According to an article written by Leah Montebello in the Daily Mail the British Chambers of Commerce (BCC) and Cisco surveyed over 1,000 businesses with 75% believing that five-day office work weeks were a thing of the past, writes David Little, a partner in our Corporate and Commercial Law team.
Jane Gratton, BCC policy director, said: “The study indicates hybrid working is “now part of the fabric of the modern workplace.”
During the pandemic we learned very quickly, out of necessity, that the technology which has been in our machines for nearly a decade was actually capable of keeping us connected to the office, whilst working from home. We had to stay at home. There Is (was) No Alternative (‘TINA’).
Post pandemic, or possibly as a consequence of the economy’s ongoing downturn, another industry – the fund management sector – also has its problems.
For a long time now, fund management, about £2 trillion under management in the UK, depending how you measure it, has routinely underperformed the stock market. Whilst stock markets were rising, fund managers’ fees didn’t seem so onerous.
For most of the last 15 years, when interest rates were nearly zero, money went into stock markets on the TINA principle. (There Is No Alternative.)
But now the base rate is 5.25%, and some High Street bank accounts are paying at least as much as that, fund managers not being able to keep up with that rate of return on top of their management fees have a problem.
One to watch in 2024?
That story has a long way to go I predict.
Contact our Corporate & Commercial Solicitors
David Little is a Partner at Bishop & Sewell in our expert Corporate & Commercial team. If you would like to contact him, please quote Ref CB440 on either on either 07968 027343 / 020 7631 4141 or email company@bishopandsewell.co.uk.
The above is accurate as at 18 December 2023. The information above may be subject to change.
The content of this note should not be considered legal advice. Each matter should be considered on a case-by-case basis.
