Last orders: Inflation and interest rates force thousands of restaurants to close July 25, 2022 The number of restaurant insolvencies has increased sharply in the past year amid staff shortages and rising inflation, according to a new study. Accountancy firm UHY Hacker said the total jumped from 856 in 2020/21 to 1,406 in the past year. Peter Kubik, of UHY Hacker Young, said restaurants are facing spiralling inflation, decreased consumer [...]
Long-term funding deal must come without too many strings attached July 24, 2022 Until we see the details of central government’s (eventual) funding offer to Transport for London, it is dangerous to be too cheered by the arrival of the long-awaited and absurdly delayed proposal. For two years, the Mayor and TfL’s commissioner Andy Byford have been making a clear case for a settlement that helps secure London’s [...]
Rail union boss Mick Lynch warns strikes could ‘last for months’ July 24, 2022 Crippling strikes are likely to last for months longer if rail companies do not make improved pay offers for its workers, rail union boss Mick Lynch has said. Lynch, secretary-general of the National Union of Rail, Maritime and Transport Workers (RMT), today also warned there likely would be a “rolling campaign of trade union activity” [...]
Sunak ‘the underdog’ hits out at ‘forces that be’ backing Truss July 23, 2022 Rishi Sunak has labelled himself as the “underdog” in the Tory leadership race, hitting out at the “forces that be” backing rival Liz Truss. “The forces that be want this to be a coronation for the other candidate,” the former Chancellor said during a speech in Grantham. “But I think members want a choice and [...]
Another crazy week in the world of crypto July 22, 2022 Jason Deane sums up another turbulent and gripping week in the world of finance, cryptocurrency and the price of Bitcoin.
FRP announces higher revenue and growth despite economic uncertainties July 22, 2022 FRP Advisory Group announced higher revenues and a growth in team size and market share despite a weakening economic outlook. For the year ended 30 April 2022, revenue rose 21 per cent to £95.2m from £79m in 2021, with a 15 per cent increase in FRP’s team size by 66 to 504 (excluding consultants). FRP Corporate [...]
Hawkish policy on investments in British tech to only tighten, says Alphawave boss July 22, 2022 The government’s hawkish policy on foreign investments in British technology is only going to tighten, the boss of chip maker Alphawave has told City A.M. Computer chip manufacturers have fallen under increasing scrutiny in recent months. The potential takeover of Newport Wafer Fab by Nexperia, which is owned by a Chinese state-backed company, has raised eyebrows in [...]
Truss or Sunak will need to deliver ‘shot in the arm’ of UK economy July 22, 2022 Rishi Sunak or Liz Truss will need to deliver a “shot in the economic arm” of the country to lift Brits’ confidence out of the doldrums after one of them wins the Conservative leadership race, two closely watched surveys published today reveal. Scorching inflation, the highest interest rates in 13 years and tax hikes have [...]
Tory leadership race: New poll gives Truss big lead over Sunak July 21, 2022 Rishi Sunak and Liz Truss duelled over their tax plans today as a new poll gave the foreign secretary a commanding lead in the Tory leadership race. A YouGov poll of Tory members put Truss on 62 per cent and Sunak on 38 per cent on the first day of a six-week campaign to become [...]
Tory leadership race has created a surplus of Twitternomics July 21, 2022 Economics really has become the new battleground for armchair commentators. Are unfunded tax cuts inflationary? Should we worry about the UK debt stock nearing the same size as the economy? Such questions have sparked long Twitter threads that have generated even longer threads in response. Who’d have thought the dismal science was so interesting to [...]