INEOS boss Sir Jim Ratcliffe brands CMA ‘increasingly hostile to business’ after $1bn deal snub July 4, 2023 INEOS chair Sir Jim Ratcliffe has lashed out at Britain’s competition watchdog for being “increasingly hostile” to business – after it blocked a $1bn deal involving his firm. The business titan who founded the private chemicals giant made his comments after the Competition and Markets Authority prevented INEOS’ acquisition of Sika AG, a concrete additives [...]
Sainsbury’s: ‘Food inflation starting to fall’ as supermarket giant reports grocery sales surge by 11 per cent July 4, 2023 Sainsbury’s has claimed “food inflation is starting to fall” as it recorded an 11 per cent hike in grocery sales in the first leg of the year. The ‘Big Four’ grocer, recorded an inflation-led 9.8 per cent like-for like-increase in total retail sales excluding fuel in the first quarter of the year up from 4 [...]
ULEZ expansion will push building businesses over the brink, warns industry boss July 4, 2023 The boss of the British Merchants Federation (BMF) has warned that outer London building businesses hit by ULEZ charges could face closure or move if the 29 August expansion goes ahead as planned. John Newcomb, chief executive of the trade association BMF, told City A.M.: “My biggest concern is that you would see closure of [...]
Explainer: Labour’s plans for education, from breakfast clubs to private schools July 3, 2023 This week is very much education and health week. We celebrate the 75th anniversary of the NHS on Wednesday, while teachers go on strike on the same day and on Friday too. Labour is focusing on education, with a big speech from Keir Starmer expected later this week on opportunities and access. This means Shadow [...]
CMA takes aim at supermarkets for weakening fuel price competition – as Brits pay nearly £1bn more for fuel July 3, 2023 Increased supermarket profit margins led to drivers paying almost £1bn more for fuel last year, the Competition and Markets Authority (CMA) has found. Following a year long investigation, the watchdog said today that average supermarket fuel margins rose by 6p per litre between 2019 and 2022, with £900m syphoned out of customers pockets in total. [...]
Retailer insolvencies jump to higher level than pandemic as brands buckle under economic pressure July 3, 2023 A squeeze on shoppers’ finances has increased the number of retailers being plunged into hot water, new research shows, as the cost of living crisis continues to decimate businesses. As inflation sits at a sticky 8.7 per cent, the number of retailers entering insolvency jumped 56 per cent in the past year, according to figures [...]
ULEZ: Sadiq Khan to face High Court showdown this week over divisive policy July 3, 2023 Sadiq Khan faces a High Court showdown this week over his plans to expand the Ultra Low Emission Zone (ULEZ) to most of Greater London by the end of the summer. A coalition of Conservative-led councils opposed to ULEZ claim that the mayor has acted unlawfully while attempting to expand the controversial scheme. The court [...]
Sainsbury’s results: Will efforts to keep prices low pay off? July 3, 2023 Investors will turn their focus to Sainsbury’s first quarter trading update on Tuesday to see how shoppers are reacting to the impact of food inflation amid the cost of living crisis. The supermarket is expected to post a jump in revenues driven by higher grocery sales over the quarter to June. Analysts at Shore and [...]
Tories facing biggest by-election defeat in UK history as Nadine Dorries’ seat goes up for grabs July 3, 2023 The Conservative Party is facing the biggest by-election defeat in British history in Nadine Dorries’ Mid Bedfordshire seat, pollsters at Opinium have warned. Labour is set to overturn the former culture secretary’s 24,664 majority in the ‘safe’ seat, which has voted blue since 1931. Adam Drumming, from Opinium, said: “The Conservatives are holding onto just [...]
John Lewis submits £500m London planning bid for 800 homes – but questions remain about affordability June 30, 2023 John Lewis is pressing on with its shift away from the high street and into residential property by submitting initial planning applications for new ‘build to rent’ homes in the capital The hard-hit retailer submitted proposals for nearly 800 rental homes on London sites in West Ealing and Bromley, with plans for a site in [...]