UK economy: Retail sales crash as cost of living crunch continues to bite Retail In an ominous sign for the UK economy, retail spending fell in September with analysts warning of a tough Christmas ahead
Dunelm: ‘Value’ offer leads to record revenue amid cost of living crunch Retail Dunelm posted record sales of £1.64bn, in its preliminary results, rising up 5.5 per cent from last year's figures, as the homeware retailer was bolstered by cost reductions.
Cost of living crunch sinks teeth into Morrisons profit MORRISONS Morrisons has posted sliding sales after the retailer was recently knocked out of the Big Four by discounter rival Aldi. In financial results for the 13 weeks to 31 July, the group posted like-for-like sales, excluding fuel, down 3.1 per cent on the comparable period a year ago. The supermarket pointed to “unprecedented inflationary pressures” [...]
Regulators holding back fintech firms in cost of living crunch, industry body says March 2, 2023 Regulatory red tape is stopping fintech firms from boosting financial inclusion and helping consumers through a cost of living crunch, the industry body and EY said today. In a new report, Innovate Finance and big four firm EY said today that City regulators need to quickly expand the UK’s open banking regime and loosen rules [...]
Twinings owner Associated British Foods boosted amid cost of living crunch December 9, 2022 Primark owner Associated British Foods (ABF) has said its food business will fair better this year than the last, as it faces the UK’s economic downturn with low-cost offerings. At its annual general meeting today, chairman, Michael McLintock is expected to keep the group’s full year outlook unchanged, as many businesses in the country nudge [...]
Harry Potter publisher Bloomsbury benefits as Brits turn to books as affordable treat in cost of living crunch March 15, 2023 People turning increasingly to books as an affordable hobby in the cost-of-living crisis has helped Harry Potter publisher Bloomsbury hike its full-year profit outlook. The group – which is also the publisher behind Bake Off star Paul Hollywood’s latest cookbook Bake – said it was seeing surging demand for titles in print, ebook and audio, [...]
Buy-now pay-later complaints jump as shoppers rely on providers amid cost of living crunch February 19, 2023 Shoppers are filing more complaints about buy-now pay-later (BNPL) firms to the UK's financial complaints body as shoppers turn to firms like Klarna and Zilch to fund their spending in the cost of living crisis.
UK to tip into ‘mild recession’ as cost of living crunch cools spending June 27, 2022 Brits responding to the cost of living crisis by reining in spending may tip the UK into a “mild recession” next year, reveals fresh forecasts released today. The Bank of England embarking on a rapid interest rate hike cycle may also send the economy into reverse, according to a new report by consultants KPMG. Yael [...]
Virgin Money reports jump in accounts as lender braces for cost of living crunch August 2, 2022 Virgin Money boss David Duffy said the lender was braced to support customers through a cost of living crunch today as the high street lender reported a jump in digital personal and business accounts in the third quarter of the year.