Sainsbury’s: ‘Food inflation starting to fall’ as supermarket giant reports grocery sales surge by 11 per cent July 4, 2023 Sainsbury’s has claimed “food inflation is starting to fall” as it recorded an 11 per cent hike in grocery sales in the first leg of the year. The ‘Big Four’ grocer, recorded an inflation-led 9.8 per cent like-for like-increase in total retail sales excluding fuel in the first quarter of the year up from 4 [...]
Who’s next? Industry debt mountain threatens more than Thames Water July 3, 2023 Thames Water's troubles raise significant questions - such as who could be next and what happens now in the water industry.
CMA takes aim at supermarkets for weakening fuel price competition – as Brits pay nearly £1bn more for fuel July 3, 2023 Increased supermarket profit margins led to drivers paying almost £1bn more for fuel last year, the Competition and Markets Authority (CMA) has found. Following a year long investigation, the watchdog said today that average supermarket fuel margins rose by 6p per litre between 2019 and 2022, with £900m syphoned out of customers pockets in total. [...]
FCA: Insurers must put ‘wrongs right’ and are failing the vulnerable in cost of living squeeze July 3, 2023 Insurers are failing vulnerable customers and need to put “wrongs right” as Brits are hammered by a cost of living crunch, the Financial Conduct Authority has warned today.
Our laws on tech companies would give too much power to regulators like the CMA July 3, 2023 Laws for big tech are already based on outdated information where Google and Facebook are king and regulators like the CMA are expected to make sense of a changed world, writes Matthew Sinclair
CMA probe throws £16bn Adobe and Figma tie-up into doubt June 30, 2023 The UK’s competition watchdog has said it may move to block Adobe’s acquisition of design platform Figma unless they can resolve anti-trust concerns. In a summary of the decision, the Competition and Markets Authority (CMA) said the merger of the two companies gives rise to “a realistic prospect of a substantial lessening of competition”. Leading [...]
FCA moves fast to let firms provide mortgage breathing space June 30, 2023 The City regulator says it has moved quickly to make rulebook changes, to help give households some relief from rising mortgage rates. The Financial Conduct Authority (FCA) said lenders should make the options available to borrowers clear and accessible. Sheldon Mills, executive director for consumers and competition at the FCA, urged homeowners who are struggling [...]
HSBC lifts savings rates after government pressure June 29, 2023 HSBC UK and First Direct have unveiled plans to boost savings rates. Customers with HSBC UK accounts will see some savings interest rates increase from Friday 30 June, alongside a change to increase the higher-paying tier on the bank’s online bonus saver account. Those with an online bonus saver will be able to earn four [...]
Bank of England’s PRA sets out new post Brexit Solvency UK details in bid to unlock investment June 29, 2023 Britain’s main financial watchdog has set out a raft of changes to the EU’s Solvency II regime to improve the competitiveness of the UK insurance market and unlock investment in the economy. In an announcement this morning, the Prudential Regulation Authority (PRA) provided more detail on how it will make adapt the EU’s Solvency II [...]
New CMA bill could undermine UK’s tech superpower ambitions, CPS report warns June 29, 2023 The government should scrap its new Digital Markets, Competitions and Consumers (DMCC) bill because it is already too old, the Centre for Policy Studies (CPS) has warned today. The report, titled ‘The Unregulated Regulator’, alleges that dynamic digital markets have “outpaced” the new legislation. What’s more, it would weaken investment and grant the CMA “extensive [...]