£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
Bank of England orders lenders to strengthen reserves amid ‘deteriorating’ economy July 5, 2022 The Bank of England yesterday ordered lenders to fortify their defences in preparation for the looming economic downturn, warning the City against “excessive” cuts in lending to households and businesses. The central bank, which oversees Britain’s banking sector and the country’s monetary policy, doubled the proportion of money lenders need to keep in reserve to [...]
Pets at Home slumps due to cost-of-living crisis biting into Britons’ pockets July 4, 2022 RBC analysts have downgraded Pets at Home’s recommendation to Underperform as concerns mount as the cost-of-living crisis bites into Britons’ pockets. The pet retailer’s shares today took an 8.32 per cent tumble – the biggest on the FTSE 250. Analysts explained that while the group maintains a prime position in the pet care market, its [...]
Johnson urges OPEC to boost oil production to ease cost-of-living crisis July 4, 2022 Prime Minister Boris Johnson has urged the world's largest oil cartel to produce more oil to drive down prices and alleviate the cost of living crisis,
Venues plead Chancellor to reduce tax burden as pubs and restaurants face ‘bleak summer’ July 4, 2022 Night time economy bosses have urged the Chancellor to slash VAT to 12.5 per cent in a bid to help businesses recover to their pre-Covid glory. Pleas for help from sector leaders followed reports last week that Downing Street was mulling reducing the headline rate temporarily to help UK households navigate the cost of living [...]
Kellogg’s loses court battle against government over sugary cereal promotion rules July 4, 2022 Cereal giant Kellogg’s has lost its court case against the government’s new rules on the promotion of sugary foods in supermarkets. Kellogg’s had argued the government’s formula does not take into account the nutritional benefits of milk, which is typically consumed with cereal at breakfast. However, a ruling at the Royal Courts of Justice sided [...]
15 years of income stagnation leaves families brutally exposed to cost of living crisis with income inequality growing fast July 4, 2022 Real typical household disposable income growth for working age families has slumped to just 0.7 per cent a year in the 15 years leading up to the Covid-19 pandemic. This has left households, particularly those in rented accommodation and with young children, brutally exposed to the current cost-of-living crisis, according to new research published today [...]
Pret a Manger back in black after pandemic massacre as sandwich giant eyes overseas expansion July 4, 2022 Sandwich and coffee chain Pret a Manger has said it returned to profitability in March after suffering another year of hefty losses in 2021 amid lockdowns and Covid restrictions. The group revealed it remained in the red with operating losses of £225.9m last year, in new filings on Companies House. This was an improvement on [...]
Sainsbury’s and M&S walk into shareholder storm over minimum living wage versus bumper bonuses July 4, 2022 As activists mobilise in the first shareholder resolution of its kind, supermarket giant Sainsbury’s will be put under pressure this week to pay all staff and contracted workers the national living wage. Responsible investment campaign group ShareAction is driving the experimental motion at the supermarket giant’s annual general meeting on Thursday 7 July. Legal & [...]
Workers lose over £9k of yearly income rises during ‘lost decade’ July 4, 2022 Brits have lost over £9,000 of annual income rises during and just before the “lost decade” after the global financial crisis, reveals a fresh report published today. Typical household income growth has ground to a halt of just 0.7 per cent per year between 2005 and 2020, while incomes surged 2.3 per cent each year [...]