80 per cent of all Brits have less than £500 in their account as hordes of people are slipping into debt July 9, 2022 The number of customers with persistent debt problems has jumped by almost a third as the cost-of-living crisis bites further, the boss of Lloyds said this morning. Charlie Nunn, who took over at the finance giant, said customers are “concerned” about the economy but said he believes many are talking “too negatively” about the financial [...]
Brits slash spending on essentials as cost of living soars July 8, 2022 Brits are tightening the purse strings and cutting back on essentials as the cost of living continues to soar, according to official polling today.
‘Pump-price competition is broken’: AA disagrees with watchdog’s verdict that 5p tax duty cut WAS passed on at the pump July 8, 2022 Motoring groups have disagreed with Competition and Markets Authority’s verdict that the 5p fuel duty cut was reflected in pump prices, as the watchdog calls for further investigation and more transparency. The CMA’s urgent review, ordered by Business Secretary Kwasi Kwarteng, found an increase “refining spread” added 24p a litre to petrol and diesel over [...]
In memoriam: Gove started to crack open a housing crisis paralysed by indecision July 8, 2022 Amid the utter chaos of the last 72 hours – from the torrent of ministerial resignations to Boris Johnson’s own painful almost-exit – there was someone who was ushered out of Cabinet – Michael Gove. A long-time frenemy of the prime minister, Gove had been appointed Secretary of State for Housing – soon after renamed [...]
Shop visits increase as shoppers hunt for cheapest prices but sales growth lags July 8, 2022 Visits to shops have increased as shoppers hunt for the cheapest prices, however this has not translated into sales growth amid the cost of living crisis. According to data from the British Retail Consortium, UK footfall increased by two percentage points in June, versus the prior month. Shoppers were hunting for the best deals as [...]
The cost of living crisis won’t wait – we need a caretaker PM who can deliver stability July 8, 2022 So the farce is over. The term has rarely been more apt after the Education Secretary, one of three in that post this week, resigned in protest of the prime minister who had appointed her a little over 36 hours prior. Indeed, the resignations were happening at such a swift pace, you would be hard [...]
Conservative MPs scramble to choose a new party leader July 7, 2022 The race to be the next Prime Minister of Great Britain and Northern Ireland began today as MPs scrambled to organise their Tory leadership campaigns. There is no obvious successor to Boris Johnson, with a wide field of candidates from all wings of the party expected to stand. The 1922 Committee of Tory backbenchers will [...]
LIVE BLOG: Boris Johnson ‘should not remain in Downing Street’ says former PM Sir John Major July 7, 2022 Welcome to City A.M.’s rolling coverage of the ongoing Conservative coup against prime minister Boris Johnson. We’ll bring you all the latest news, resignations, appointments, analysis and opinion, as well as the impact of the crisis on the markets and economy. 2pm – Former PM Sir John Major says Boris Johnson “should not remain in [...]
New prime minister has to grapple with ‘unsustainable’ UK indebtedness, fiscal watchdog warns July 7, 2022 Britain is on “an unsustainable path” to high indebtedness unless action is taken to strengthen the public finances, the country’s fiscal watchdog warned today. A combination of higher health spending to deal with an ageing society, the loss of motoring taxes due to the transition to net zero and greater geo-political risks could swell the [...]
Starmer, Sturgeon and Davey respond to Boris Johnson’s resignation: Election, referendum and unity on the table July 7, 2022 Labour leader Keir Starmer has led the response to Boris Johnson’s impending resignation, saying he has been “Responsible for lies, scandal and fraud on an industrial scale” North of the border, the Scottish National Party’s Nicola Sturgeon saw the resignation as a renewed opportunity to push for independence, while Wales’ First Minister Mark Drakeford called [...]