More than £18bn was added to non-food retail sales by inflation as 80 per cent of retailers prepare to raise prices February 8, 2023 Inflation is set to add £18.2 billion to UK non-food retail sales this year, a report suggests. Sales values are expected to hit £249 billion in 2023, but the 2.6 per cent increase – or an additional £18.2 billion of spending on last year – will be driven entirely by rising consumer prices, according to [...]
Exclusive: Service sector confidence in Britain’s economy has rebounded since Liz Truss, research reveals February 8, 2023 Confidence in the state of the UK economy has rebounded since Liz Truss’ term as prime minister, new research shared exclusively with City A.M. has revealed. Execs working in the UK’s professional services sector are significantly more confident about the state of the British economy than they were in middle of 2022, data from the [...]
Businesses trim hiring ahead of possible UK recession but experts cheer swelling vacancies February 8, 2023 Businesses are reining in hiring ahead of an economic slowdown that could tip the UK into recession, a closely watched survey out today shows. Permanent hires fell for the fourth month in a row last month, with KPMG and the Recruitment and Employment Confederation’s (REC) permanent placement index coming in below the 50 point growth [...]
UK to narrowly avoid recession but cost of living crisis will leave families £4,000 worse off February 8, 2023 The UK is poised to narrowly avoid a recession but the cost of living crisis will still leave average Brits £4,000 worse off this year, fresh forecasts out today reveal. Britain’s economy is set to squeeze out 0.2 per cent of GDP growth in 2023, meaning it will just about swerve a technical reversal, two [...]
ULEZ expansion ‘not the answer’: Rebel boroughs Harrow and Bromley warn Khan of impact on ‘poorest and vulnerable’ February 7, 2023 Harrow and Bromley councils have responded to a letter from Sadiq Khan over the expansion of ULEZ, warning of its impact on the poorest. Harrow councillor Paul Osborn wrote to Khan earlier this week, reiterating that the expansion of the ultra-low emission zone (ULEZ) to include the whole of Greater London was “not the answer” [...]
BP scales back climate ambitions as outcry over £23bn earnings ignites call for tougher windfall tax February 7, 2023 BP has scaled back its climate ambitions, easing plans to slash the amount of oil and gas it produces to meet global demand.
Crypto markets holding tight ahead of today’s speech from US Federal Reserve February 7, 2023 The price of Bitcoin was at $23,010 this morning as it continues to weave around the $23,000 mark. Ethereum is trading for $1,640.
House prices are poised to slide in 2023 but straight into the hands of the lucky few February 7, 2023 There’s a pretty wild variety of house price predictions doing the rounds. Capital Economics have forecast they could fall 12 per cent, while experts at property search site Zoopla are a bit more optimistic. The consensus seems to be somewhere around a six per cent fall in 2023. One thing is certain: house prices are [...]
Retail groups call apprenticeship levy a ‘£3.5bn mistake’ and call for urgent reform February 6, 2023 Kate Nicholls, chief executive of UKHospitality, said a “much-needed” overhaul of the system would enable businesses to go even further in their skills investment.
Dell cuts almost 7,000 jobs as computer sales fall February 6, 2023 Dell has revealed plans to axe five per cent of its global workforce amid failed restructuring efforts and falling consumer demand for computers. “This is a difficult decision that was not made lightly, and we’ll support those impacted as they transition to their next opportunity,” a spokesperson for Dell said. Chief operating officer Jeff Clarke [...]