Bank of England governor Andrew Bailey warns of uncertainty over inflation drop May 17, 2023 The risk of inflation staying higher for longer than the Bank of England’s two per cent target than it expects is mounting due to the slow reduction of wage pressures and price rises, the Governor of the central bank warned today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, Andrew Bailey warned the [...]
Jeremy Hunt: UK not ‘in a position’ to know if it can cut taxes before election May 17, 2023 The government is currently not “in a position to know whether we’re going to have any headroom at all” to cut taxes in the run up to the next election, Jeremy Hunt claimed today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, the Chancellor said he and Prime Minister Rishi Sunak “have our [...]
Experian shares tumble as investors fret over cautious forecast May 17, 2023 Shares in credit checker Experian fell sharply in early trading this morning after the firm revealed it had suffered a 19 per cent contaction in profits for the full year.
No Cowgill, No Problem: JD Sports nears billion-pound profit May 17, 2023 JD Sports announced record profits this morning despite a challenging economic environment and the exit of longtime chief Peter Cowgill
Use of community lenders rises as cost of living pressures see more refused loans elsewhere May 17, 2023 Community lenders saw a 22 per cent increase in customers in 2022 as the deteriorating economic environment helped exclude ever larger numbers from the traditional financial sector. According to new figures from Responsible Finance, community development finance institutions (CDFIs) increased total lending by 20 per cent in 2022 to £248m, reaching 94,744 customers. The majority [...]
Signs of unemployment jump emerge in UK economy – and it won’t solve worker shortages May 17, 2023 There are some signs that Britain’s red hot jobs market is calming down. That’ll please officials at the Bank of England, who, remember, are trying to make people and businesses (on average) a bit worse off to tame inflation. Wage growth which, in cash terms, has been rising rapidly for around a year, didn’t spring [...]
China soft data signals economic recovery running out of steam May 16, 2023 China’s April industrial output and retail sales growth undershot forecasts, suggesting the economy lost momentum at the beginning of the second quarter and intensifying pressure on policymakers to shore up a wobbly post-Covid-19 recovery. Tuesday’s batch of data, which also showed a further decline in property investment, adds to concerns about the outlook for the [...]
Insolvencies drop 15 per cent – but experts warn ‘we’re not out of the woods yet’ May 16, 2023 Corporate insolvencies dropped off in April as business confidence seemed to improve but experts warned that the drop may not signal better times ahead. According to new figures from the Insolvency Service, 1,685 companies went insolvent in April 2023, a 15 per cent fall on the same month the previous year. This was also down [...]
Amigo boss resigns as subprime lender continues wind down May 16, 2023 The chief executive and director of controversial subprime lender Amigo resigned from his role yesterday as the firm continues its wind down. Danny Malone, who joined Amigo last year, will step down after serving his 6-month notice period to ensure “the continuation of the solvent and orderly wind-down of the business”. Malone said he joined [...]
Boohoo share price soars as profits halve: Brits ditch fast-fashion and head back to the high street May 16, 2023 Online fashion retailer Boohoo said its profits halved, as the cost of living crisis continues to hit consumers’ spending and Brits flock back to physical stores. Pre-tax profits for the group halved during the 12 month period ended 28 February 2023 to £63.3m, down 49 per cent, with revenues dropping 11 per cent to £1.77bn. [...]