Cautious consumers send chill through UK services economy July 5, 2022 Consumers are rolling back spending at pubs, bars and restaurants in response to rampant inflation whacking their budgets, reveals a closely watched survey published today. New business growth in Britain’s services industry, its economic engine, slowed to its worst level in 16 months in June, according to S&P Global’s purchasing managers’ index (PMI). The cool [...]
Sainsbury’s boss has grim warning for Brits: The pressure on your budgets will only intensify July 5, 2022 The CEO of Sainsbury’s warned this morning that rising pressure on household budgets “will only intensify over the remainder of the year” as he pledged to invest more money into improving value for shoppers. Simon Roberts, chief executive of the supermarket group, said it is working to reduce costs across its operations amid continued inflation. [...]
Jacob Rees-Mogg says UK’s economic woes ‘very little to do with Brexit’ July 5, 2022 Jacob Rees-Mogg has insisted the UK’s economic woes are “very little to do with Brexit” with other European countries experience worse problems. The Brexit opportunities minister made his remarks this morning on LBC, when asked by host Andrew Marr whether the “effect of Brexit has been to raise barriers” on trade and movement. Rees-Mogg, who [...]
£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
Young’s reports bumper sales but cost of living slowdown looms July 5, 2022 Young’s Brewery chair Stephen Goodyear said the firm had made a bumper start to the new financial year today but warned that a looming cost of living crunch could temper sales growth in the months to come. At the firm’s annual general meeting today, Stephen Goodyear, Chairman of Young’s, is set to tell shareholders that [...]
B&M retail poaches DFS Furniture’s CFO amid inflation concerns July 5, 2022 The chief financial officer (CFO) of DFS Furniture has been poached by B&M Retail S.A., after steering the sofa retailer through the turbulent pandemic period. Mike Schmidt, who will also step onto the board as an executive director, is expected to take up the new position by the beginning of next year. The ex-Citi and [...]
Bank of England orders lenders to strengthen reserves amid ‘deteriorating’ economy July 5, 2022 The Bank of England yesterday ordered lenders to fortify their defences in preparation for the looming economic downturn, warning the City against “excessive” cuts in lending to households and businesses. The central bank, which oversees Britain’s banking sector and the country’s monetary policy, doubled the proportion of money lenders need to keep in reserve to [...]
Johnson urges OPEC to boost oil production to ease cost-of-living crisis July 4, 2022 Prime Minister Boris Johnson has urged the world's largest oil cartel to produce more oil to drive down prices and alleviate the cost of living crisis,
Takeover deal for UK Power Networks collapses after owner raises £15bn price tag July 4, 2022 The proposed takeover of Britain’s largest electricity distributor by a consortium led by KKR and Australia’s Macquarie.
Gold weighed down by hawkish Federal Reserve and resurgent US dollar July 4, 2022 The hawkish US Federal Reserve's response to soaring inflation and the strengthening of the US dollar continue to weigh down gold prices.