Brits put off buying EV due to record inflation June 23, 2022 Brits are becoming increasingly put off buying electric vehicles (EV) due to rocketing inflation rates. According to a research published today by Close Brothers Motor Finance (CBMF), 41 per cent of Britons have decided against going electric as a result of the cost-of-living crisis. Figures reported that 84 per cent of people are taking at [...]
Barclays calls on retailers to help stop mounting BNPL debt crisis June 23, 2022 Barclays has sounded the alarm over rising buy-now pay-later debt today and called on retailers to step up and protect shoppers, warning that 876,000 Brits could be plunged into unmanageable debt this year without intervention.
Boots’ sole suitor rallies lenders as takeover concerns linger on June 22, 2022 Boots’ sole bidder is relying on four major lenders to get its £5bn-plus takeover closer to the finishing line. As first reported by Mark Kleinman for Sky News, the consortium of Apollo Global Management and Reliance Industries are pinning their hopes on Royal Bank of Canada, Credit Suisse, Santander and Bank of America to finance [...]
‘Kremlin will be enjoying this self-inflicted distraction. Don’t be Russia’s friend’, Tobias Ellwood urges train strikers June 22, 2022 Former defence minister Tobias Ellwood has warned striking rail union workers not to be “Putin’s friend”. The former soldier and Tory MP for Bournemouth East said the Kremlin would be “enjoying this self-inflicted distraction” from its war against Ukraine. This comes after thousands of rail workers walked out across the country on Tuesday, with two [...]
Inflation bump sends chill through London’s FTSE 100 June 22, 2022 London’s top indexes slumped today as investors fretted over the damage further inflation surges could deal the UK economy. The capital’s premier FTSE 100 index slid 0.88 per cent to 7,089.22 points, while the domestically-focused, mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.31 per cent to [...]
US Fed chief Powell warns higher rates may tip economy into recession June 22, 2022 The chief of the US Federal Reserve has warned it may hike interest rates to a level that tips the economy into a recession. “It’s certainly a possibility” that a rapid tightening of monetary policy will force the US economy into reverse, Fed chair Jerome Powell said today in response to a grilling by American [...]
Rayner demands records of PM’s meetings over bankers’ bonus cap June 22, 2022 Deputy Labour leader Angela Rayner has demanded Boris Johnson’s office release all details of meetings he has held to discuss the bankers’ bonus cap over the past year. Rayner wrote to Johnson’s chief of staff Steve Barclay to request details of a meeting Johnson held with City figures last year where, according to the Financial [...]
UK factories hit by fastest cost rise since 1980s June 22, 2022 The price of materials used by UK factories are rising at the fastest pace on record in a sign that consumers could soon be spiked by a further inflation surge, fresh figures published today reveal. Input prices soared just over 22 per cent over the year to May, the fastest acceleration since the Office for [...]
Brexit has damaged UK’s competitiveness, reduced productivity and lowered Brits’ real wages, LSE says June 22, 2022 A new bombshell study said this morning that Brexit has damaged Britain’s competitiveness, reducing productivity and lowering workers’ real wages in the years ahead. The report said Britain has experienced a decline of 8 per cent in trade openness – trade as a share of economic output – since 2019, losing market share across three [...]
UK inflation highest in G7, dialling up pressure on Bank of England to raise rates again June 22, 2022 The likelihood of the Bank of England hiking interest rates for the sixth time in a row is ramping up after new figures revealed the UK has the highest inflation in the G7. Prices climbed 9.1 per cent annually in May, up from April’s already four decade high rate of nine per cent, according to [...]