Bank of England to hoist interest rates to 5.75 per cent as experts warn UK inflation is out of control June 13, 2023 The Bank of England will have to hike interest rates to their highest level since July 2007, the eve of the financial crisis, in a sign that markets think the UK has the worst inflation problem in the rich world. Traders ratcheted up bets on how high Bank Governor Andrew Bailey and the rest of [...]
FTSE 100 close: Miners lift London’s premier index despite high wage growth sending rate fears spiralling June 13, 2023 Commodity giants lifted London’s main indexes on Tuesday despite concerns that the Bank of England will have to hike rates higher and faster on the back of the latest labour market figures. The capital’s premier index climbed 0.3 per cent to 7,594.78 points, although the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Artificial intelligence could turn human contact into a prerogative of the wealthy June 13, 2023 Artificial intelligence won't destroy our world, but will definitely change it. It could deepen inequalities in unforeseen ways - and human contact could fall victim to its progress, writes Phoebe Arslanagic-Wakefield
Ashley’s empire grows: Frasers picks up nearly 20 per cent of retailer AO World June 12, 2023 Mike Ashley's Frasers Group has invested £75m in electronic retailer AO World, taking a stake of almost 20 per cent in the business.
Shock result as Paul Scully MP fails to make Tory mayoral candidate shortlist June 11, 2023 Conservative MP Paul Scully has failed to make it onto his party’s shortlist in the race to take on Sadiq Khan for mayor of London. The upset saw the minister for London – widely thought of as the likely Tory favourite – snubbed in favour of assembly member Susan Hall, former No 10 advisor Daniel [...]
Danone UK boss urges government to raise fat, sugar and salt taxes June 11, 2023 The UK boss of a major food firm has called on ministers to link VAT rates to the “health credentials” of products containing fat, salt and sugar, in the first example of such a demand coming from business rather than government. James Mayer, president of Danone UK & Ireland, which sells the Actimel yoghurt drink [...]
London workers are £50,000 worse since 2010 due to wage stagnation, Sadiq Khan report claims June 9, 2023 Workers in London are £50,000 worse off since 2010 due to “scandalous” poor wage growth over the past decade, according to a new report. An analysis from London Mayor Sadiq Khan suggested that workers in the capital have lost thousands of pounds every year as their salaries have failed to keep pace with inflation. In [...]
Expensive repairs and second-hand car costs push motor claims to record £2.4bn in first quarter June 9, 2023 A record £2.4 billion was paid out in motor claims in the first quarter of this year as firms find surging costs increasingly challenging to absorb, according to the Association of British Insurers (ABI). More expensive vehicle repairs, rising second-hand car costs and longer repair times are among the challenges faced by insurers, although there [...]
Online shopping sales slump to lowest levels since before pandemic June 9, 2023 The cost of living crisis has hindered the online shopping sales boom with digital sales falling to their lowest levels since before the pandemic. The number of online sales fell by 3.3 per cent during May as punters, under the cosh, have had to cut down on the number of goods they buy from digital [...]
Insurance industry bosses push back at perceptions of ‘profiteering’ June 7, 2023 Insurance industry representatives have pushed back at perceptions that firms are “profiteering” during the cost of living crisis. Bosses appeared before MPs sitting on the Treasury Committee to answer questions about rising premiums. Labour MP Dame Angela Eagle put it to the insurance industry representatives: “There’s a perception out there that insurers are profiteering with [...]