KPMG UK Invests in Talent with Partner Appointments, Comments on Interest Rate Decision

KPMG UK has announced the promotion of over a thousand partners and colleagues, as the professional services firm “continues to invest in the development of its talent. ”

The latest round of promotions “includes 56 new partners and 116 directors.”

A further 833 colleagues have also “been promoted, while 564 graduates and apprentices have progressed following successful completion of their exams this year.” During the financial year, an additional 42 partners “were also hired into the business.”

The new partner promotions and hires “span the full breadth of services provided by the firm, reflecting continued investment in its people and strong demand from clients. Of the 98 partner promotions and new hires, 30 are in KPMG UK’s tax and legal practice, 28 in consulting, 23 in deal advisory, 9 in audit and 8 in the firm’s central sales and services function.”

KPMG UK’s legal practice is reportedly “one of the key areas which has seen a period of rapid growth averaging 30% year-on-year over the last three years, as clients seek to benefit from the combination of multidisciplinary and legal expertise.”

The firm remains poised for “further strong growth driven by its continued addition of senior hires that broaden and deepen its offering.”

KPMG UK now has 826 partners, “up from 786 last year. Of the 98 new partners promoted or hired into the business, a third (33%) are women, 11% are from an ethnic minority background and 18% are from a low socio-economic background.”

Jon Holt, Chief Executive and Senior Partner of KPMG in the UK, said:

 “In the current climate, supporting our clients with our expertise is more important than ever. I’m delighted to congratulate our newly promoted partners and colleagues as we continue to invest in our talent and recognise their hard work through these promotions.” 

In another update, KPMG comments on the recent interest rate decision.

Yael Selfin, Chief Economist at KPMG UK, said:

“The MPC opts for a hawkish hold. The Bank of England has kept interest rates on hold as the MPC continues to monitor whether the current policy stance is sufficient to bring inflation down without the risk of overtightening it in the medium term. While the Bank revised its inflation projection down for this year, there is still some way to go before it could confidently say that price developments are under control.”

As noted in the update:

“Although headline inflation has come below the Bank’s forecast in recent months, pay growth has surprised to the upside. However, uncertainty about the reliability of the official wage data, which is running at higher levels than other comparable survey indicators, complicates the assessment of monetary policy effectiveness on the labour market. We expect the next couple of months to bring little change to the overall level of interest rates as inflation continues to gradually descend towards its target. We expect the Bank will look to ease policy towards the latter part of next year, and while the outlook for growth remains historically weak, more immediate risks to inflation are still skewed to the upside.”

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