Best ETFs for an environment with rising interest rates August 19, 2022 On 4th August, the Bank of England raised interest rates by an outsize 0.50% – the largest single increase since 1995, taking the Bank Rate to 1.75%. This follows on from the Fed’s second 0.75% rate hike on 27th July, as Central Banks try to rein in inflation. Whether or not interest rate rises will [...]
Tube strike brings London to a standstill as Uber raises prices due to increased demand August 19, 2022 London has been paralysed by a strike from workers on the Underground, Overground and bus service, as private hire taxi services like Uber and Bolt raise prices due to increased demand. All London Underground lines are closed on Friday 19 August following a walk-out called by around 10,000 members of the RMT Union on the [...]
Bosses at Joules brace for ‘significant loss’ in pre-tax profit this year August 19, 2022 Bosses at retailer Joules are bracing for a “significant loss” in profit in the first half of this year, as inflation and the recent heatwave hit sales. While the company expects its finances to improve in the second half of the year, the board announced today, Joules is expected to report a pre-tax loss for [...]
FCA warns providers of BNPL products about unregulated promotions August 19, 2022 The UK’s financial regulator has written to providers of Buy Now Pay Later (BNPL) products and the British Retail Consortium warning about unregulated promotions. The Financial Conduct Authority outlined that products must comply with promotion rules, and some unauthorised firms may be breaking the law if their products aren’t backed up by an approved company. [...]
Just Eat sells £1.5bn stake in Brazilian food delivery giant August 19, 2022 Delivery giant Just Eat Takeaway has sold its stake in Brazilian counterpart iFood for €1.8bn (£1.5bn) to local internet company Movile. The 33 per cent stake in iFood, which has dominated the market share in Brazil, will bolster Movile’s food ordering and delivery segment, although it also operates across ticketing and logistics. The deal includes [...]
UK retail sales recover with the lure of summer promotion deals despite inflation August 19, 2022 Retail sales have recovered since June, as penny pinching Brits seek to navigate worsening inflation, according to official figures today. Around three quarters of adults have said they are very or somewhat worried about the rising costs of living in the past two weeks, according to a separate poll by the ONS. Sales, carried by [...]
Government spending hits £76.5bn as public sector borrowing shrinks August 19, 2022 Government spending hit £76.5bn last month, some £3.4bn more than July last year, according to official figures today. Despite rampant inflation, public sector borrowing shrank by £800m to £4.9bn in the 12-month period, the Office for National Statistics (ONS) found. However, the figure remains far higher than July 2019, prior to the pandemic. Net debt [...]
Dire economy drags UK consumer confidence down to lowest level ever August 19, 2022 “Exasperation” with the plight of the UK economy has eroded consumer confidence to the lowest level ever, reveals a closely watched survey published today. Households are being downtrodden by a string of bleak economic news, uncertainty over how they will cope with sky-high energy bills during the winter months and sharp fall in spending power. [...]
It’s time to put an end to the Tory leadership contest August 19, 2022 Facing crises on multiple fronts, inaction is the course of action for Number 10’s current inhabitant. Inflation tops 10 per cent, energy bills are rising beyond £4,000, and the United Kingdom faces its worst drought in decades, yet the prime minister has said any action is for his successor to decide, so let’s get on [...]
Letters: Who’s at the top of the NHS? August 19, 2022 [Re: Our healthcare leaders need financial acumen to start to fix the holes in the NHS, August 16] The people working in our healthcare system should be able to balance budgets, but they should also have more public accountability when they don’t. The governor of the Bank of England has been heavily criticised for failing to [...]