FTSE 100 close: Blue chip index ends higher as disappointing retail sales figures fail to dent JD Sports, Frasers and Burberry January 20, 2023 London’s FTSE 100 index closed the week marginally higher, clawing back some some of this year’s earlier gains following a poor performance yesterday. The capital’s premier index climbed 0.3 per cent to 7,770.59 points, while the domestically-focused mid-cap FTSE 250 index rose 0.7 per cent to close at 19,702.63. JD Sports, Frasers and Burberry were [...]
Retailers blame Royal Mail strikes for Brits abandoning online shopping in the run up to Christmas January 20, 2023 Thousands of Brits appear to have abandoned online purchases following a series of strikes by Royal Mail employees, according to figures from the Office for National Statistics. Figures released by the ONS show that the proportion of online sales slipped by 0.5 per cent to 25.4 per cent in December. Retailers laid the blame on [...]
Recession risks return as Brits brace for cost of living crisis to make 2023 a ‘bumpy ride’ January 20, 2023 UK consumer confidence dipped for the first time in two months in January, raising the risk the economy will slip into recession after all despite a string of better than expected data recently, a closely watched survey out today reveals. A credit card debt hangover from the Christmas spending splurge and energy bills looming has [...]
Deliveroo: UK orders pass £1bn mark as takeaway giant remains upbeat about 2023 January 19, 2023 Quarterly orders on Deliveroo in the UK and Ireland passed the £1bn mark for the first time at the end of last year, the takeaway giant reported today, adding that it was confident about the year ahead despite much economic uncertainty. The food delivery company reported a seven per cent increase in gross transaction value [...]
No gravy train: Bisto-maker Premier to cut 300 jobs despite strong festive sales January 19, 2023 Leading British manufacturer Premier Foods’ grocery business has gone from strength-to-strength over the Christmas period, as it looks to close a loss-making factory costing 300 jobs. The company, the maker or famous brands including Mr Kipling, Ambrosia, Custard and Angel Delight, cashed in on festive purchasing despite the cost of living crisis, with sales up [...]
Inflation drops for second month in a row but experts warn rate has yet to pass its peak January 18, 2023 UK inflation has fallen for the second month in a row, but soaring food prices have led some experts to warn it may not have passed its peak yet. The rate of price increases dropped to 10.5 per cent in December, down from 10.7 per cent in the previous month, the Office for National Statistics [...]
To withstand future recessions, the UK needs radical supply side reform January 17, 2023 When academics write essays, they begin with an abstract that captures the causes, effects and outcomes of the economic policy change they are examining. Boosting the supply side has a pretty simple argument. Either increasing the volume or productivity of resources used to produce things makes a country richer. That’s it. Let’s take a look [...]
Biscuit lovers help lift Fortnum & Mason’s back from the brink January 16, 2023 Fortnum & Mason has returned to profitability following two successive years of losses. The historic British department store and grocer reported an operating profit of £6.1m on sales of £187m when its year ended on 10 July 2022. This marks a dramatic turnaround from the £2.7m loss the luxury food store posted in its previous [...]
Week ahead: First data dump of 2023 to reveal whether UK tipped into recession January 15, 2023 The first big data dump of 2023 in the coming week is set to unveil more clues on whether the UK economy entered a recession in the final months of last year. City traders are hoping fresh inflation figures out on Wednesday from the Office for National Statistics (ONS) will show price pressures are still [...]
Global cost-of-living crisis risks ‘dire consequences’ for planet as firms ditch climate concerns January 11, 2023 The global cost-of-living crisis threatens to railroad efforts to combat climate change, “potentially leading to dire planetary and societal consequences,” the World Economic Forum (WEF) warned today. Soaring energy and food prices are forcing governments and private businesses to turn to cheaper, often dirtier resources to produce goods and services. As a result, “the risks [...]