Boris Johnson will be a slave to U-turns until he discovers the art of policy flexibility May 31, 2022 It is not easy for a party to run the country for twelve years, so have some pity on the Conservative Party. Perhaps it was in response to the absolute dearth of ideas ranging from “getting a better paid job” to shopping “own-brand products” that Rishi Sunak finally capitulated and delivered a mini-budget last week [...]
BP and Total Energies most exposed to North Sea oil and gas levy May 30, 2022 BP and Total Energies will suffer the biggest losses in earnings from the government's announced levy on North Sea oil and gas operators, says UBS.
Missguided collapses into administration as fast fashion brand seeks buyer May 30, 2022 Missguided has collapsed into administration, after being hammered by supply chain costs and weakening consumer confidence. Fast fashion rival Boohoo is interested in snapping up the beleaguered brand, CityA.M. understands. Administrators from Teneo said there was “a high level of interest from a number of strategic buyers.” The Manchester-based firm had fallen foul of an [...]
Exclusive: London is the Silicon Valley of Europe, but ‘can not afford to sit on its tech laurels’ May 30, 2022 Forbes heralded London recently as the Silicon Valley of Europe as the capital proved to be “Brexit-proof” with around 18,500 new startups registering in 2021 alone. Although hybrid working has been adopted by many companies, London remains a place where giants such as Google, with its King’s Cross ‘landscraper’, nestle with newer companies such as fintech boomer Revolut, [...]
Exclusive: Staggering £130bn worth of homes left empty in London alone with record 87,731 vacant properties May 30, 2022 It has emerged that the value of vacant homes in London equates to over £130bn. London has a total of 87,731 vacant homes, making it the top city in the UK for the prevalence of empty houses. With house prices averaging £1.49m in the capital, the cost of vacant homes is approximately £130.8bn. A recent study [...]
Competition watchdog warns of pastry price rises amid Jus-Rol and Cérélia merger May 30, 2022 The competition watchdog has raised concerns that a merger between two bake-at-home dough producers could lead to higher prices of pastries. The Competition and Market Authority’s (CMA) said it was concerned about a merger between Jus-Rol and Cérélia, with fears prices would rise while the quality of products could suffer. After the deal, Paris-based Cérélia [...]
Sainsbury’s to pump £500m into offsetting rising costs as CEO says ‘we have to make it easy’ May 30, 2022 Sainsbury’s boss said this morning the supermarket giant plans to pump fresh funds into offsetting rising costs over the rest of the year as shoppers become “increasingly concerned” about their finances. The UK’s second largest supermarket chain said it will invest more than £500m into lower pricing by March 2023 as part of a long-term [...]
Rapid rise of ‘advance fee’ loan scams: Cases rise by 90 per cent in just 12 months May 30, 2022 So-called ‘advance fee’ loan scams have soared by more than 90 per cent this year, according to new data shared with City A.M. this morning. The rising number of cases comes as Lloyds Bank warned that, on average, the amount stolen from victims is around £231. “Advance fee” loan scams take place when victims applying [...]
The Platinum Jubilee will be a moment to reflect on what makes us stronger together May 30, 2022 The eyes of the world will be on London this week as we prepare for the Platinum Jubilee – a truly historic occasion where the country will come together to celebrate Her Majesty’s extraordinary seventy years of service. Here in the City, a national service of thanksgiving at St Paul’s Cathedral and many other festivities [...]
NIESR top economist: Bank of England has tools to fight inflation May 30, 2022 The UK economy is in a bit of a bind. Households are being squeezed by historic rises in their living costs, while businesses’ margins are thinning due to expenses soaring. A much higher than expected inflation crunch – primarily the result of Russia’s unforeseen invasion of Ukraine – is forecast to trigger a spending pull [...]