UK ahead of EV adoption curve but charging accessibility lags behind August 4, 2022 The UK is currently ahead of the Climate Change Committee’s electric vehicle (EV) adoption curve by more than 100,000 cars. According to figures by Volkswagen Financial Services UK, there were 833,000 EVs in the UK as of March – up 71 per cent on last year’s levels. At the same time, registrations of battery-electric vehicles [...]
Brace for another financial crisis style recession, Bank of England warns August 4, 2022 The UK is set to slump into a recession comparable to the financial crisis, driven by the biggest inflation surge in 42 years, the Bank of England warned today. Britain’s economy will shift into reverse in the final three months of this year and stay there until the final months of next year, placing it [...]
Bank of England signs off biggest rate hike in nearly 30 years August 4, 2022 The Bank of England today ripped up the history books and hiked interest rates by the largest amount in its 25 years of independence. The nine-strong committee of rate setters, including governor Andrew Bailey, backed a 50 basis point rise by 8-1 in a bid to step up their battle against the worst inflation surge [...]
Hundreds of Amazon warehouse workers continue walkout over pay August 4, 2022 Amazon workers at an Essex warehouse are walking out for a second day on Thursday, in a protest calling for a “drastic” pay improvement. On Wednesday night and Thursday, around 400 workers at the Tilbury operation walked out over the US tech giant’s offer of a 35p per hour pay offer. Workers in the GMB [...]
Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]
Sunak launches fresh attack on Truss’s tax cut plans warning Brits will face higher mortgage payments August 4, 2022 Ahead of the Tory leadership hopefuls next debate in their quest to become prime minister, Rishi Sunak launched a fresh attack on Liz Truss’s plans for tax cuts. The former chancellor said his Foreign Secretary rival in the Tory leadership race would further drive up interest rates, raising mortgage payments, with her plans. His warning [...]
Cost of living: Morrisons follows Tesco and Asda in announcing fuel price cut of 6p per litre August 3, 2022 Morrisons is the latest supermarket to announce it is slashing the price of fuel, as households struggle to stay afloat amid a cost of living crisis. The retailer said on Wednesday that it had cut the cost of unleaded and diesel by an average of six pence a litre over the last week at all [...]
Threat of stagflation returns for first time since 1970s as UK enters early stage of drawn-out recession August 3, 2022 The UK is in the early stages of a drawn out recession that will tip millions of households into financial crisis, reveals fresh forecasts published today. An inflation surge driven by an unprecedented rise in energy bills will steer the economy into recession this quarter and keep it there until early months of next year, [...]
UK’s next PM could realise Britain’s crypto ambitions August 3, 2022 The UK is now just weeks away from getting its most pro-crypto prime minister ever in all likelihood. Following Boris Johnson’s resignation after a slew of resignations from his government, sexual assault allegations against conservative lawmaker Chris Pincher, and the fallout from ‘Partygate’, there are now only two candidates in the running to lead the [...]
Poundland to open 25 UK stores this year as low-price giant exploits Brits’ hunger for cheaper products August 3, 2022 Poundland said this morning it plans to open and relocate 25 stores across the country in 2022. Ten new branches will be opened by the end of next month and 15 more before the year ends. The low-price retailer said it will primarily focus on high streets, retail parks, and neighbourhoods, with stores expected to [...]