Revolution Beauty sees losses widen in long-awaited full year results following accounts probe May 26, 2023 Revolution Beauty saw operating losses surge to £38.8m, up nearly £30m in its long-awaited final year results for the year ending February 2022, which had been delayed after auditors raised serious concerns over its accounts. The embattled cosmetics group saw its pre-tax earnings (EBITDA) dip by £14.2m to a loss of £0.8m. Pre-tax losses were [...]
Chancellor Jeremy Hunt says Bank must act – even if hikes slow UK economy May 26, 2023 Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into recession. Mr Hunt insisted in an interview aired on Friday that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis. The Bank [...]
Retail sales up in April but analysts warn on implications of further rate hikes May 26, 2023 Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however high inflation and strains on household finances continue to hinder spending. Non-food stores sales volumes rose by 1.0 per cent during the month, data from the ONS shows, following a fall of 1.8 per [...]
Heathrow: BA IT issues set to cause cancellations and delays today May 26, 2023 British Airways has apologised after an IT issue caused the cancellations of domestic and European flights on Thursday, as Britain heads into the Bank Holiday weekend. There were more than 50 cancelled British Airways flights departing Heathrow on Thursday with the airline urging passengers to check their flight status before going to the airport on [...]
Top City investor: Rate hikes and gilt spike WILL throw UK economy into recession May 26, 2023 A top Square Mile economist has warned that further rate hikes and the increasing price of government debt means the UK will struggle to avoid recession. Speaking to the BBC’s Today programme this morning, Abrdn’s investment director Luke Hickmore said that incomes were set to come “under a lot of pressure” after the Square Mile [...]
How Wall Street is preparing for worst-case scenario debt default May 26, 2023 Anxiety is increasing in parts of Wall Street that rely on Treasury securities to function, with some traders starting to avoid U.S. government debt that comes due in June and others preparing to deal with securities at risk of default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise [...]
Gambling giants fined over promo messages to ‘excluded’ punters May 26, 2023 The gambling regulator has fined Paddy Power and Betfair £490,000 for sending promotional push notifications to customers who had signed up to exclude themselves. Paddy Power sent the offer of enhanced odds for a Premier League match between Tottenham Hotspur and Leeds United in November 2021 to devices that were either linked to accounts registered [...]
Ealing and Woolwich among Elizabeth line winners as house prices surge May 26, 2023 Boroughs located along the Elizabeth Line have seen a surge in house prices as the new line cuts City commuter times from areas like Ealing and Woolwich. As London battles a lack of supply, the quick transport links introduced by Crossrail have seen the price of homes in Ealing Broadway rise nine per cent in [...]
Nationwide to up mortgage rates as analysts predict further hikes May 26, 2023 Britain’s biggest building society is increasing some of its mortgage rates for new borrowing from Friday, saying this will ensure its rates “remain sustainable” in the current economic environment. The rate increases, of up to 0.45 percentage points, only affect customers taking out a new mortgage deal. For first-time buyers and those looking to move [...]
If we want to cut immigration, we have to be honest about the trade-offs May 26, 2023 From our universities, to our health service and the productivity of our economy, cutting immigration would change the structure of all of these and the workers we recruit, writes Ben Ramanauskas
