Truss’ mini-budget knocked £425bn off pension funds, and Prince Harry settles phone hacking trial.

1. Pension funds saw their valuations plunge by nearly a quarter in 2022, partly due to the bond market turmoil that followed Liz Truss’s mini budget, new research suggests. According to a new report from the Pensions Regulator, the value of assets held by pension funds fell by around £425bn over 2022, equivalent to a 24 per cent fall in the overall value of scheme assets. https://www.cityam.com/liz-truss-mini-budget-helped-knock-425bn-off-pension-funds-assets-in-2022/ 2. Prince Harry has settled the remaining claims in his phone hacking lawsuit against the publisher of the Daily Mirror, two months after the paper was found to have hacked his phone. https://www.cityam.com/publisher-of-the-daily-mirror-to-pay-substantial-costs-to-prince-harry-in-settlement-of-phone-hacking-lawsuit/ 3. US president Joe Biden has hit back at questions about his age and his memory in a surprise speech. It comes in response to a report by a top lawyer calling him an “elderly man with a poor memory”. https://www.cityam.com/biden-im-well-meaning-elderly-and-i-know-what-the-hell-i-am-doing/ 4. Hiring activity in the legal market has slumped, falling back in line with pre-pandemic figures while demand for in-house roles has also plunged, especially in the banking sector. According to data from Search and VacancySoft, shared exclusively with City A.M., throughout 2023, both quarterly and monthly total vacancies were consistently lower than the previous year. https://www.cityam.com/legal-sector-job-vacancies-in-the-city-plummeted-last-year-as-firms-returned-to-pre-pandemic-hiring/ #liztruss #pension #princeharry #phonehack #joebiden #usa #president #lawyer #jobs #uknews #businessnews #cityamnews