THE ACCOUNT
The latest in finance and business
Counting on growth
Economic growth has stalled and there are unfriendly economic headwinds to negotiate this year. And yet some recent surveys of UK businesses have been markedly more upbeat than might be expected.
Among them was one published by KPMG at the end of last year, which surveyed 1,500 small business owners, 92% of whom said they were confident about the 2025 outlook for their respective companies. “2024 has been a turbulent year, so it’s encouraging to see that private businesses are showing resilience and casting a very positive outlook for growth and investment in 2025 and beyond,” said Euan West, Head of KPMG Private Enterprise in the UK and Europe.
The Big Four firm also conducts a quarterly poll of more than 160 senior financial services executives. Results published in early January revealed that seven in 10 bosses working in financial services said they are confident that the government’s plans will drive growth and competitiveness in the sector during the course of this year.
A Lloyds Bank survey of around 1,200 UK businesses also found 73% expect their profitability to improve this year.
Counting on growth
Economic growth has stalled and there are unfriendly economic headwinds to negotiate this year. And yet some recent surveys of UK businesses have been markedly more upbeat than might be expected.
Among them was one published by KPMG at the end of last year, which surveyed 1,500 small business owners, 92% of whom said they were confident about the 2025 outlook for their respective companies. “2024 has been a turbulent year, so it’s encouraging to see that private businesses are showing resilience and casting a very positive outlook for growth and investment in 2025 and beyond,” said Euan West, Head of KPMG Private Enterprise in the UK and Europe.
The Big Four firm also conducts a quarterly poll of more than 160 senior financial services executives. Results published in early January revealed that seven in 10 bosses working in financial services said they are confident that the government’s plans will drive growth and competitiveness in the sector during the course of this year.
A Lloyds Bank survey of around 1,200 UK businesses also found 73% expect their profitability to improve this year.
To DEI for
Several big companies in the US have scrapped diversity initiatives and policies, including retail behemoth Walmart. The country’s largest private employer announced in November that it would reduce diversity initiatives and stop using the term DEI (diversity, equity, inclusion). Meta and Amazon have both followed suit. The decisions, which came just a few weeks after the re-election of Donald Trump, were seen as another victory for the right in an increasingly activist-led climate.
CostCo, however, is bucking the trend. Ignoring threats of a boycott, the discount superstore giant rejected a motion from a conservative pressure group demanding it re-examine the effectiveness of its DEI policies and instead reaffirmed its commitment.
“Our efforts at diversity, equity and inclusion remind and reinforce with everyone at our company the importance of creating opportunities for all,” said a CostCo statement. “We believe that these efforts enhance our capacity to attract and retain employees who will help our business succeed.”
TO DEI for
Several big companies in the US have scrapped diversity initiatives and policies, including retail behemoth Walmart. The country’s largest private employer announced in November that it would reduce diversity initiatives and stop using the term DEI (diversity, equality, inclusion). Meta and Amazon have both followed suit. The decisions, which came just a few weeks after the reelection of Donald Trump, were seen as another victory for the right in an increasingly activist-led climate.
CostCo, however, is bucking the trend. Ignoring threats of a boycott, the discount superstore giant rejected a motion from a conservative pressure group demanding it reexamine the effectiveness of its DEI policies and instead reaffirmed its commitment.
“Our efforts at diversity, equity and inclusion remind and reinforce with everyone at our company the importance of creating opportunities for all,” said a CostCo statement. “We believe that these efforts enhance our capacity to attract and retain employees who will help our business succeed.”
CAs in the news
Jimmy Weir CA
Jimmy Weir CA has been appointed as NED at Renais. The gin-maker, which is a certified B Corp, was co-founded by Emma Watson of Harry Potter fame. Weir brings extensive experience of the drinks industry to the table having stepped down as CFO at Direct Wines in June after nine years in the job. We’ll drink to that!
Ross McAdam CA
Ross McAdam CA is the new CFO at Embrace Steel Group, based in Glasgow. McAdam, previously Director of business advisory firm Craig Corporate, will play a key role in hitting Embrace’s £100m group revenue target. “I’m delighted to join Embrace at what is a pivotal time for the group and look forward to growing the group’s footprint in Scotland and throughout the UK,” he said.
Duncan Fraser CA
Duncan Fraser CA is the new Chief Operating Officer at Stronachs, a leading independent law firm with offices in Aberdeen and Inverness. Fraser has particularly strong ties to one of the two north-east cities – he was previously CEO of Aberdeen FC, council member with the Aberdeen & Grampian Chamber of Commerce and a board member at Sport Aberdeen.
Power plant
Chartered Accountants Worldwide has recently been highlighting how its 16 member bodies around the world, which includes ICAS, are aiming to reach their respective net-zero targets.
