Dire economy drags UK consumer confidence down to lowest level ever August 19, 2022 “Exasperation” with the plight of the UK economy has eroded consumer confidence to the lowest level ever, reveals a closely watched survey published today. Households are being downtrodden by a string of bleak economic news, uncertainty over how they will cope with sky-high energy bills during the winter months and sharp fall in spending power. [...]
Downing tools: Investors pile into bets against B&Q owner as DIY boom slows August 18, 2022 The troubled owner of retailer B&Q has become the most shorted stock on the London Stock Exchange this week as two top investors revealed hefty bets against the firm.
Historic inflation surge to swell UK debt interest bill to over £200bn August 18, 2022 A historic inflation surge is set to swell the UK’s debt interest bill to over £200bn, top economists have warned today. Britain’s public purse is set to come under intense pressure over the next two years that may cause the government to miss their borrowing fiscal rule, according to the Institute for Fiscal Studies (IFS). [...]
AO World swings to £37m loss as costs skyrocket August 18, 2022 Online electrical retailer AO World revealed it had swung to a £37m loss in the year to March as costs skyrocketed and pandemic-induced boom in sales dropped off.
Bank of England to launch another jumbo rate hike to tame over 10 per cent inflation August 17, 2022 The Bank of England is set to launch a series of jumbo rate hikes to tame inflation that is beginning to be driven by domestic factors, City economists warned today. Prices climbed 10.1 per cent annually in July, the fastest acceleration since February 1982 and much higher than the Bank and analysts’ forecasts, according to [...]
UK’s cost-of-living crisis could spark ‘Great Reshuffle’ as workers seek out better paid jobs August 17, 2022 Soaring inflation could spark a “Great Reshuffle” in the UK’s job market as workers are increasingly prioritising higher salaries in seeking to manage rising living costs, a survey of 2,000 workers shows. More than half (55 per cent) of UK workers are actively looking for jobs with a view to securing higher salaries due to [...]
Asda chair slams Boris Johnson for not being ‘in charge’ as UK flounders amid cost of living crisis August 17, 2022 Boris Johnson has been lambasted by Asda boss Stuart Rose for being on “shore leave” as the UK faces economic turmoil. The supermarket chairman has criticised the Prime Minister for treating his last few weeks in the job as “one big party,” while the country is in the throes of a cost of living crisis. [...]
Young watching seven times less broadcast TV than over 65s August 17, 2022 Young adults are watching seven times less broadcast TV than those aged 65+, according to new figures published today, as they continue to bypass traditional broadcasters and enjoy streaming services. While those aged 65 and over spend almost six hours a day enjoying broadcast TV, the average for people aged 16-24 is less than an [...]
Over half of money managers bet on global recession this year August 16, 2022 Over half of investors are fretting over the global economy tumbling into recession this year, new figures released today show. Some 58 per cent of money managers think global output will shift into reverse, up from a minority of 47 per cent, according to Bank of America’s latest global fund managers’ survey. The latest reading [...]
Mortgage transactions predicted to drop six per cent in 2022 due to interest rate hikes August 16, 2022 Mortgage activity is set to drop six per cent in 2022 as rising inflation and interest rates put pressure on potential homeowners. Brokers Henry Dannell published figures this week showing the housing market had crashed from the highs of 2021, with interest rates putting off new buyers. Figures precept mortgage activity to contract by six [...]