Inflation forces one in three Brits to trade down to cheaper products September 26, 2022 Brits are trading down to cheaper products in response to rampant inflation squeezing their finances, a survey published today shows. A third of consumers are buying more own brand products, while one in four are turning to cheaper retailers in a bid to cap their weekly shop, according to consultancy KPMG. The research illustrates the [...]
Investors to examine retailers’ books for signs of spending slump September 25, 2022 Investors will be parsing over a slew of results from top retailers for signs of a slowdown in consumer spending in response to an economic slump. London’s premier FTSE 100 index notched a poor performance last week, shedding 3.62 per cent to close at 7,018.60 points, mainly driven by a sharp sell off on Friday [...]
‘There is more to come’: Kwarteng hints at more tax cuts September 25, 2022 Kwasi Kwarteng has strongly hinted he will bring in more tax cuts, after today vowing “there is more to come”. The chancellor said Prime Minister Liz Truss had only been in Number 10 for “19 days” and that the pair wanted to continue on a radical economic path. Kwarteng announced the UK’s largest package of [...]
Starmer commits to reversing Truss’ cut to 45p rate of Income Tax September 25, 2022 Sir Keir Starmer has vowed to reverse the government’s decision to cut the 45p top rate of Income Tax for the UK’s biggest earners if Labour wins the next election. The Labour leader also said he would keep Liz Truss’ 1p cut to the 20p basic rate of Income Tax. Chancellor Kwasi Kwarteng announced the [...]
Treasury denies allegations of gambling with economy as pound falls below $1.10 September 24, 2022 The Treasury has denied allegations of gambling with the UK’s economy as the pound fell below $1.10 for the first time in almost 40 years following yesterday’s mini-budget. Paul Johnson, director of the Institute for Fiscal Studies, said Britain will go on an “unsustainable path” of borrowing following the reforms – the most radical in [...]
Drive customer engagement with relevant offers and rewards September 23, 2022 | Sponsored Amid the cost-of-living crisis, consumers are increasingly looking for greater value in every transaction, with rewards becoming a key motivator in driving purchasing decisions. After helping brands with their travel loyalty programmes during the pandemic, Valuedynamx is now helping financial and banking clients offer rewards to their customers. Customer engagement programmes are a strategic investment that [...]
Pound crashes to fresh 37-year low against US dollar after Kwarteng tax bonfire September 23, 2022 The pound plunged to a new historic low against the US dollar in response to new chancellor Kwasi Kwarteng launching the biggest round of tax cuts since 1972 at today’s mini-budget. Sterling crashed over one per cent against the greenback to $1.1108, its lowest level in 37 years. The pound has been on a downward [...]
Liz Truss cost of living support fails to prevent new consumer confidence low September 23, 2022 Liz Truss’s cost of living support has done nothing to lift Brits’ optimism out of the doldrums, a closely watched survey published today reveals. Consumer confidence collapsed five points over the last month to minus 49, the lowest since research firm GfK started tracking the figures in 1974. The survey was carried out between early [...]
Kwarteng vows ‘new era’ as he prepares to unveil tax-cutting mini-Budget September 22, 2022 Kwasi Kwarteng will tomorrow outline the biggest package of UK tax cuts in more than 30 years as a part of the government’s bid to launch a Thatcherite economic revolution. The chancellor today confirmed he would axe this year’s 1.25 percentage point increase in National Insurance in tomorrow’s mini-Budget and he is expected to cancel [...]
London’s FTSE 100 drops after second big Bank of England rate hike September 22, 2022 London’s FTSE 100 plunged today after the Bank of England lifted interest rates 50 basis points for the second time in a row. The capital’s premier index fell 1.08 per cent to 7,159.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 2.05 per [...]