UK food prices now over seven per cent higher than 2021 with perishable goods leading the way July 1, 2022 Food and consumer goods prices across Europe are now 6.9 per cent higher than they were a year ago, rising to 7.5 per cent in the UK. According to new data released by NielsenIQ today, more than eight FMCG categories out of 10 showed increasing inflation rates during the 12 week period ending April 24 [...]
No 10 moves towards VAT cuts for millions of Brits as cost of living crisis rages July 1, 2022 Downing Street is proposing to reduce value-added tax in an effort to ease the cost of living. The Prime Minister’s chief of staff Steve Barclay suggested reducing the 20% headline rate of tax temporarily, The Times reported on Thursday. He said the temporary cut would bring down the tax bill for millions across the UK [...]
Zero sympathy: Jacob Rees-Mogg slams ‘selfish’ and ‘unnecessary’ strikes July 1, 2022 Brexit Minister Jacob Rees-Mogg has hit out at “selfish” strikers, claiming that they are hampering productivity in the Civil Service. The Minister for Brexit Opportunities and Government Efficiency was about the numbers of people in the Civil Service who have returned to the office. “Well, they were getting better until the railways went on strike,” [...]
Taxpayers to foot extra £27.3m bill for Royal Family even as cost of living soars July 1, 2022 UK taxpayers will pay an extra £27.3m over the next two years for the Royal Family even as a cost of living crisis grips the country. The additional amount is to help the Royal Family meet expenses after a drop in profits at the Crown Estate, Bloomberg reported on Thursday. The Royals spent £102.4m in [...]
Boost for Global Britain as UK exports to EU defy Brexit challenges and hit highest level ever July 1, 2022 New ONS data shows that British exports to the EU reached their highest ever level due to rising exports of fuels as the bloc continues to import substantial quantities of LNG. Goods exports to the EU reached £16.4bn in April 2022, their highest level in current prices since the series began in 1997. Meanwhile, the [...]
Britain needs to respond to the ‘kindness of strangers’ July 1, 2022 Britain has always been an attractive place for investors to park their money. The country’s economic dynamism has helped it pull in billions of pounds of investment, mainly toward its world-leading services industry and financial services businesses. Although the City’s banks, insurers and brokers have contributed a great deal to UK growth, the country is [...]
Mortgage costs expected to grow by another £2,500 as inflation spirals July 1, 2022 The cost of a mortgage is expected to grow by another £2,500 by the end of this year, in comparison with December 2021, according to property site Zoopla today. Economists anticipate “sharp” hikes to mortgage rates in the coming months, as the Bank of England seeks to tame spiralling inflation, which is already at 9.1 [...]
Mounting downturn jitters send London’s FTSE 100 lower June 30, 2022 Mounting concerns about a global economic downturn sent London’s top indexes tumbling today. The capital’s premier FTSE 100 index shed 1.96 per cent to close at 7,169.28 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 1.95 per cent to 18,666.78 points. A combination [...]
‘Principle driven’ approach is slowing down regulators, Revolut boss says June 30, 2022 The boss of fintech giant Revolut said UK regulators were bogged down by a “principle driven” approach today as he called for a stricter “rules-based” model to be adopted by watchdogs. Speaking at the CityUK summit today, Nikolay Storonsky said the firm had chosen to set up shop in the UK in 2015 due to [...]
Bitcoin falls below $20,000 as it moves towards biggest quarterly drop since 2011 June 30, 2022 Bitcoin plunged below $20,000 today as it hurtles towards its biggest quarterly drop in more than a decade. The world’s biggest cryptocurrency plummeted 4.35% to about $19,160 and is down 58% in the second quarter of 2022. It tumbled around 68% in the third quarter of 2011 during its very early stages when its price [...]