GDP contracts: Economic growth grinds to a halt as UK reaches ‘dreadful’ recession November 11, 2022 The UK economy contracted by 0.2 per cent between July and September, compared to growth of 0.2 per cent in the previous three months, the Office for National Statistics said this morning. Commenting on the gross domestic product (GDP) figures that showed a 0.2 per cent contraction in the third quarter of the year, ONS [...]
Appetite for high-emission foods growing as sustainability takes a back seat amid rising bills November 10, 2022 Brits are giving up on going green as over half of all consumers in the UK have ditched environmentally friendly products. This is largely due to the cost-of-living crisis as one in two Brits admit price is now significantly more important than health, sustainability and quality when it comes to the weekly food shop. Despite [...]
UK economy misses out on 24 per cent growth after financial and Covid-19 crises November 10, 2022 The UK economy would be 24 per cent bigger had the global financial and Covid-19 crises not happened, a Wall Street bank has said. “A series of unfortunate events and policy choices have cut UK potential growth” over the last decade or so, Bank of America said in a note to clients. Since the financial [...]
‘Show restraint on pay’, fund managers tell FTSE bosses November 10, 2022 Fund managers are urging the UK’s top bosses to rein in their pay this year as the economy is rocked by a cost of living crunch.
Octopus looks to slash heat pump costs with Lloyds deal November 9, 2022 Renewable energy firm Octopus has struck a deal with Lloyds Banking Group to roll-out low-cost heat pumps to customers today, in a tie-up that aims to boost the decarbonisation of domestic heating.
Tesco nudges 2m shoppers to spend £13m of expiring vouchers before Christmas rush November 9, 2022 Tesco has reminded 2m of its customers to spend up-to £13m in unclaimed vouchers before they expire in a bid to battle the cost of living crisis this Christmas. The retail giant’s friendly nudge to almost 2 million people comes as the cost of living continues to bite, and many look to save money ahead [...]
UK at greater risk of mortgage default wave than international counterparts November 9, 2022 The UK is at greater risk of being jolted by an uptick in mortgage defaults during the global economic slowdown, a top Wall Street bank has warned. Goldman Sachs reckons the country will undergo a bigger unemployment surge compared to other English speaking countries, dealing a heavy blow to households’ capacity to pay off home [...]
Brits told they should brace themselves for even higher food and drink prices November 9, 2022 Food and drink prices are expected to climb even higher than previously expected – with meat, fruit, vegetables, dairy and bread seeing the biggest increases, a new forecast has suggested. The rate of food price inflation will reach a peak year-on-year of between 17 per cent and 19 per cent in early 2023, the Institute [...]
The American dream: Flutter upgrades US outlook with ‘no sign of slowdown’ November 9, 2022 The American dream continues for Flutter, as the betting giant boosts it revenue guidance for its US business Fanduel. The Paddy Power and Betfair owner told investors its third-quarter revenues rose 22 per cent year-on-year to £1.89bn, bolstered by a recent Italian acquisition and stateside success. US revenue surged 82 per cent to $700m, pushing [...]
JD Wetherspoon sales lift as budget chain ‘one of few winners’ amid economic crunch November 9, 2022 JD Wetherspoon posted buoyant sales for the first quarter, although it said demand had softened slightly in October. Shares dropped by as much as eight per cent, after the company admitted October trading had been slightly slower than expected. Like-for-like sales were 9.6 per cent higher than the same period last year, with the pub [...]