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Today’s news in brief – 10/11/2023

HW Fisher has promoted Sam Dewes to partner in the private client department, recognizing his ten years of experience advising high net worth individuals. Dewes specialises in complex international structures, UK residence and domicile matters, UK property issues, and succession planning. As a fellow of the Chartered Institute of Tax, he contributes to their private client technical sub-committee and regularly writes for tax and legal publications. The managing partner, Andy Rich, praises Dewes for his exemplary work, dedication, and commitment to establishing offshore expertise, emphasising talent as key to HW Fisher’s growth.

RSM Ireland has secured a strategic investment from RSM UK to fuel growth and expand market share, anticipating at least 200 new jobs in the next three years. RSM UK acquires ownership, reinforcing the firms’ collective ambitions while maintaining independent operations. Niall May is set to become managing partner in January 2024, leading the growing team of 200 people across Ireland. The investment aims to enhance capabilities, service offerings, and strengthen RSM Ireland’s position in the Irish middle market. Founding partners remain in strategic leadership roles, and RSM UK’s CEO highlights the alignment’s potential benefits.

PwC’s UK Economic Outlook has forecast the UK economy to grow by approximately 0.5% in 2023 and 2024, indicating improvement from the earlier prediction of 0.1% growth for 2023. While avoiding a recession, economic activity may contract in the third quarter of the current year. London’s economy is expected to grow by 0.8%, with Northern Ireland at 0.6%. The Midlands and Scotland may experience slower growth due to factors like manufacturing sector exposure. Inflation is projected to reach around 4.6% by year-end, with a potential return to a 2% inflation target in 2025.

PwC’s UK Economic Outlook suggests a slowdown in inflation, expecting it to be around 4.6% by year-end, higher than the April prediction but below the government’s target. Inflationary pressures are gradually easing, and a return to a 2% inflation target is unlikely until 2025. Household energy prices may rise in early 2024 due to geopolitical instability in the Middle East. Services inflation is anticipated to decrease to about 6%, while core goods inflation is expected to steadily drop. PwC’s economist notes signs of subsiding inflation but acknowledges its impact on household finances in Northern Ireland.

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