Among them is the Institute of Chartered Accountants of India, which launched a landmark initiative for its 75th-anniversary celebrations, pledging to plant 100,000 trees. This ties into national sustainability efforts, with branches across India planting thousands of saplings.
Similarly, the Australia and New Zealand member body, CA ANZ, has committed to net-zero Scope 1 and 2 emissions by 2030 and has cut travel emissions by 30% while monitoring Scope 3 emissions.
ICAS is committed to hitting net zero by 2045, focusing heavily on reducing Scope 3 emissions and leveraging digitalisation to minimise its environmental impact.
Power plant
Chartered Accountants Worldwide has recently been highlighting how its 16 member bodies around the world, which includes ICAS, are aiming to reach their respective net-zero targets.
Among them is the Institute of Chartered Accountants of India, which launched a landmark initiative for its 75th-anniversary celebrations, pledging to plant 100,000 trees. This ties into national sustainability efforts, with branches across India planting thousands of saplings.
Similarly, the Australia and New Zealand member body, CA ANZ, has committed to net-zero Scope 1 and 2 emissions by 2030 and has cut travel emissions by 30% while monitoring Scope 3 emissions.
ICAS is committed to hitting net zero by 2045, focusing heavily on reducing Scope 3 emissions and leveraging digitalisation to minimise its environmental impact.
Rotten Apple
If you watched TV over Christmas you would probably have seen at least one of the advertisements promoting Apple Intelligence, its new AI tool. Over the years Apple’s ads have rightly earned many plaudits. The underlying message has tended to be that tech enhances our lives and acts as an enabler to creativity.
The current ads, though, have rightly earned nothing but pelters. In each of them, AI is covering up for somebody doing something badly. The underlying message is: don’t bother trying to be better because you can count on AI to dig you out of a hole.
Take the ad where a woman who has forgotten her husband’s birthday rapidly puts together a touching slide show on her phone, something many of us could do before this new AI tool came along. It reminded me of the time Mark Zuckerberg proudly revealed an AI-powered toaster, because humankind clearly couldn’t figure out how to set it so the toast doesn’t burn.
Apple’s new campaign followed last spring’s disastrous – and swiftly withdrawn – promo for the new iPad, which depicted musical instruments, books and films being crushed by a hydraulic press. The ad was supposed to celebrate the iPad’s capabilities, but was condemned by people in the arts world. Actor Hugh Grant described it as “the destruction of the human experience, courtesy of Silicon Valley”.
The problem with so many of these messages is that if AI does everything you can do, what is the point of you? You become expendable, struggle to find another role and, ultimately perhaps, can no longer afford Apple products.
Tech giants have invested billions in AI, but as writer and advertising commentator Jeff Beer observed, “With its new ads, Apple seems to be pitching its AI tools as a cure for the dumb and lazy.”
Apple, in particular, should know that the company became the favourite of creative industries everywhere by fuelling people’s imaginations, not replacing them with a tidal wave of AI slop.
Ryan Herman
Rotten Apple
If you watched TV over Christmas you would probably have seen at least one of the advertisements promoting Apple Intelligence, its new AI tool. Over the years Apple’s ads have rightly earned many plaudits. The underlying message has tended to be that tech enhances our lives and acts as an enabler to creativity.
The current ads, though, have rightly earned nothing but pelters. In each of them, AI is covering up for somebody doing something badly. The underlying message is: don’t bother trying to be better because you can count on AI to dig you out of a hole.
Take the ad where a woman who has forgotten her husband’s birthday rapidly puts together a touching slide show on her phone, something many of us could do before this new AI tool came along. It reminded me of the time Mark Zuckerberg proudly revealed an AI-powered toaster, because humankind was too dumb and lazy to figure out how to set it so the toast doesn’t burn.
Apple’s new campaign followed last spring’s disastrous – and swiftly withdrawn – promo for the new iPad, which depicted musical instruments, books and films being crushed by a hydraulic press. The ad was supposed to celebrate the iPad’s capabilities, but was condemned by people in the arts world. Actor Hugh Grant described it as “the destruction of the human experience, courtesy of Silicon Valley”.
The problem with so many of these messages is that if AI does everything you can do, what is the point of you? You become expendable, struggle to find another role and, ultimately perhaps, can no longer afford Apple products.
Tech giants have invested billions in AI, but as writer and advertising commentator Jeff Beer observed, “With its new ads, Apple seems to be pitching its AI tools as a cure for the dumb and lazy.”
Apple in particular should know that the company became the favourite of creative industries everywhere by fuelling people’s imaginations, not replacing them with a tidal wave of AI slop.
Ryan Herman
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