IMF economy warning reverses FTSE 100 gains despite Unilever’s best efforts July 26, 2022 A bleak set of projections from the International Monetary Fund (IMF) pegging UK growth as the worst in the G7 weighed on London markets today. The capital’s premier FTSE 100 index remained unchanged, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 1.18 per cent [...]
UK sinks to bottom of G7 growth league amid global economic downturn July 26, 2022 The global economy could be hurtling toward one of the sharpest slowdowns in recent memory, with the UK plummeting to the bottom of the G7 growth league, the International Monetary Fund (IMF) warned today. A full shut off of Russian gas flows to Europe and more upside inflation shocks would plunge growth into among the [...]
Searches for ‘Cancel Amazon Prime’ skyrocket 537 per cent after company hikes UK price from £79 to £95 July 26, 2022 Following Amazon’s announcement that it is increasing the price of their Amazon Prime subscription, searches for ‘Cancel Amazon Prime’ increased 537 per cent today. Searches to cancel Amazon Prime subscriptions skyrocketed after it was announced Amazon are increasing the monthly cost of Prime from £7.99 to £8.99, the first price increase since 2014, cybersecurity firm [...]
UBS profits drop below expectations July 26, 2022 A sharp fall in profits at UBS’s investment banking division caused by charges to deal with the fall out of the collapse of Bill Hwang’s Archegos Capital and tumbling global stock markets has raided the Swiss lender’s bottom line. UBS profits sank around $100m (£83m) over the last year to $2.1bn (£1.7bn), it announced today, [...]
British Airways’ problems mount as pilots threaten to walk out July 26, 2022 Problems at British Airways (BA) seem to be mounting as pilots have now threatened to walk out in a dispute over salaries. Balpa, the only recognised union for the carrier’s pilots, said it was in negotiations with the airline “to persuade them that continuing Covid deductions from wages is no longer justified. In July 2020, [...]
CBI: Consumer spending smashes expectations, but deeper dip may be on the way July 26, 2022 Consumer spending is defying expectations and holding up better than feared amid sky high inflation, a new survey published today reveals. Retail sales volumes dipped to net a balance of minus four per cent this month, slightly lower than June, according to the Confederation of British Industry (CBI). But, the marginal drop was much better [...]
Exclusive: Ministers plan ‘final salary’ pension reform as £1.7tn schemes face liquidity crunch July 26, 2022 Ministers have announced plans to ramp up regulatory scrutiny of ‘final salary’ pension schemes today amid fears that rising interest rates and soaring inflation will leave some schemes facing a liquidity crunch this year.
Rishi Sunak vs Liz Truss: Last night’s Tory leadership debate fact-checked July 26, 2022 Last night Tory leadership hopefuls Rishi Sunak, a former chancellor, and Liz Truss, the current foreign secretary, went head to head in a live TV debate on the BBC. Following the debate, City A.M. caught up with Will Moy, chief executive of Full Fact, to fact check the various statements that were made during the [...]
Homeowners on edge as inflation and interest rates rise: What is next for UK mortgage rates? July 26, 2022 Many people up and down the country will be feeling the financial strain of the cost-of-living crisis, and this’ll only add more pressure on the monthly budgets of millions of UK mortgage homeowners and of those currently looking to buy. With the Bank of England’s base rates having risen to 1.25 per cent in June [...]
UK voters’ concerns on inflation reach highest level in four decades July 26, 2022 UK voter worries on inflation are at their highest since the 1980s as the country faces a severe cost of living crisis and prices of essentials surge. The July 2022 Ipsos Issues Index by research company Ipsos showed that 45 per cent of adults in the UK view inflation as one of the most pressing [...]