Andrew Bailey’s confusion over inflation is a worrisome precedent for policy-making June 10, 2022 The Bank of England’s Monetary Policy Committee (MPC) will meet again next week to assess inflation. In the last two years the Bank’s inflation forecast has proven systematically wrong, showing a fundamental error in the models and rationale used. In a conference hosted by the Austrian national central bank last month, the Governor of the [...]
On the rocks: Inflation puts pressure on grocers’ relationships with suppliers June 9, 2022 Tensions are escalating between the country’s retailers and their suppliers, according to research on behalf of the independent groceries regulator. Just over a quarter (26 per cent) of suppliers said they had experienced being refused by a retailer to consider a request for a cost price increase or an unreasonable delay in concluding such a [...]
PM declares end of high tax and spend as he says govt will ‘get out of the way’ June 9, 2022 Boris Johnson has indicated a major reset in the direction of his government, with the Prime Minister declaring the end of Covid-era “corporate welfare” and that now is the time to “stop spending and start cutting taxes and cutting regulation”. Johnson said “the overall burden of taxation is now very high”, after himself increasing the [...]
London becomes fourth most expensive city in the world: Rent, petrol and cooking oil drive cost of living June 9, 2022 A perfect storm of rising inflation, the war in Ukraine and soaring house prices and rent, have turned London in to a pressure cooker of expense, making it the fourth most costly place to live in the world. London move up one place according to new research about cost of living for expatriates around the [...]
Fuller’s toasts return to profit amid ‘fragile’ consumer confidence June 9, 2022 Pub chain Fuller’s is back in the black after posting an adjusted profit before tax of £7.2m, as the licensed trade recovers from the pandemic. In results for the year to 26 March, the pub operator saw profit back in growth after posting a £48.7m loss in 2021, when Covid lockdowns enforced the closure of [...]
Labour throws weight behind biggest railway strike in decades: ‘We are on the rail workers’ side’ June 9, 2022 Shadow levelling up secretary Lisa Nandy has said she supports the strikes by rail workers in the coming weeks if the Government fails to address their concerns. Speaking on ITV’s Good Morning Britain, she said: “We want to avoid the strikes and we’re on the public’s side on this. “We’re also on the rail workers’ [...]
Franco Manca owner says restaurants in office locations struggling to return to pre-Covid trade June 8, 2022 The owner of pizza chain Franco Manca has said its restaurants situated nearby office hubs “still have a way to go” with returning to pre-pandemic levels. However, Fulham Shore said that its small number of restaurants situated in worker hotspots were “showing continued improvement” as demand recovers after Covid lockdowns. Footfall was down 15 per [...]
City Pub Group evaluates menu offering as increased headwinds hammer sector June 8, 2022 The City Pub Group’s sales have surged faster than predicted, with last month’s results slightly ahead of pre-pandemic levels. The pub operator said it was trying to mitigate historic cost inflation hitting the sector, with a “particular focus on labour scheduling to maximise sales and efficiency.” “Control of energy usage and procurement remains a key [...]
Union announces three-day rail strike at end of June June 7, 2022 The RMT union announced that its anticipated rail strike will take place over three days at the end of the month. Tens of thousands of railway workers will walk out on 21, 23 and 25 June following failed negotiations with Network Rail and 13 other operators. The union announced that London Underground workers will strike [...]
RAC urges more support for drivers amid near-record petrol price spike June 5, 2022 Petrol prices rocketed over 10p last month, the second largest monthly rise on record, putting more pressure on road users.