Under-offer Lookers nets £46m profit amid tough economic headwinds August 22, 2023 Car dealership Lookers, which looks set to be swiped from London markets in a £504m take-private deal, reported resilient trading in the first half against significant macroeconomic headwinds. The UK’s biggest car seller reached an agreement late last month with Global Auto Holdings – an entity linked to the Canadian Alpha Auto Group – to [...]
Government borrowing: Another new debt record as interest hits July high making pre-election tax cuts unlikely August 22, 2023 The interest paid on government debt hit its highest July level on record as government borrowing continued to rise, albeit significantly less than expected.
The Notebook: Victoria Scholar on falling house prices, global travel’s acceleration and Netflix’s Sackler drama August 22, 2023 Today, Victoria Scholar, head of investment at Interactive Investor, takes the City A.M. notebook pen The only thing being built is negative momentum Rising interest rates, high inflation and the cost of living crisis are starting to take a serious toll on the UK housing market. Just this week, data from Rightmove pointed to a [...]
Markets look for clues on future direction of interest rates as central bankers meet for Jackson Hole Symposium August 21, 2023 Central bankers from around the world will descend on Wyoming for the annual central banking jamboree later this week, with markets looking closely for any signals about the future direction of interest rates. Last year the discussion focused on the near certain recession that commentators thought would develop in the face of rapidly rising interest [...]
House prices: Five things we’ve learnt from the latest data (and why we might still be set for a crash) August 21, 2023 House prices might not crash - but neither renters nor homeowners have all that much to cheer as we head into September
Just eight per cent of voters credit Sunak with falling inflation, poll finds August 21, 2023 Just eight per cent of voters believe the government can be given credit for the recent fall in inflation, polling by YouGov has revealed. Inflation dropped to 6.8 per cent last month, which Prime Minister Rishi Sunak claimed showed his plan was working. Sunak made five key pledges to the public in January, including vowing [...]
The Notebook: Susannah Streeter on the parenthood trap, stripped-back burgers and the terrible trend of pub queues August 21, 2023 Today, it’s Susannah Streeter, head of money and markets at Hargreaves Lansdown, holding the City A.M. pen The pricey parenthood trap I congratulated my 40-something friends and new parents who took on the daunting task of moving house with their baby last week. It’s a challenge we recklessly took on ourselves, almost 17 years ago [...]
Rishi Sunak says we’ll feel better off next year – but is the PM right? August 18, 2023 Rishi Sunak has pledged Brits will all feel better off next year, as he said he “passionately believes” he can bring down inflation and ease the cost of living crisis. Speaking to the Times, the prime minister vowed to be disciplined on public spending and tax rates in a bid to revive the UK’s economic [...]
July washout drags retail sales down 1.2 per cent as supermarkets and high street hit August 18, 2023 July’s awful weather dragged down UK retail sales by 1.2 per cent, as supermarkets suffered the most from the washout with Brits not splashing cash on food and clothes. The latest figures from the Office for National Statistics (ONS) show retail sales volumes in July went down following a small rise of 0.6 in June, [...]
The Ned set to open new rooftop outpost in Washington D.C. August 18, 2023 Soho House is set to open its fourth iteration of The Ned, the City favourite, this time in Washington D.C., according to reports. The Wall Street listed clubs operator has teamed up with the ‘junk bond king’ Michael Milken to split the near £1bn cost of a larger development which will see The Ned occupy [...]