Taxpayers to foot extra £27.3m bill for Royal Family even as cost of living soars July 1, 2022 UK taxpayers will pay an extra £27.3m over the next two years for the Royal Family even as a cost of living crisis grips the country. The additional amount is to help the Royal Family meet expenses after a drop in profits at the Crown Estate, Bloomberg reported on Thursday. The Royals spent £102.4m in [...]
Boost for Global Britain as UK exports to EU defy Brexit challenges and hit highest level ever July 1, 2022 New ONS data shows that British exports to the EU reached their highest ever level due to rising exports of fuels as the bloc continues to import substantial quantities of LNG. Goods exports to the EU reached £16.4bn in April 2022, their highest level in current prices since the series began in 1997. Meanwhile, the [...]
Mortgage costs expected to grow by another £2,500 as inflation spirals July 1, 2022 The cost of a mortgage is expected to grow by another £2,500 by the end of this year, in comparison with December 2021, according to property site Zoopla today. Economists anticipate “sharp” hikes to mortgage rates in the coming months, as the Bank of England seeks to tame spiralling inflation, which is already at 9.1 [...]
Mounting downturn jitters send London’s FTSE 100 lower June 30, 2022 Mounting concerns about a global economic downturn sent London’s top indexes tumbling today. The capital’s premier FTSE 100 index shed 1.96 per cent to close at 7,169.28 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 1.95 per cent to 18,666.78 points. A combination [...]
Barclays fights cost of living crisis with £1,200 pay rise for 35,000 employees June 30, 2022 Barclays is giving 35,000 of its UK-based staff a £1,200 pay rise to tackle the cost of living. The banking giant will provide this salary increase to customer-facing, branch, and junior support workers from 1 August. “Barclays will continue to monitor the economic situation globally and consider our approach to pay in each country in [...]
No cost of living crisis for Prince Charles as Duchy of Cornwall’s assets swell to record £1.2bn after £93m ‘staycation’ boost June 30, 2022 Annual accounts published this afternoon show that the total assets of the Duchy of Cornwall’s landed estate have risen to more than £1.2bn, a jump of nearly £93m since last year. As heir to the throne, the Prince of Wales is entitled to the Duchy’s profits as his yearly private income, which came to £23m [...]
Johnson says sky-high inflation is ‘big chance’ to fix cost pressures and ‘do things differently’ as PM denies being complacent June 30, 2022 The Prime Minister said today there is a “big chance” to fix unnecessary cost pressures for people and businesses across the UK as Boris Johnson denied that his Government is being “complacent” about spiralling inflation. Speaking at a press conference at the close of the Nato summit in Madrid, Johnson said the “very, very tight [...]
Nearly 2m more Brits trapped by higher tax rates since 2019 Tory election win June 30, 2022 Boris Johnson has heaped higher tax rates on nearly 2m more Brits since he won the 2019 general election, reveal official figures published today. The number of people paying the higher rate of income tax has swelled to 6.14m, up around 1.88m since Johnson led the Conservatives to a huge majority two and a half [...]
UK more likely than US and Europe to tip into recession, Goldman Sachs warns June 30, 2022 The UK is more likely to tip into recession than the US and Europe due to the country suffering from a more “acute” cost of living crisis, a top Wall Street investment bank has warned. Rampant inflation in Britain, running at a four decade high of 9.1 per cent and the highest in the G7, [...]
UK set to cut food tariffs to ease cost of living pressures June 30, 2022 The UK is set to cut tariffs on imported food in a bid to ease the cost of living crisis, Boris Johnson has said. The Prime Minister said products the UK does not produce – like oranges, rice, olives and bananas – could see price cuts in the coming months by slashing tariffs on foreign [...]