Tesco hit by inflation and supermarket war with Aldi and Lidl as profit down almost seven per cent April 13, 2023 Tesco, Britain’s biggest supermarket, was hit hard by consumers tightening their belts during the cost of living crisis, as it reported its operating profit was down almost seven per cent on last year. The London-listed chain said its profit was £2,6bn for the year to the end of February which was down 6.9 per cent [...]
Supermarket price wars: Tesco slashes price of milk for first time in three years to rival Lidl and Aldi April 13, 2023 Tesco has slashed the price of milk for the first time in three years and locked the price of over 1,000 products, in the latest move by the UK’s biggest grocer to rival discounter supermarkets. As shoppers are forced to ‘shop around’ for the best-value options, Tesco has reduced the price of a pint of [...]
Labour poll lead narrows to record low in ‘blue wall’ Tory seats April 12, 2023 The Labour Party’s poll lead in a key set of ‘blue wall’ seats in southern England has narrowed to a record low, new polling data has revealed. Sir Keir Starmer’s party is leading the Conservatives by just two per cent among affluent Tory shire constituencies – a joint record low and a six point drop [...]
Air fryers and coffee machines send white goods retailer’s shares soaring April 12, 2023 Shares in Marks Electrical soared over seven per cent this morning after the online white goods retailer posted a 21.5 per cent rise in revenues. Despite an ongoing cost of living crisis, consumers splashing out smaller electrical appliances such as air fryers helped hike revenues up to £97.8m compared to £80.5m the prior year. In [...]
Retail sector pins hopes on King’s coronation to lift sales April 12, 2023 Shoppers put cost of living fears behind them as they splashed out on Mother Day gifts in March, helping to slightly boost retail sales, but damp weather and soaring inflation has left the sector holding out for the King’s coronation in May to see a “larger uptick” in sales. According to data by the British [...]
Recession clouds lift over UK jobs market as hiring begins to recover April 12, 2023 Recession clouds are receding from the UK jobs market as companies gradually regain confidence about hiring workers following a batch of better than expected economic data since the turn of the year, new figures out today reveal. Firms are dipping their toes back in the recruitment market, lured by household spending holding up better than [...]
IMF: UK economy to toy with recession this year – and fall to the bottom of global growth leaderboard April 11, 2023 Britain is steering toward the bottom of the G7 economic growth table this year and will toy with a recession for most of 2023, the world’s economic watchdog warned today. UK gross domestic product is tipped to shrink 0.3 per cent per cent in 2023, the weakest performance of any economy in the group of [...]
Netflix and starve: Cash strapped Brits cut back on groceries and spend more on TV subscriptions April 11, 2023 Cash strapped Brits have cut back on grocery shopping and dining out last month, but spent more on streaming services services Netflix. Consumer card spending grew just 4.0 per cent year-on-year in March, less than half of the latest inflation rate of 9.2 per cent, as the cost of living crisis drives consumers to cut [...]
Brits embrace ‘value’ fun as Hollywood Bowl’s revenue up 11 per cent and outlook raised April 11, 2023 Bowling operator Hollywood Bowl has lifted its outlook for the rest of the year after a 11 per cent increase in revenue, as Brits turned to the affordable activity in the cost of living crisis. The leisure business, which operates across the UK and Canada, said group revenue in the six months to March 2023 [...]
Michael Gove faces an uphill battle to turf out the medieval long leaseholds April 11, 2023 We are one of the few countries left in the world with a leasehold system for our homes - where people own their flat, but not the land on which is built. This comes with problems, writes Elena Siniscalco