Deliveroo cuts 350 jobs as cost of living dims British and Irish appetite for takeaways February 9, 2023 Deliveroo has been forced to slash 350 job roles across all levels as it attempts to navigate a difficult economic outlook and a decline in take away sales post pandemic. Will Shu, chief executive of the food delivery app, revealed the news to staff on Thursday – blaming high inflation, recession fears and a decision [...]
More than £18bn was added to non-food retail sales by inflation as 80 per cent of retailers prepare to raise prices February 8, 2023 Inflation is set to add £18.2 billion to UK non-food retail sales this year, a report suggests. Sales values are expected to hit £249 billion in 2023, but the 2.6 per cent increase – or an additional £18.2 billion of spending on last year – will be driven entirely by rising consumer prices, according to [...]
UK to narrowly avoid recession but cost of living crisis will leave families £4,000 worse off February 8, 2023 The UK is poised to narrowly avoid a recession but the cost of living crisis will still leave average Brits £4,000 worse off this year, fresh forecasts out today reveal. Britain’s economy is set to squeeze out 0.2 per cent of GDP growth in 2023, meaning it will just about swerve a technical reversal, two [...]
Lidl boasts £10m sales growth after winning shoppers from M&S, Waitrose and Sainsbury’s February 7, 2023 The value retailer praised its fruit and veg range for the year on year increase – with its market share for vegetable shopping reaching a high of 10.2 per cent.
Retail experts warn of ‘challenging’ months ahead as sales growth slows February 7, 2023 Senior retail figures have warned that the coming months will be “challenging” for the sector, after sales slowed over January, falling below the three-month average growth of 5.2 per cent to 4.2 per cent Helen Dickinson OBE, chief executive at British Retail Consortium (BRC), said consumer confidence remains “stubbornly low” and looming rises in household [...]
Over 500,000 US jobs created in January but what does ‘awe upside surprise’ mean for Fed’s rate hike cycle? February 3, 2023 More than half-a-million new jobs were created in the US this month, leading to renewed fears the Federal Reserve could hike up interest rates when it meets next month. Statistics from the US Department of Labor howed jobs rose by 517,000 in January, while the unemployment rate changed marginally, at 3.4 percent. This week the [...]
London restaurants: Outlook ‘bleak’ as insolvencies mount across the industry February 1, 2023 London restaurateurs have described the outlook for the sector as ‘bleak’ after research has revealed that the number of hospitality businesses going bust has jumped by 65 per cent in the last year. The figures, which were released by accountancy firm Price Bailey, show that 1,880 British restaurant businesses became insolvent in 2022, compared to [...]
Food inflation soars to highest level on record February 1, 2023 Food inflation has reached its highest level on record, with the sector predicting no stall in price increases throughout the year. Figures published in the British Retail Consortium’s (BRC) shop price index show food inflation rose to 13.8 per cent in January, up from 13.3 per cent in December. This rise has pushed it above [...]
Sucralose inventor Tate & Lyle expects to beat inflationary pressures despite fall in demand for artificial sweetners January 26, 2023 Tate & Lyle has posted a robust third quarter update, propped up by its food and beverage solutions division.
London motorists hit with sharpest uptick in car insurance costs as UK premiums surge January 25, 2023 Motorists are now paying £100 more for car insurance than last year, according to new research which shows premiums have increased at their sharpest rate in six years. Car insurance premiums have increased 19 per cent over the past 12 months, meaning motorists now pay average sums of £629 to insure their vehicles, Confused.com’s Car [...]