Uncertainty from our leaders is keeping our economic recovery wavering on the brink February 2, 2022 In November last year, the UK’s total GDP output finally regained its pre-pandemic level. But although the economic recovery is on an upward trajectory, there is a disconcerting stop-start hesitancy to it. A reasonable indicator of where the economy stands in any given month is the purchasing managers’ index which shows the prevailing direction of [...]
Turnaround for Santander as bank takes home over €8bn in 2021 February 2, 2022 Spanish bank Santander took home over €8.1bn (£6.7bn) in 2021 profits, after enjoying its most profitable quarter for 12 years.
Editorial: After months on the sidelines, it’s time for the Bank of England to enter the inflation fight February 1, 2022 After months on the sidelines, the Bank of England’s rate setting committee should finally enter the inflation fight at their meeting on Thursday. Arguably, governor Andrew Bailey has inherited not just Mark Carney’s role as Bank chief, but also his propensity to act like an “unreliable boyfriend” after keeping rates unchanged in November despite the [...]
Slowing US economy to throttle global growth February 1, 2022 A sharp slowdown in the stateside economy is set to throttle global growth this year, Wall Street analysts are forecasting. A wave of worker absences caused by the Omicron variant sweeping across the US has led to the American economy stumbling out of the blocks in 2022, according to Goldman Sachs. Americans will slash spending [...]
Rampant inflation forces Brits to dip into Covid-19 savings February 1, 2022 Brits are unleashing the enormous stock of savings amassed over the course of the Covid-19 crisis to maintain spending amid soaring inflation, reveal fresh official figures released today. Households are turning to drawing down savings due to the intensifying cost of living crunch stretching their budgets. The combined £3.2bn jump in households savings over the [...]
Households face extra £180 a year on average grocery bill February 1, 2022 Households are facing an extra £180 to their annual grocery bill after inflation has seen prices surge in recent months. The latest four-week grocery price inflation stands at 3.8 per cent, a 0.3 percentage point rise from December, according to the latest market data from Kantar. Take-home supermarket sales dropped 3.8 per cent over the [...]
Irn-Bru owner AG Barr increases prices as company battles rising inflation February 1, 2022 The company behind Irn-Bru has revealed that prices for its drinks have gone up due to inflation. Bosses at AG Barr said they have seen rising costs for raw materials, including packaging and energy bills, leading to cost-cutting measures, adding that they have “adjusted our pricing with customers where appropriate”. The comments came as the [...]
Strongest year-start since 2005: Brits fork out average of £255,556 on houses as prices soar February 1, 2022 Buyers are paying more than ever before for their homes with the average UK house costing 11.2 per cent more than it did last year.
Economists call hike in national insurance tax during cost of living crisis ‘extremely perverse’ February 1, 2022 Raising national insurance contributions during a cost of living crisis is the wrong thing to do, economists have warned. Giving evidence to the Treasury Select Committee, Tom Clougherty, from the Centre for Policy Studies, said it was “extremely perverse” to raise the tax currently and it should be delayed. Clougherty said it was “extremely perverse [...]
National insurance hike to spike UK firms just as they recover from Plan B and Omicron February 1, 2022 The national insurance hike is set to spike UK businesses just as they have recovered from the Omicron and Plan B-induced economic hit, reveals a fresh survey released today. Firms are deeply concerned that a combination of the national insurance (NI) hike and swelling energy bills will limit their capacity to survive, according to research [...]