UK narrowly avoids recession as GDP remains unchanged but Jeremy Hunt warns country ‘not out the woods yet’ February 10, 2023 The UK very narrowly avoided a recession in the final months of last year but the economy contracted sharply over Christmas, official figures out today reveal. Gross domestic product (GDP) remained unchanged in the final three months of last year, meaning the country swerved the technical recession definition of two consecutive quarters of contraction, according [...]
If Rishi Sunak wants growth, he needs a trade deal with India February 10, 2023 After doing so much to stabilise the UK economy at the end of last year, the Prime Minister has started to shift gears towards a sustainable path to economic growth. Both Sunak and his chancellor Jeremy Hunt have made our future growth a cornerstone of recent speeches. There is much to applaud in this pivot, [...]
How crisis has become the norm for the UK’s small businesses, Tide chief February 9, 2023 Economic crises have rocked the UK’s smaller firms over the past three years – now they’re becoming par for the course, boss of small business banking firm Tide tells City.A.M.’s Charlie Conchie Small business banking has played a strangely starring role in the national drama of the past three years. When Covid first began to [...]
Ignore the re-heated Thatcherism but listen to Truss: we need a growth plan February 9, 2023 Liz Truss has played a blame-game for her failures. But her diagnosis was right - Britain is failing to touch the sides of America's plan for growth. On this front, at least, Rishi Sunak needs to listen, writes Josh Williams.
A complicated funding model for apprenticeships means we miss the people we need February 9, 2023 The number of new apprentices is on the rise, but the number of people actually finishing their courses is falling, as young people are put off by low wages and low quality courses, writes Simon Eaves
Covid loan crisis as taxpayers foot £4.4bn bill to cover losses with more still owed in arrears or defaults February 8, 2023 The cost of Covid-era loan losses to the taxpayer could total £11bn, according to figures released by the British Business Bank British banks have already been paid £4.4bn to cover losses including fraud with more in arrears or default. Of the £77bn issued across three different loan schemes, according to figures published , £4.4bn has [...]
SocGen takes bad loan hit but claims 2023 is a ‘transitional year’ with ‘key deals’ ahead February 8, 2023 Societe Generale, France’s third biggest bank, favoured financial prudence over quick returns to shareholders as it prepared for the arrival of a new chief executive in May tasked with reviving its valuation in an uncertain economic climate. SocGen said it had hiked provisions for bad loans fivefold in the fourth quarter, cutting its net income [...]
High Street retail race: Marks and Spencer predicted to overtake John Lewis by 2026 February 8, 2023 Marks & Spencer will overtake John Lewis in the rankings of the UK’s biggest retailers by 2026, according to a new sales forecast. Tesco will retain its position as the largest retailer, followed by Sainsbury’s, but Amazon is on track to move into the top three within the next few years, industry title Retail Week [...]
Drax rules out power cuts as Unite announce nine days of strikes at energy plant February 8, 2023 There is no threat to electricity supplies to homes and businesses, argued energy giant Drax, despite Unite's calls for strikes.
Shipping giant Maersk warns of profit slump as post-Covid boom comes to an end February 8, 2023 Maersk has shrunk its profit expectations for 2023 as volumes and freight rates normalise after two booming years. The shipping giant announced today it expects its underlying EBITDA to be between $8bn (£6.6bn) and $11bn – 78 per cent down on last year’s $36.8bn. “Guidance is based on the expectation that inventory correction will be [...]