Claim of supermarkets profiteering doesn’t pass ‘basic smell test,’ says former Sainsbury’s boss June 21, 2023 The former boss of Sainsbury’s has roundly rejected claims that British supermarkets are profiteering during the cost of living crisis, arguing that the government and regulators should focus on helping those in need instead of considering “interfering in markets”. “This idea that [supermarkets] are somehow profiteering in these circumstances… it doesn’t even pass a basic [...]
London small firms dominate fast growth list despite inflationary drag June 21, 2023 London’s small businesses have dominated a list of the country’s fastest growing firms this year despite inflation dragging on growth across the country, according to new research. In a ranking of the UK’s 100 fastest growing small firms by business group FEBE, 26 per cent of firms hailed from the capital while 13 per cent [...]
UK banks leading European counterparts in tech readiness, new research reveals June 21, 2023 UK banks are leading against European rivals in their preparation for new technologies but still have much further to go to secure global leadership, new research shows. A new study from IT and consultancy firm Accenture – shared exclusively with City A.M. – shows that around a third of UK bank board members have technology [...]
Rosebank: UK’s largest undeveloped oilfield set to be approved by regulators within weeks June 21, 2023 The UK’s largest undeveloped fossil fuel field, is set to be approved by regulators within the next two weeks, City A.M. understands.
WH Smith, M&S and Argos among hundreds fined for failing to pay minimum wage June 21, 2023 Hundreds of businesses including high-street heavyweights WH Smith, M&S and Argos have been named and shamed after being fined for failing to pay workers the minimum wage. Firms from sole traders to household names were ordered to repay 63,000 staff lost wages totalling close to £5m, after breaching National Minimum Wage (NMW) law. WH Smith [...]
Rishi Sunak: City of London will be ‘engine room’ of UK investment in rebuilding Ukraine June 21, 2023 Ukraine is set to receive £3bn in World Bank loan guarantees as Prime Minister Rishi Sunak confirmed the UK would continue to support the nation for “as long as it takes” in the fight against Russia. Sunak will also announce a major financial support package for the eastern European country as it mounts its long-awaited [...]
We’ve overegged the power of interest rates and now we’re paying the price June 21, 2023 Interest rates aren't a policy tool for central banks, but rather an important pricing mechanism. Yet since the 1080s central bankers have been doing it all wrong, creating crisis after crisis, writes Max Rangeley
We can’t base artificial intelligence laws off of the risks we only imagine to be real June 21, 2023 We’ve heard endless calls to ‘do something’ on artificial intelligence, but politicians are still basing their thinking on the risks they assume to be real, not the ones we know about, writes James Boyd-Wallis. Last week, Rishi Sunak said he wants to balance safety and innovation to realise the potential of artificial intelligence. But to [...]
The Bank of England risked our economy by believing a Peter Pan myth on inflation June 21, 2023 The Bank of England is failing to predict or control the high rate of inflation because ultimately, no one believes in its ability to correctly predict the course of the economy, writes Paul Ormerod
EP: 209 Royal Ascot – Thursday June 20, 2023 It’s Gold Cup Day at Royal Ascot when the best of the stayers line up to run over the famous two and a half mile trip. The Group 2 Ribblesdale Stakes for fillies is another feature on Thursday’s Royal Ascot card. Jockey Oisín Murphy rides the well supported Coltrane in the Group 1 and joins [...]
