17,000 construction firms risk collapsing any minute as high inflation is ‘destroying entire sector’ October 4, 2022 The number of UK construction companies at significant risk of closure has jumped 54 per cent to 16,755 this quarter, up from 10,686, according to fresh data shared with City A.M. this morning. Construction companies are struggling to cope with spiralling construction costs, inflation and rising interest rates on their debt. In the last quarter [...]
Kwarteng’s ‘mini budget’ sends mortgage bills soaring £1,500 October 4, 2022 The government’s mini budget has sent the average mortgage borrower’s bill soaring by £1,500 a year, new figures have shown, in a hike that has been dubbed a ‘Kwarteng premium’ by some brokers.
Truss facing revolt on real-term benefits cut as she insists ‘no decision has been made’ yet October 4, 2022 Liz Truss has suggested she is undecided on increasing benefits in line with inflation, as she faces a rebellion from backbench Tory MPs over the policy. The embattled PM was probed on the issue during a BBC Radio 4 Today Programme interview, in wake of a testing day on Monday during which she was forced [...]
Pension giant L&G says liquidity strong despite ‘mini-budget’ fallout October 4, 2022 Pensions giant L&G moved to reassure markets of its cash position today after it was caught up in the economic fallout of the government’s mini-budget last week.
Greggs: Sausage roll sales rise as consumers look for cheaper eats October 4, 2022 Greggs has reported surging sales this autumn while making no changes to its cost inflation outlook for the year. The sausage roll specialist said on Tuesday that total sales were up 14.6 per cent for the 13 weeks to 1 October 2022, compared to the same period in 2021. Price increases of around five pence [...]
SMMT: UK automotive needs investments, not government handouts October 3, 2022 The UK automotive sector needs a renewed focus on investment, not government handouts – said industry executive Mike Hawes. According to Hawes – chief executive of the Society of Motor Manufacturers and Traders (SMMT) – car makers need a “competitive framework that is as competitive as many other countries with whom we trade and with [...]
Kim Kardashian hit with £1.12m penalty for crypto social media posts October 3, 2022 Kim Kardashian has been hit with a $1.26m penalty for promoting crypto currency EthereumMax on social media without revealing she had been paid to do so. US federal regulators have charged the reality TV star after she promoted crypto asset security EMAX tokens on Instagram, without revealing that she was paid $250,000 by EthereumMax. Kardashian [...]
Aviva Investors eyes build-to-rent earnings as it bolsters European team October 3, 2022 Aviva Investors is looking to develop a build-to-rent portfolio in Spain worth €500m (£438m), having recently built out its European real estate investment team. It is the second build-to-rent venture by Aviva Investors and its first in continental Europe, following its partnership with Packaged Living for 195 homes in the West Midlands, UK. The asset manager [...]
Ashurst seeks to capitalise on consulting boom with launch of UK advice business October 3, 2022 City law firm Ashurst is set to expand its services offering by launching a UK consulting business. The Silver Circle firm plans to build on the successes it has had in Australia by launching a London based risk advisory business. Ashurst’s new consulting business will be led by a trio made up of current Ashurst [...]
DeVere shutters UK property investment division as mortgage rate rises loom October 3, 2022 Independent financial advisory organisation DeVere is to pull all its property investments in the UK market amid looming interest rate rises. The group, which advises on around $12bn (£10.7bn) in funds, said today it will temporarily shutter its property investment division as inflation in the UK spirals. The Bank of England is widely expected to [...]