Ka-Ching! Brits pay instantly £1.65bn more in interest after today’s Bank of England rate hike September 22, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 2.25 per cent, UK households face an immediate increase in interest payments of £1.65bn. Analysis of Bank of England data shows UK households are currently paying £20.25bn annually in interest payments on floating rate debt that are [...]
Royal Mail shares slump to two-year low as union accuses it of ‘all out attack’ September 22, 2022 Royal Mail shares hit a two-year low today after it confirmed no union pay deal had been reached and that an agreement to protect jobs would be terminated. The delivery giant told the Communication Workers Union (CWU) that it would scrap a nine-year deal to protect jobs and conditions, pushing the CWU to back down [...]
Addleshaw Goddard signs lease on larger London offices September 22, 2022 Addleshaw Goddard has signed a 15-year lease on new offices at the heart of London’s financial centre in a vote of confidence in the City. The City law firm is set to leave its Milton Gate offices near the Barbican for the newly refurbished 41 Lothbury building, opposite the Bank of England. Addleshaw Goddard is [...]
Queen mourning period gave tourism and retail big boost, says payment firm SumUp September 22, 2022 The Queen’s death and funeral may have led to 10 days of national mourning, but it also gave Britain a welcome tourism boost, according to payments firm SumUp. SumUp, which provides 4m small and medium-sized firms and other organisations with payment devices, said the industry experienced a spike in the last fortnight. It released data [...]
Failure to cut energy demand risks ‘reckless’ waste of taxpayer money September 22, 2022 Capping energy prices without boosting insulation would risk a “reckless” use of taxpayers’ money, warned the Social Market Foundation.
Uniper reaches deal with Government to keep coal plant open over winter September 22, 2022 Uniper has secured an agreement with the Government to extend the life of its remaining unit in Nottinghamshire.
Lidl now highest-paying supermarket in UK with £39.5m investment in staff salaries September 22, 2022 Discount giant Lidl has committed £39.5 in salary increases to its store and warehouse staff, becoming the highest-paying supermarket in Britain. The retailer is increasing hourly rates from £10.10 to £10.90 outside the capital, and within London, hourly wages will go up to £11.30 and £11.95 inside the M25. , Some workers are set to [...]
Sterling’s freefall is global but there are still markets where the Pound buys you more than last year September 22, 2022 The pound has tanked again against the dollar and is now down 18 per cent year-on-year. As the Bank of England prepares to hike interest rates later today, Sterling has endured a rough ride on the currency markets over the last 12 months. As a result, this is making holidays more expensive in 48 out [...]
Govt sets up two-phase approach to make City ‘most competitive place for financial services’ September 22, 2022 The UK Government has set-up a two-phase approach for the City of London in a bid to make the capital “the most competitive place for financial services in the world.” Chancellor Kwasi Kwarteng will unveil an initial set of reforms in his fiscal statement tomorrow, while presenting a more comprehensive package later this autumn. Government [...]
Backing fracking: Government lifts ban to boost energy security September 22, 2022 The Government has officially lifted the lifted the moratorium on fracking in England, paving the way for further shale gas generation.