Accelerating redundancies ‘big concern’ for UK economy as firms sweat over recession July 10, 2023 Accelerating redundancies sparked by businesses sweating over whether the UK economy is on course for a recession are a “big concern” for the country, experts have warned today. Company layoffs have pushed the volume of unemployed workers available for jobs to its highest level since December 2020, when the UK was in the teeth of [...]
Oil sorted? OPEC gambles on demand revival to boost flagging prices July 10, 2023 OPEC and its allies are banking on demand to rebound and prop up oil prices. If they're wrong, it's time to reassess their influence.
Iceland looks set to reveal red hot profit amidst supermarket surveillance July 10, 2023 Iceland has revealed forecasts that would mean the frozen food chain makes its highest profit in a decade this year, according to The Times. Iceland said last week in a set of financial results shared with bondholders that this year’s underlying profit will likely be its strongest in ten years. The news comes as supermarkets [...]
Labour mortgage summit amid brewing repayments crisis July 9, 2023 Labour are set to hold crunch talks with mortgage brokers this week amid a brewing repayments crisis. Shadow chancellor Rachel Reeves has pledged homeownership will be the core of her ‘securenomics’ philosophy as she claimed Labour is now the party of house buyers. Reeves and shadow levelling up secretary Lisa Nandy will attend the summit [...]
Rachel Reeves: Labour’s fiscal rules ‘non-negotiable’ July 9, 2023 Rachel Reeves has vowed Labour’s fiscal rules are “non-negotiable” as she pledged that her party would “never play fast and loose with the public finances”. Discussing Labour’s plans to invest £28bn a year into green jobs and industry, which has since been watered down, the shadow chancellor said she was “confident” Labour could meet this [...]
Hunt downplays tax cuts odds, conceding calming inflation is tougher than feared July 8, 2023 Tax cuts was growing less likely as Chancellor Jeremy Hunt signalled the pledge to halve inflation was proving harder than expected.
Oil prices up three per cent to nine-week high on supply concerns July 8, 2023 Oil prices climbed about three per cent to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.95, or 2.6 per cent, to settle at $78.47 a barrel, while U.S. West Texas Intermediate crude [...]
Wall Street falls after hot jobs data raises threat of high rates July 7, 2023 Stocks fell on Thursday after reports suggested the US jobs market remains much more resilient than expected. The S&P 500 lost 35.23, or 0.8 per cent , to 4,411.59. The Dow Jones Industrial Average dropped 366.38, or 1.1 per cent , to 33,922.26, and the Nasdaq composite gave up 112.61, or 0.8 per cent , [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand July 7, 2023 UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
Retailers struggle to rack in sales in June as shoppers continue to scale back July 7, 2023 Retailers continued to show signs of struggling in June, new figures show, as sales growth remained well below inflation due to customers scaling back their shopping habits due to the cost of living crisis. Total like-for-like sales in June grew 1.9 per cent from last year’s base of 8.4 per cent, according to figures from [...]