Brewdog founder James Watt on Britain’s ‘existential’ debt crisis October 11, 2024 Founder of beer chain Brewdog has warned Britain’s political system faces an “existential crisis”, and has offered a solution to get on top of it. James Watt took to LinkedIn to vent his frustration at the levels of debt being serviced in the UK economy at the moment, which makes it “impossible for us to [...]
Government borrowing jumps as threat of tax hikes grows September 20, 2024 The figures come just over a month before Rachel Reeves delivers her first Budget as Chancellor.
Asos slashes £500m debt pile as refinancing deals revealed September 11, 2024 Asos has announced the successful refinancing of the majority of its £500m debt due in 2026, with only just over £70m outstanding. The online fast-fashion retailer, which has struggled with post-pandemic shopping trends, had £500m in convertible bonds due 2026. The London-headquartered company has now exchanged £253m into convertible bonds due in 2028 rather than [...]
Thames Water creditors in funding drive to dodge special administration September 6, 2024 A group of Thames Water’s creditors are devising backup plans for a renewed injection of cash in a bid to prevent the firm from being effectively renationalised. The UK’s biggest water company is struggling under an £18.7bn debt crisis, and is in talks with lenders to provide it with fresh funding. The floundering utility firm [...]
Government borrowing exceeds estimates as public sector spending jumps August 21, 2024 Monthly borrowing figures will be closely watched over the coming months for clues about how much Labour will raise taxes in October's Budget.
Donald Trump discloses $513m in income from US golf clubs and resorts August 16, 2024 Former president Donald Trump’s latest financial disclosure revealed that he has made over half a billion in income from his US golf clubs and resorts and is facing hundreds of millions in legal problems. A Bloomberg analysis of the Republican presidential nominee’s 265-page filing highlighted that the businessman-turned-politician listed a total of $513m (£398m) in [...]
UK company interest payments skyrocket as rate hikes eat into profits July 1, 2024 UK company interest costs have skyrocketed almost 30 per cent as higher interest rates and rising debt ate into the profits of British businesses.
UK borrowing totalled £15bn last month as debt nears 100 per cent of GDP June 21, 2024 In fresh figures from the ONS, public sector net debt, excluding public sector banks, was just under 100 per cent of total GDP.
We can’t borrow our way back to growth June 12, 2024 When 7.3 per cent of public spending goes on interest spending, the debt burden is completely unsustainable – and it’s only getting worse, says Paul Ormerod This week’s manifesto launches have made the poor state of the public finances clear – simply put, there’s very little money for any party to play with. One reason [...]
We’re still paying for lockdown, so why is no one talking about it? June 7, 2024 We borrowed billions to pay for lockdown but neither Starmer nor Sunak will admit that the resulting debt is holding the public finances in a vice-like grip, says Paul Ormerod To borrow a famous phrase from Karl Marx, a spectre is haunting the election campaign. Despite the frantic efforts by the Conservatives to portray Keir [...]