FCA warns millions of Brits who live in blocks of flats urgently need better protection September 21, 2022 Under a move by the City watchdog to improve how the buildings insurance market operates, the FCA said today that people living in blocks of flats could receive greater protections from high insurance costs. A cross-industry risk-sharing scheme could be set up to limit the risk to individual insurers posed by buildings affected by flammable [...]
Marks and Spencer announces bumper £15m pay package for its 40,000 frontline staff September 21, 2022 Marks and Spencer has announced a bumper £15m pay package to support its 40,000 frontline staff during the cost of living crisis. The British high-street giant is also introducing an autumn pay review for the first time, while extending its benefits scheme for workers. More than 40,000 workers will get a boost to their hourly [...]
Government unveils energy support package to ‘stop businesses collapsing’ September 21, 2022 Firms have been given a boost in dealing with the energy crisis through a government discount, with the chancellor saying it “stepped in to stop businesses collapsing”. Plans were unveiled this morning, cutting prices for non-domestic energy customers, while suppliers will reduce wholesale costs to help families. The measures, announced by the department for Department [...]
Taxpayers to foot the bill for half of businesses’ electricity bills September 21, 2022 Taxpayers will have to cough up half the electricity costs for British businesses this winter amid threats of blackouts.
Ocado shares sink after HSBC downgrade September 20, 2022 Shares in Ocado sank on Tuesday after HSBC analysts downgraded the grocery delivery firm from a Hold to a Reduce rating. HSCB’s notes caused shares in the middle-class favourite to drop by more than eight per cent after Ocado warned last week that soaring inflation will weigh on its profitability in Q4. The firm warned [...]
Package holidays boom shows no sign of abating as Tui enjoys surge in bookings September 20, 2022 The post-pandemic boom in package holidays shows no sign of abating as giants such as Tui continue to enjoy high levels of bookings. The German operator said in a trading update published on Tuesday it would stick to its profitability forecasts following an uptick in summer and winter reservations. TUI saw a travel revival this [...]
As politics resumes, a cold winter is closing in on Truss’ free market plans September 20, 2022 We face an autumn and winter of difficult political circumstances, it will take all the new prime minister’s deftness and agility to find a way through.
City braces for BoE rate hike and mini-budget September 19, 2022 The City is bracing for a bumper week of economic data and policy announcements in a trading week shortened by the UK bank holiday for The Queen’s funeral. London’s premier FTSE 100 index posted mixed performance last week, initially jumping higher before closing 1.56 per cent lower at 7,236.68 points. Its mid-cap domestically-focused counterpart, the [...]
City exclusive: Brits leave Europeans trailing in digital banking September 18, 2022 Brits are significantly ahead of other Europeans in their embrace of digital forms of banking. New research, shared exclusively with City A.M. this morning, shows that people in the UK are nearly twice as likely as other Europeans to prefer applying for financial products and services online via website or app, including through online chat [...]
Hospitality hit ‘from both sides’ of energy price crisis as number of insolvent firms shoots up September 18, 2022 There has been a huge spike in the number of company insolvencies in the past year by 72 per cent, as hospitality bears the brunt of soaring energy bills. New figures from the Insolvency Service show pubs, bars and restaurants have been the worst affected, being “from both sides” by the cost of living crisis. [...]