Liz Truss energy price freeze would peg inflation, BoE chief economist says September 7, 2022 LIZ Truss’s plan to freeze energy prices would prevent inflation from scaling to its highest level since 1980, but interest rates may have to stay higher for longer, the Bank of England’s top wonk said today. Huw Pill, the monetary authority’s chief economist, told the commons treasury committee that the new prime minister’s cost of [...]
Gymshark to open doors of first physical store on London’s Regent St next month September 7, 2022 Gen Z sportswear retailer Gymshark is set to make its venture into physical retail this autumn, revealing the opening date of its Regent St flagship. The online brand is to open up shop at 165 Regent St on Saturday 1 October, after huge success over the last few years. Gymshark store on Regent Street will [...]
Meet Liz Truss’s top team: Long-term ally Kwasi Kwarteng to hold UK’s purse strings as Chancellor September 7, 2022 Following yesterday’s Cabinet reshuffle, City A.M. introduces you to some of Liz Truss’s key ministers. Who are they? What has their journey been so far? Also check out the new Home Secretary, Suella Braverman, the new Foreign Secretary, James Cleverly as well as the new Business Secretary, Jacob Rees-Mogg. Britain’s new Chancellor Kwasi Kwarteng has the job [...]
Britain hurtling toward long economic slump and record living standards squeeze September 6, 2022 Britain is sinking into a long economic slump that will deal the biggest hit to household finances on record, a new report released today shows. A historic inflation surge led by sky-high energy bills is set to tip the country into a recession this year, wiping off £2,000 of Brits’ real take home pay, according [...]
Auditors flag unusual accounting for TalkTalk as consolidation remains up in air September 6, 2022 Auditors have flagged a series of unusual accounting practices for broadband giant TalkTalk. According to the firm’s annual report, which was obtained by The Telegraph, TalkTalk’s auditors Deloitte said in a reasonable worse case scenario the firm would only be able to meet the covenants on its debt by excluding more “exceptional items” from everyday [...]
EU airfares return back in line with pre-pandemic normal September 6, 2022 Airfares in Europe have gone back in line with the pre-pandemic normal, according to data released today. “Pricing in Europe appears to be in line with pre-pandemic rates of 2017-2019, indicating that after a busy summer period the industry has been able to recover to somewhat normal levels,” said Elise Weber, chief executive of airfare [...]
From home repossession to a virtual home in Metropolis metaverse September 6, 2022 A can-do attitude mixed with a pinch of hope has secured a new home in the Metropolis metaverse for journalist and activist Jillian Godsil.
Gaucho restaurant boss claims steaks would have to cost £100+ to cover rising energy bills September 6, 2022 The hospitality chief behind the Gaucho steak restaurants has said his venues would have had to charge beyond £100 for steaks in order to cover energy costs if they were not fixed. Restaurant bosses have urged the new Prime Minister Liz Truss to issue emergency support for the sector as some venues grapple with bill [...]
Liz Truss is new PM: Johnson loyalists Patel, Dories and Tory co-chair quit September 5, 2022 Three senior Conservative and Boris Johnson loyalists quit their roles ahead of Liz Truss being sworn in as prime minister. Priti Patel, the Home Secretary, Nadine Dorries, the Secretary of State for Digital, Culture, Media and Sport, and Ben Elliott, the Johnson-appointed co-chair of the Party, announced they quit their roles. Patel took to Twitter [...]
BBC brings in Bain & Co to help make a licence fee freeze plan September 5, 2022 BBC have called in Bain & Co to review its funding strategy as the licence freeze sinks in for the broadcaster. The world-leading consultancy will be helping the Beeb put together a wide-ranging blueprint for its future, as first reported by Mark Kleinman for Sky News. Nadine Dorries confirmed in January that the BBC licence [...]