Brits hold back on buying sofas and fridges as cost of living climbs May 10, 2022 Brits have held back on buying big ticket items, such as furniture, as living costs spiral. Retail sales in the UK fell on a like-for-like basis by 1.7 per cent last month, compared to April 2021. Sales growth went into decline for the first time in 15 months as retailers face a balancing act between [...]
FCA warns of buy now pay later usage amid cost of living crunch May 10, 2022 Consumer groups have sounded the alarm over buy-now pay-later and credit usage as fresh data reveals Brits are turning to the products to buy essentials and ease the pain of a cost of living crunch.
The City View: Analysing the G7 plan to phase out Russian oil May 9, 2022 Today Andy Silvester talks to City A.M. reporters Nicholas Earl and Leah Montebello. They go through the G7’s decision to phase out Russian oil, historically elevated gas prices, unpick Snapchat owner Snap Inc.’s plan to compete with the likes of TikTok, and break down Uber’s CEO Dara Khosrowshahi’s recent letter to employees. And in the [...]
Bank of England hikes rates four times in a row for first time since independence May 5, 2022 The Bank of England today hiked interest rates for the fourth meeting in a row for the first time since it was given control of monetary policy 25 years ago. The move was driven by rate setters focusing on taming the worst inflation crunch in the UK for three decades despite them expecting growth to [...]
Slice of VAT: Domino’s Pizza’s UK sales drop as budgets tighten May 5, 2022 Domino's reported VAT hikes taking a slice of the pizza this morning, with UK & Ireland system sales down 1.5 per cent in the first quarter to £365.9m.
Supermarket sales slow over Easter as Brits start to cut back on grocery purchases May 4, 2022 Supermarket sales slowed last month as spending habits returned to normal after pandemic restrictions. Households are tightening their purse strings after the first tranche of higher bills hit budgets this spring while spending habits are also normalising after the easing of lockdown restrictions. Shoppers added slightly fewer items to their baskets over the last four [...]
Expect no help: Boris Johnson warns any state support to fight cost of living crisis merely pushes up inflation even further May 3, 2022 Prime Minister Boris Johnson insisted this morning his Government is doing “everything we can” to help with the cost-of-living crisis. However, Johnson hinted there is only so much he can do because, in an interview on ITV’s Good Morning Britain, the Prime Minister warned that increasing state support beyond its current levels could drive inflation [...]
Tesco, Sainsbury’s and Greggs join forces to lobby Sunak to slash business rates May 3, 2022 Supermarket giants have reiterated calls for a cut in business rates as firms endeavour to keep prices competitive for shoppers amid rising inflation. Big names including Morrisons and Co-op have come together under a new Cut the Shops Tax campaign, organised by the Retail Jobs Alliance. In a joint letter to Chancellor Rishi Sunak, bosses [...]
It’s been a funny old week in the world of Bitcoin April 29, 2022 This week can only be described as the “week of international events” for Bitcoin as news has come thick and fast from all corners.
Sainsbury’s warns of lower profit as grocer anticipates inflationary pressures April 28, 2022 Sainsbury’s has warned of a lower profit for the coming year as the grocer faces uncertainties including high inflation and cost of living pressures on shoppers. Sainsbury’s posted underlying profit before tax of £730m for the 2021/2022 financial year, a 104 per cent boost on the year prior, but warned of challenges down the line. [...]