIP
Denis-Smith makes history
Dana Denis-Smith, a lawyer from Transylvania, has made history by becoming the first foreigner to lead the 200-year-old Law Society, which represents over 170,000 solicitors in England and Wales. Growing up under Nicolae Ceausescu's regime in Romania, she initially aspired to be a journalist, learning English through the BBC World Service. After qualifying as a solicitor at Linklaters in 2007, she successfully reclaimed land taken from her grandparents during the communist era. Elected deputy vice-president this week, she will assume the presidency in two years' time. Denis-Smith said she "didn't ever expect to become a lawyer" but added that while growing up in Romania she was "very aware of how my parents couldn't advocate for themselves and were really impacted by their lack of education."
INTERNATIONAL
Trump administration bans use of diversity data in federal hiring
The Trump administration has directed federal agencies to stop using statistics related to race, sex, ethnicity, or national origin in the hiring process. The move is part of an executive order aimed at prioritising merit in hiring decisions. The Office of Personnel Management's memo states that all hiring and promotion decisions must be based solely on "merit, qualifications and job-related criteria." Critics argue that collecting racial or gender data is essential for identifying discrimination in hiring practices. The memo also emphasises recruiting from a broader range of educational backgrounds, observing: "Going forward, agencies shall ensure that early career recruitment focuses on patriotic Americans who will faithfully adhere to the Constitution and the rule of law."
ILO cuts 225 jobs amid funding crisis
The International Labour Organization (ILO) has announced the loss of approximately 225 jobs due to reduced funding from the US government. ILO Director-General Gilbert F. Houngbo said: "One job loss is too many," as he reflected on the impact on staff morale. The ILO is considering relocating some operations from Geneva to alleviate financial pressures, with potential new locations including Turin, Budapest, and Doha. The US contributes 22% of the ILO's $880m budget for 2026-2027, and Houngbo indicated that further cuts could necessitate a revised budget, a rare occurrence for the organisation. A business continuity plan is being developed, alongside a freeze on external recruitment and a voluntary redundancy programme.
Chinese bank offers to help rich clients’ children gain top internships
Chinese regional lender Industrial Bank sparked outrage after a now-deleted post on the WeChat social media platform said that it could arrange for customers’ offspring to gain work experience at top firms including Google and JP Morgan - if they made US$1.4m deposits. The lender for Fujian province has since announced that it had paused the offer and apologised for any “misunderstandings caused by incomplete descriptions.”  In a statement, Industrial Bank said it had not directly arranged internships for clients’ children, but had merely intended to refer them to external recruitment consultants.
 


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