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The latest ONS figures show retail sales volumes increased by 0.4% in August, driven by clothing (up 2.3%) and food (up 1.2%), mostly recovering from July’s washout. 

Commenting on the latest corporation tax statistics published today, Dan Robertson, partner at RSM UK, said:   ‘It’s clear to see that UK companies are in good health despite current headwinds, contributing more to the UK’s coffers than ever before.

Jasper Van Heesch, director and private equity senior analyst at RSM UK, said: ‘The decision by both the Bank of England and the Federal Reserve this week to keep interest rates unchanged is welcome news for the private equity sector. It’s unlikely to trigger an upward spike in deal flow, but we expect it will steady the ship and help stem the decline of deals we’ve been seeing in the UK and US for the last 12 months. 

According to today’s House Price Index by the Office of National Statistics, UK average house prices have risen 0.5% from last month on a non-seasonally adjusted basis from June 2023. The average UK house price is £300,000 in July 2023, £2,000 above July 2022 but £2,000 below the peak in November 2022. However, since April 2023, house prices have risen £6,000. 

The number of registered company insolvencies in August 2023 was 2,308 – a 19% jump from 1,941 in the same month last year, according to new figures. These figures are also higher than pre-pandemic levels.

In July 2023, the volume of monthly construction output decreased by 0.5%, following a 1.6% increase in June. The decrease came solely from a 1.3% decrease in repair and maintenance, with new work increasing 0.1%. 

Leading audit, tax and consulting firm RSM UK has appointed Ben Collett as partner to lead the firm’s performance improvement and turnaround practice within consulting.

According to the latest PMI data by S&P and CIPS, the headline construction PMI for August fell to 50.8, following July’s unexpected rise to 51.7 – its highest level since February. 

Commenting on the latest CIPS UK Manufacturing Purchasing Managers’ Index which has continued the downward trend falling to 43, Mike Thornton, national head of manufacturing at RSM UK, said: 'The manufacturing PMI in August decreased to 43, the lowest level excluding the pandemic since the financial crisis, indicative that the manufacturing industry is weaker than the wider UK economy.'