CMA takes aim at supermarkets for weakening fuel price competition – as Brits pay nearly £1bn more for fuel July 3, 2023 Increased supermarket profit margins led to drivers paying almost £1bn more for fuel last year, the Competition and Markets Authority (CMA) has found. Following a year long investigation, the watchdog said today that average supermarket fuel margins rose by 6p per litre between 2019 and 2022, with £900m syphoned out of customers pockets in total. [...]
Sainsbury’s results: Will efforts to keep prices low pay off? July 3, 2023 Investors will turn their focus to Sainsbury’s first quarter trading update on Tuesday to see how shoppers are reacting to the impact of food inflation amid the cost of living crisis. The supermarket is expected to post a jump in revenues driven by higher grocery sales over the quarter to June. Analysts at Shore and [...]
Retailer insolvencies jump to higher level than pandemic as brands buckle under economic pressure July 3, 2023 A squeeze on shoppers’ finances has increased the number of retailers being plunged into hot water, new research shows, as the cost of living crisis continues to decimate businesses. As inflation sits at a sticky 8.7 per cent, the number of retailers entering insolvency jumped 56 per cent in the past year, according to figures [...]
Tories facing biggest by-election defeat in UK history as Nadine Dorries’ seat goes up for grabs July 3, 2023 The Conservative Party is facing the biggest by-election defeat in British history in Nadine Dorries’ Mid Bedfordshire seat, pollsters at Opinium have warned. Labour is set to overturn the former culture secretary’s 24,664 majority in the ‘safe’ seat, which has voted blue since 1931. Adam Drumming, from Opinium, said: “The Conservatives are holding onto just [...]
ULEZ: Sadiq Khan to face High Court showdown this week over divisive policy July 3, 2023 Sadiq Khan faces a High Court showdown this week over his plans to expand the Ultra Low Emission Zone (ULEZ) to most of Greater London by the end of the summer. A coalition of Conservative-led councils opposed to ULEZ claim that the mayor has acted unlawfully while attempting to expand the controversial scheme. The court [...]
John Lewis submits £500m London planning bid for 800 homes – but questions remain about affordability June 30, 2023 John Lewis is pressing on with its shift away from the high street and into residential property by submitting initial planning applications for new ‘build to rent’ homes in the capital The hard-hit retailer submitted proposals for nearly 800 rental homes on London sites in West Ealing and Bromley, with plans for a site in [...]
British businesses most optimistic in over a year but London firms sweat over inflation June 30, 2023 British business optimism has climbed to its highest level in over a year despite consumers retreating in response to rising prices and the Bank of England’s aggressive interest rate rises, a survey out today reveals. UK business confidence climbed nine points to 37 per cent in June, taking it up to its highest level since [...]
Lack of available finance hampering SMEs – and things aren’t getting better anytime soon June 29, 2023 Small and medium-sized businesses (SMEs) are struggling to access funding as rising rates force banks to put up the costs of lending. According to YouGov data collected for AIM-listed Manx Financial Group, 40 per cent of SMEs had to stop or pause an area of their business due to a lack of funding over the [...]
B&M: Bargain hunting Brits help budget chain’s revenues top £1bn June 29, 2023 Brits seeking out bargains have continued to drive earnings at value retailer B&M as it reported a 13.5 per cent rise in group revenue in the first leg of the year. The news, however, failed to impress investors as its share price slumped over 6 per cent when markets opened this morning. The homeware to [...]
Mark Kleinman on banks, Ocado and London’s IPO market June 29, 2023 Mark Kleinman is City editor at Sky News Politics could push ministers to punish banks This is a cost of living crisis, not a banking crisis: if I had a fiver for every time a senior bank executive had said that to me over the last 18 months, I’d never need another mortgage of my [...]