Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Web3 metaverse growth is exponential November 17, 2022 Dr Chris Kacher explains how the community around a platform can co-create enabling the platform ecosystem to grow even stronger.
Profits at Lidl quadruple after ambitious expansion across UK bears fruit November 17, 2022 Profits at supermarket chain Lidl have more than quadrupled after its ambitious expansion of stores and increased customers over the year, the German retail giant said this morning. Pre-tax profits reached £41.1m in the year to February 28, surging 319 per cent from the £9.8m posted the same time last year. It also saw revenues [...]
Joules appoints administrators amid ‘overwhelming’ interest from suitors November 16, 2022 Administrators were appointed for beleaguered lifestyle retailer Joules on Wednesday, with some 1,600 staff members at risk. Will Wright, Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators for the high street firm, which has struggled with a slowdown in sales. Administrators from Interpath were also appointed for its developments arm and [...]
More retailer woes send London’s FTSE 100 lower November 16, 2022 Another bad day for middle-class favourite and online supermarket Ocado led London’s FTSE 100 lower today. The capital’s premier index dropped 0.25 per cent to 7,351.19 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 1.77 per cent to 19,112.40 points. Fresh inflation figures [...]
UK inflation scales to 41-year high, but analysts bet it has peaked at 11.1 per cent November 16, 2022 UK inflation has surged above the City and Bank of England’s expectations to reach a new 41 year high, but experts said it may now have peaked, official figures revealed today. Prices rose 11.1 per cent over the last year, pushing the rate a whole percentage point higher from September, according to the Office for [...]
British Land portfolio value dwindles as economic downturn weighs on real estate November 16, 2022 British Land, one of the largest property trusts in the UK, has had its portfolio value dwindle in the past six months as the economic downturn weighs on real estate. The London-listed group reported underlying profit growth of more than 13 per cent to £136m. However, its portfolio value sank three per cent, dragged by [...]
Awful day for Ocado drags FTSE 100 into the red November 15, 2022 London’s FTSE 100 today was dragged down by investors souring on middle-class favourite and online supermarket Ocado. The capital’s premier index fell 0.21 per cent to 7,369.44 points, while the domestically-focused mid-cap FTSE 250 index dropped 0.85 per cent to 19,455.88 points. Ocado’s shares plummeted to the bottom of the FTSE 100 today, taking the [...]
Landsec books nearly £200m loss as it shrinks presence in London November 15, 2022 British property investment trust Land Securities, known as Landsec, has booked a nearly £200m loss over the past six months as interest rates sting. It follows a £275m profit in the same period last year, as the company retreats out of London. Landsec, one of the largest office leasers in London, has cut the capital’s [...]
Primark website crashes on first day of click and collect trial November 14, 2022 Primark’s first foray into online shopping hit a hurdle on Monday morning as the high street name’s website crashed. The budget apparel seller has launched a trial in 25 stores in north-west England and north Wales, for children’s clothes to begin with. “We’re working hard to address this to ensure that everyone can access and [...]