Revolution Bars: Clubbers scaling back makes for a ‘challenging’ year ahead July 26, 2023 Revolution Bars Group said that it expects trading for the rest of the year to be “challenging”, as young clubbers are scaling back nights out due to the cost of living crisis. In its full year results the group said like-for-like sales were down 8.7 per cent against pre-covid levels, as it warned that trading [...]
Just Eat CFO steps down as group returns to profit July 26, 2023 Just Eat Takeaway has said its chief financial officer Brent Wissink will step down next May as the group revealed it made a profit in the first half of the year. Wissink, who has been with the company since 2011, will step down in May next year at the company’s AGM to puruse other “opportunities”, [...]
Are wages or profits to blame for the inflation crisis? July 26, 2023 A lot of energy has been wasted on finding the source of the near two-year long global inflation surge. It has resembled a cathartic process to help families and businesses come to terms with how damaging the cost of living crisis has been. First Bank of England governor Andrew Bailey drew scorn for demanding workers [...]
Borrowing a Netflix password? You’re part of a generation of customer frauds July 26, 2023 You'd think it's only criminal gangs committing fraud, but if you are returning clothes after wearing them or sharing your Netflix password with friends, you're effectively doing the same, writes Martin Sweeney
Date for petrol car ban ‘immovable,’ says Michael Gove July 25, 2023 The 2030 ban on new petrol and diesel car sales is an immovable deadline, Cabinet minister Michael Gove has insisted after Rishi Sunak cast doubt on the policy. The Housing Secretary warned costly plans to tackle the climate crisis could create a “backlash” as ministers come under pressure from the Tory right to relax existing pledges. Amid [...]
Food promotions now make up 22.5 per cent of grocery sales – and it’s up a fifth from last year July 25, 2023 Promotions on food and other items now account for 22.5 per cent of grocery sales, as Brits continue to seek out bargains amid the cost of living crisis. The figure has risen from 20 per cent last year in the same period last year and is the highest over the past 12 months excluding Christmas and [...]
Amazon Warhammer deal spurs Games Workshop to record £170m profit July 25, 2023 Warhammer-maker Games Workshop saw bumper profits this morning as it benefitted from a major December deal with Amazon to turn its popular wargame into a TV series. Profits rose from £156m to £170.6m for the year ending in May, which the firm said was the highest it had “generated since flotation 29 years ago.” Revenues, [...]
Utilita boss: We’ve got ‘no faith’ in Ofgem’s ability to manage the market July 25, 2023 The price cap is still "the biggest single risk to supplier profitability," warned Utilita boss Bill Bullen, as he called for more household support.
UK recession risk just got a whole lot lower after inflation undershoot July 25, 2023 From the Bank of England to recession warnings, Jack Barnett gets under the skin of Britain’s economy in his weekly column Bank of England Governor Andrew Bailey would not have been the only person in the City last week breathing a sigh of relief after the better than expected inflation numbers. It was the first [...]
The Notebook: Kokou Agbo-Bloua on fashionomics, inflation musings and our broken food system July 25, 2023 Where interesting people say interesting things. Today it’s Kokou Agbo-Bloua, global head of economics, cross-asset & quant research and UK head of research at Societe Generale Fashionomics: The Good, The Bad and The Ugly Since the dawn of time, clothing has been an important part of our human experience. We lost our fur at least [...]