FTSE 100 close: London index runs out of steam ahead of expected Fed interest rate hike February 1, 2023 London’s FTSE 100 edged higher this morning, before running out of steam later in the day ahead of the US Federal Reserve launching a big week for central banks with an expected 25 basis point interest rate hike. The capital’s premier index eventually fell 0.17 per cent to 7,758.21 points, while the domestically-focused mid-cap FTSE [...]
Khan’s call to re-introduce VAT-free shopping backed by retailers who claim it would lure 1.5 million more tourists to London February 1, 2023 Kay Buxton, chief executive of Marble Arch London BID, said that Chancellor Jeremy Hunt “missed a trick” at the last Budget by not reintroducing tax-free shopping, noting that the move could have increased spending by £2.1bn.
H&M axes four UK stores outside London as retailer warned it needs to ‘raise its game’ to differentiate from rival fashion chains February 1, 2023 H&M has announced plans to shutter four of its stores across the UK due to a “rapid change” in customer behaviour. None of the fashion retailers’ London sites have been impacted by the move, however stores in Hartlepool, Maidenhead, Newport in Isle of Wight and Burton are set to close. A spokesperson for H&M UK [...]
Ofgem boss warns over declining appeal of UK’s energy sector for suppliers January 31, 2023 Shell's potential exit from the energy retail market raises questions over the industry's attractiveness for businesses, warned Ofgem.
Hospitality braces for £100m in lost sales ahead of biggest day of strikes in over a decade January 30, 2023 Retail and hospitality figures have described strike action set to take place on Wednesday as “damaging” to the sector and “entirely avoidable”. Kate Nicholls, chief executive of UKHospitality told City A.M. she estimates union strikes this week will set the sector back a further £100m in lost sales, with “much of that impact being felt [...]
Lidl to invest £4bn in British food businesses in a move it claims will provide its suppliers with ‘security’ and ‘certainty’ January 30, 2023 Lidl has revealed plans to invest £4bn into British food businesses this year, as it charges ahead with growth plans. Lidl GB, the British arm of the German retail group, said it would accelerate the spending plans it announced in 2019. Lidl GB had committed to a £15bn investment in the British food industry between [...]
London £4 trillion stock market sees profit warnings hit financial crisis levels January 30, 2023 Profit warnings issued by companies on London’s £4 trillion stock market surged over the last year, propelled by swelling costs squeezing margins, a new report out today reveals. Against a backdrop of skyrocketing energy prices and slowing demand amid cost of living crisis, businesses have had to tell shareholders to brace for profits to come [...]
What blockchain could do for financial literacy January 29, 2023 Katia Shabanova connects the railways and literacy to how people are discovering new ways to control their money with blockchain technology.
A Russian billionaire, the Dyson family, Gym Shark founder and Sting are among 100 of the richest Brits who paid nearly £5.2bn in tax during 2022 January 27, 2023 A Moscow-born billionaire is the UK’s top tax payer, paying more than £487m in just 12 months, according to the Sunday Times’ annual tax list. Alex Gerko, boosted the Treasury’s coffers by more than £1.3m a day or £55,639 an hour during 2023. Gerko, who became a British citizen and renounced his Russian citizenship late last [...]
Shell considers selling energy retail business in new strategic review January 26, 2023 Shell has not ruled out the sale of its energy business for households, after announcing a strategic review of its retail operations.