UK hurtling toward recession on double-digit cost of living squeeze, Bank of England warns May 5, 2022 The UK is hurtling towards a recession sparked by households being gripped by the tightest cost of living squeeze since the early 1980s, revealed fresh forecasts by the Bank of England today. The economy will struggle to eke any growth for most of next year, dragging the UK into a 0.25 per cent contraction in [...]
The City View: Bank of England hike rates once more May 5, 2022 Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. Together they go through the thinking behind the Bank of England’s 25 basis point rate rise earlier today, which brought the UK’s interest rate to 1%. They take a look at the Bank’s forecasts, and explain why a recession is almost inevitable. [...]
McColl’s appeals for rescue deal: Administration ‘increasingly likely’ unless solution can be found May 5, 2022 Convenience store giant McColl’s has said it is “increasingly likely” it will be forced to call in administrators unless an immediate rescue deal can be cinched. Responding to press speculation, the London-listed firm said that “unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be [...]
Ben Wallace: Russian military leaders ‘turning in on themselves’ over the ‘disaster’ war May 5, 2022 Defence secretary Ben Wallace has claimed Russian military leaders are “turning in on themselves” out of fear of being purged by Putin. The minister made his comments while visiting Final, saying the Kremlin’s top brass are playing the blame game over the “disaster” war. He claimed generals are worried about being scapegoated for the invasion’s [...]
UK ports call on government to compensate them for delaying post-Brexit checks by 18 months May 5, 2022 UK ports have called on the government to compensate them for delaying post-Brexit checks by more than a year and a half. According to the ports, the government delays on checks on European animals and plants announced last week mean that the high-tech facilities built for the inspections will remain empty until the end of [...]
OPEC+ maintains modest hike in oil production as EU weighs up Russian import ban May 5, 2022 OPEC+ has agreed a modest increase in its oil production targets next month, following a meeting earlier today.
New Sports Direct boss asserts Mike Ashley is ‘not pulling the strings’ amid of price increase warning May 5, 2022 Sports Direct’s new chief has asserted that the retailer’s former boss and his future father-in-law is “not pulling the strings.” In his first interview since stepping into Mike Ashley’s shoes as chief executive of Frasers Group, Michael Murray warned prices would likely go up. The high street titan was facing headwinds “going through the roof,” [...]
Car insurance prices sink to lowest in seven years May 5, 2022 Car insurance prices have, on average, sunk to the lowest since 2015, the Association of British Insurers (ABI) announced today. Comprehensive prices, which are now at £416, dropped 5 per cent compared with 2021 levels following the Financial Conduct Authority’s decision to offer both new and returning customer the same tariff, and end “loyalty premiums.” [...]
Germany turns to floating gas units to cut down dependence on Russian imports May 5, 2022 Germany has rented four floating storage and regasification units as it aims to reduce its reliance on piped natural supplies from Russia.
Ex-husband of Formula One heiress accused of taking part in £266m money laundering scheme May 5, 2022 The former husband of Formula One heiress Petra Ecclestone’s played a leading role in a £266m money laundering scheme, a court has been told. Socialite James Stunt took a “a very hands-on approach” to running the operation, which saw millions in used noted deposited into the NatWest account of Bradford gold dealer Fowler Oldfield, prosecuters [...]
