D-Day in the City: Bank of England set to make history today by raising interest rates by record 50bps August 4, 2022 Today the Bank of England could make history by raising interest rates by 50bps for the first time since the Monetary Policy Committee was set up back in 1997. In June, the vote was a split decision, and it is quite likely that this one could be too. Then, three members of the MPC voted [...]
Vast majority of UK businesses struggle to get staff back into the office as workers demand flexibility August 4, 2022 Three in five UK business leaders are struggling to get employees back in the office, with younger workers in particular seeking flexibility and better workspaces. In fact, two-fifths seeking a new workspace to reflect their changing office needs, according to new research shared exclusively with City A.M. this morning. infinitSpace found that more than a third of [...]
Go-Ahead bidders add another £22m to their offer to give takeover of transport giant the final push August 4, 2022 The bidders planning to buy transport operator Go-Ahead Group have upped their offer by more than £20m. Australian bus network Kinetic and Spanish transport firm Globalvia agreed to take over Go-Ahead in June for around £647m. But the consortium of investors raised their takeover bid by £22m to about £669m today despite not having any [...]
Energy watchdog Ofgem to review price cap quarterly ahead of ‘challenging winter’ August 4, 2022 Energy regulator Ofgem said this morning that the energy price cap will be reviewed quarterly, rather than every six months, as it warned that customers face a “very challenging winter ahead”. The regulator said the change would go “some way to provide the stability needed in the energy market”, adding: “It is not in anyone’s [...]
Four Londoners charged for daylight murder in Wood Green that sent shockwaves through Haringey August 4, 2022 The Metropolitan Police has confirmed to City A.M. that four people have been charged as part of the force’s investigation into a fatal shooting in Haringey late last month. 27-year old Devonte Jackson of Elm Grove, N8, and a 16-year-old boy were charged with arson, assisting an offender and perverting the course of justice. They [...]
Sunak launches fresh attack on Truss’s tax cut plans warning Brits will face higher mortgage payments August 4, 2022 Ahead of the Tory leadership hopefuls next debate in their quest to become prime minister, Rishi Sunak launched a fresh attack on Liz Truss’s plans for tax cuts. The former chancellor said his Foreign Secretary rival in the Tory leadership race would further drive up interest rates, raising mortgage payments, with her plans. His warning [...]
Battle for Number 10: From tax to NHS, here are all the promises Liz Truss and Rishi Sunak have made so far August 3, 2022 Yesterday, Liz Truss has this morning performed a screeching U-turn on a policy to pay regional public sector workers less than their London counterparts. it came after a severe backlash from Tory MPs and Tees Valley mayor Ben Houchen. The embarrassing move comes as Truss and her rival Rishi Sunak continue to flesh out their [...]
Boris Johnson goes on holiday despite prime minister having less than five weeks in office August 3, 2022 Despite his premiership ending in less than five weeks time, Boris Johnson is to begin a summer holiday today. Downing Street would not give details of where the Prime Minister would be spending his time off from Wednesday until the end of the week. But the Prime Minister’s official spokesperson said Mr Johnson will remain [...]
Truss powers ahead as Sunak loses ground in Tory leadership race but ballot delay may work in his favour August 3, 2022 A reported ballot delivery delay over security concerns could give Rishi Sunak more time to make an impression before votes are cast as he appears to have lost ground in the Tory leadership race. A YouGov poll puts Liz Truss well ahead of Sunak in support from party members, with her lead increasing to 34 [...]
City giant under fire: BP’s £6.9bn profit labelled ‘obscene’ as energy bills and living costs skyrocket August 2, 2022 After oil giant BP said this morning that it made almost £7bn in profit, the result has been labbeled as “obscene”. Earlier today the company announced underlying replacement cost profits – its preferred measure – jumped to a far better-than-expected $8.5bn (£6.9bn) for the three months to June 30. But the announcement has caused anger [...]
