Your Latest “Festive” Galago Insights are Here! - December Edition

Welcome to the December Festive edition of Insights from the Galago Group! As the year draws to a close and the festive season is in full swing, we take a moment to reflect on the year’s journey and look ahead to the opportunities of 2025. In this special issue, we unwrap the latest developments, exciting innovations, and key trends shaping healthcare, logistics, technology, and recruitment. With the new year just around the corner, it’s the perfect time to plan, prepare, and set the stage for a bright and successful year ahead. So grab a cup of hot cocoa, get cosy, and let’s dive in!

In Healthcare:

The UK healthcare sector is addressing significant challenges this December. Health Secretary Wes Streeting has prioritised emergency care to reduce avoidable A&E deaths amid a sharp rise in flu cases, with hospital admissions up 70% in a week. Health officials are urging flu and COVID-19 vaccinations to prevent a “quad-demic” of flu, COVID, RSV, and norovirus. Meanwhile, the government has extended the ban on puberty blockers for transgender youth, prompting protests. On the innovation front, Microsoft is investing in AI-driven healthcare solutions, advancing efforts to improve patient outcomes.

In Logistics:

The UK logistics sector is navigating significant developments this December. Holyhead Port remains closed due to damage from Storm Darragh, disrupting ferry services between Ireland and Wales and raising concerns over Christmas deliveries. In response, An Post has rerouted parcels through alternative ports to mitigate delays. Additionally, the UK government has approved the ￡3.6 billion takeover of Royal Mail's parent company by Czech billionaire Daniel K?etínsky, marking the first foreign ownership of the historic postal service. These events highlight the sector's resilience and adaptability amid infrastructural challenges and significant ownership changes.

In Technology:

The UK technology sector is advancing with key developments this December. The Financial Conduct Authority (FCA) has launched consultations to regulate the cryptocurrency industry, balancing innovation with consumer protection. In fintech, early Revolut investors stand to gain millions as the company’s valuation soars, enabling significant share sales. Meanwhile, the UK government plans to introduce a “right of personality” to prevent AI companies from using celebrities’ voices or images without consent. These changes reflect the UK’s focus on fostering innovation while ensuring robust regulatory frameworks and protections.

In Recruitment:

The UK recruitment landscape is facing challenges this December. Private sector employment has declined at its fastest pace since January 2021, driven by rising employer National Insurance costs and economic uncertainty. Job vacancies have dropped by 23% year-on-year, with technology and professional services particularly affected. Despite this slowdown, wage growth remains strong, rising by 5.2% in the three months to October, led by private sector pay increases. These trends reflect a complex labour market, balancing economic pressures with ongoing demand for skilled talent in key sectors.

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Latest Employment Data:

In December 2024, the UK labour market continued to cool. The unemployment rate held steady at 4.3% in the three months to October. Job vacancies fell for the 28th consecutive period, dropping to 818,000 - the lowest since early 2021. However, wage growth accelerated slightly, with regular pay (excluding bonuses) rising by 5.2%, up from 4.9% in the previous quarter. These figures reflect a mixed labour market, balancing persistent economic uncertainty with modest improvements in wage growth.

• The UK employment rate for people aged 16 to 64 years was estimated at 74.9% in August to October 2024. This is largely unchanged on a year ago, but up in the latest quarter.
• The UK unemployment rate for people aged 16 years and over was estimated at 4.3% in August to October 2024. This is above estimates of a year ago, and up in the latest quarter.
• The UK economic inactivity rate for people aged 16 to 64 years was estimated at 21.7% in August to October 2024. This is below estimates of a year ago, and down in the latest quarter.
• Annual growth in employees’ average earnings for both regular (excluding bonuses) and total earnings (including bonuses) in Great Britain was 5.2% in August to October 2024.

This information was taken from the Office of National Statistics. You can read more information here.

Thank you for reading the December edition of Galago Insights! As the year comes to a close, we hope our updates have provided valuable insights and inspiration. With the New Year just around the corner, it’s the perfect time to reflect on the past year’s progress and prepare for the opportunities ahead in 2025. Look out for our January edition as we dive into the trends and innovations shaping the future.

Wishing you a Happy New Year and a successful start to 2025!