Services sector reaches 13-month high but UK growth ‘lopsided’ as consumers raid the storecupboard April 21, 2023 Growth of Britain’s services sector has reached a year-high in April, a closely watched survey has revealed. Figures released this morning in S&P Global/CIPS flash UK purchasing managers’ index, show output rose to 53.9 in April from 52.2 in March. The survey showed that private sector growth had increased for the third consecutive month, beating [...]
Sunak accused of ‘dither’ on decision to sack deputy PM Raab over bullying report April 21, 2023 Dominic Raab is determined to battle on as Rishi Sunak ponders whether to sack the Deputy Prime Minister after receiving a report into whether he bullied officials. After being accused of “dither”, the Prime Minister was taking a second day to determine whether he will kick Mr Raab out of his Cabinet as he reviews [...]
Retail: Sixth wettest March on record dampens sales as shoppers’ fail to weather inflation hike April 21, 2023 Retail sales fell 0.9 per cent in March as wet weather conditions and high inflation hit consumer spending during the month. Despite Mother’s Day falling within the month retail, non-food sales such as clothing and homeware, fell by 1.3 per cent as the sixth wettest March on record since 1836 deterred shoppers from hitting the [...]
UK economy in ‘early stages of recovery’ as families shrug off inflation and interest rate hikes April 21, 2023 Britain’s economy could be in the early stages of a recovery, with consumers holding up pretty well under the pressure of high inflation and interest rate increases, a closely watched survey out today indicates. Families’ outlook on how well the economy will perform over the coming year is improving, while confidence in their own personal [...]
Are men embarrassed to eat Coronation quiche? April 20, 2023 As the King’s Coronation looms, and with it, it’s signature quiche, Adam Bloodworth admits he’s one of many men embarrassed to order the eggy flan Who eats quiche? The egg based tart has a dry image, seen these days as the preserve of grandparents, academics, and people who can’t be bothered to make lunch. It’s [...]
FCA will ‘keep its eyes’ on banks’ Q1 results for evidence of savings rate profiteering April 20, 2023 Savers are facing a rising “loyalty penalty” from high street banks, the Financial Conduct Authority (FCA) has warned. Customers banking with the UK’s big name lenders are likely to earn less competitive interest rates on their savings over time, while new savers are given more attractive offers, the City watchdog told MPs today. “Harm” from [...]
Flat packing in the USA: Ikea invests £1.7bn in stateside arm April 20, 2023 Ikea will invest €2bn (£1.7bn) into the US market, its biggest investment into a single market to date, as the home furnishings giant looks to capitalise on the current economic climate. The flat pack retailer said it plans to open eight new sites in the US alongside nine planning studios and order points, The Financial [...]
Mulberry lifted by strong China sales as luxury handbag maker shrugs off cost of living crisis April 20, 2023 Despite a challenging macro-economic background, luxury fashion brand Mulberry has announced an “improvement” in retail revenue over the second half of the year in its trading update for the year ending 1 April 2023. The British heritage brand – known for its iconic handbags – reported that revenue was slightly ahead of last year, with [...]
WH Smith: Resurgent global travel boosts airport giant’s profits – and it’s committed to the high street too April 20, 2023 WH Smith has benefited significantly from the return of global air travel with a big boost in profit on last year. The popular high street newsagent reported £45m in pre-tax profits, up from £18m last year, as millions came through airports where Smiths has many outlets. In the six months to February 2023, it announced [...]
Can Amazon Prime, Netflix and the streamers survive the UK’s recession fears? April 20, 2023 The number of British households signed up to streaming platforms has slumped so far this year, as more cash-strapped viewers trim their subscriptions to cut costs. The number of homes subscribed to at least one video streaming platform fell to 16.1 million between January and March this year, down from 16.91 million during the same [...]