Ofgem considers halving price cap implementation period March 15, 2022 Ofgem has revealed it could halve the implementation period for the price cap - cutting it down from two months to one month.
Ex-minister: Billions lost in Covid fraud ‘one of biggest cock-ups’ in recent history March 15, 2022 Billions of taxpayer money lost through Covid loan fraud is “one of the most colossal cock-ups in recent government management”, the ex-fraud minister has said. Lord Theodore Agnew told MPs on Westminster’s business committee that he was told to “butt out” by Treasury officials when he tried to crack down on fraudsters taking out Covid [...]
UK bans export of luxury goods to Russia and introduces hiked import tariffs March 15, 2022 The UK has banned the export of luxury goods to Russia, including designer handbags and works of art. The Chancellor also outlined new import tariffs that will represent a 35 percentage point increase on current rates. The fresh tariffs will hit products like Russian vodka, fertiliser and steel. Products no longer allowed to be exported [...]
Number of Brits in jobs up by 275,000 people to record 29.7m March 15, 2022 The number of UK workers on payrolls rose by 275,000 between January and February to a record 29.7 million, the Office for National Statistics said this morning. Grant Fitzner, chief economist at the Office for National Statistics, said: “The labour market continues to recover from the effects of the pandemic, with the number of unemployed [...]
Russia-Ukraine war raises spectre of UK recession March 14, 2022 Russia’s invasion of Ukraine risks plunging the UK economy into recession by propelling inflation to historic levels, according to a new report released today. Soaring food and energy prices triggered by the conflict could send the cost of living for the poorest households in the UK above 10 per cent, research published today by the [...]
Government needs to step up support for small firms at spring statement March 14, 2022 The government needs to step up support for small businesses to turbo charge the UK economy at this month’s spring statement, according to Britain’s top small firm representative body. Small businesses need support to cope with huge increases in raw material and staffing costs, according to the Federation of Small Businesses (FSB). The organisation today [...]
Sunak: UK businesses need to urgently cut links with Russia March 13, 2022 More British businesses need to urgently cut any ties with Russia to “inflict maximum economic pain – and to stop further bloodshed,” Chancellor Rishi Sunak urged today. Western blue-chips have been severing ties with Moscow in a combined effort to freeze Russia out of the global economy. The likes of Shell and BP are in [...]
Rishi Sunak preparing more help for families facing rising energy bills March 13, 2022 Rishi Sunak is reportedly drawing up plans to provide more financial help to families facing further increases in energy bills in the wake of the Russo-Ukraine war. The chancellor is expected to outline details of a two-stage intervention to ease the cost of living crisis during his spring statement on 23 March, according to the [...]
Latest GDP figures confirm UK economy grows 0.8 per cent as Covid fears subside March 11, 2022 Official data from the Office for National Statistics (ONS) showed that gross domestic product (GDP) grew by 0.8 per cent in January as the hit from the Omicron variant subsided. It more than reversed the entire 0.2 per cent fall that had been observed in December. Experts had predicted a 0.1 per cent rise in [...]
Rishi Sunak urged to ‘turn wise words into action’ by FSB chair after small retailers feel ‘abandoned’ March 11, 2022 The chair of the Federation of Small Businesses (FSB) has urged chancellor Rishi Sunak to “turn wise words into action”, after the vast majority of micro firms said they felt “abandoned” by his policies. As the cost of living crisis continues to bite for retailers and consumers alike, 2,000 independent retailers were surveyed through Not [...]