Banks to avoid surge in delinquency even as average interest rate on credit card hits highest level this millennium July 19, 2023 The average rate of interest on UK credit cards hit their highest level in nearly 30 years last month, but experts suggested there would not be a surge in delinquencies. According to Bank of England data, the average rate of interest on a credit card surpassed 23 per cent in June for the first time [...]
Explainer: Sunak’s plan to house asylum seekers on ships and barges is sinking July 19, 2023 Rishi Sunak’s plan to house asylum seekers on ships and barges is dwindling – or rather, slowly sinking. The government had to return two cruise ships it had acquired yesterday after it found nowhere to dock them. Last month, while giving more details on the Bibby Stockholm, the barge arrived in Portland yesterday that will [...]
Wagamama owner TRG dines out on cost savings as closure programme continues July 19, 2023 Wagamama owner The Restaurant Group (TRG) has seen revenues rise despite the cost of living crisis, it confirmed this morning, with plans to reduce overheads with a raft of closures continuing apace. Like-for-like sales in its most popular chain, Wagamama grew 21 per cent in the two weeks to 16 July 2023, despite trading being [...]
Illegal London candy stores turned into rent free shops in Oxford Street clean-up July 19, 2023 Oxford Street is set for a major revamp as Westminster City Council launches a new £10m scheme to transform London’s iconic high street. The council will make shops vacated by illicit candy stores, which have blighted the leading retail destination, available to small business owners rent free and lower their business rates by 70 per [...]
UK profit warnings hit highest yearly level since 2008, outside of pandemic July 19, 2023 The proportion of UK-listed companies that issued profit warnings in the past year was higher than any year since 2008, outside of the pandemic, according to new analysis. It comes as higher borrowing costs and a tougher sales environment have weighed heavily on businesses. Companies listed on the London Stock Exchange issued 66 profit warnings [...]
TNT Sports replaces BT Sport in ‘clean slate’ – but bumps lie ahead July 18, 2023 TNT Sports will appear on the television screens of sport fanatics across the UK and Ireland from today, replacing BT Sport. It was revealed in February that BT Sport would undergo a rebrand to TNT Sports as part of a deal between the broadband giant and Warner Bros. Discovery (WBD), signed last autumn. The media [...]
Conservatives heading for triple by-election loss, bookies predict July 18, 2023 The Conservatives are tipped for a triple by-election loss this week as they prepare to do battle in three Tory seats, bookies have predicted. Voters in Uxbridge and South Ruislip, Selby and Ainsty and Somerton and Frome will head to the polls this Thursday to select new MPs. Ballots are expected to be an electoral [...]
Pret A Manger: Back to profit for first time since 2018 July 18, 2023 Pret A Manger has announced an annual profit for the first time since 2018 thanks to a successful international push and its revamped coffee subscription service. The high-street favourite recorded revenues of £429.9m, growing by 20.2 per cent compared to the same period in 2022 when it reported a loss of £226m. Its last profitable year [...]
Ocado losses widen: Share price rises as retail arm shows signs of improvement July 18, 2023 Pre-tax losses at Ocado have widened to £289m in the first half of the year, as the grocery firm’s share price was up over 14 per cent this morning. The supermarket technology business said its retail arm – which is a joint venture with M&S – grew five per cent to £1.17bn as it returned [...]
Britain’s pro-growth agenda needs a rebrand to convince reluctant voters July 18, 2023 As the Tories face a brutal set of by-elections, they needs to find a way to give growth a good name again.