Letters: Saving money through EVs June 27, 2022 [Re: To turbocharge our own EV revolution we must ensure affordability for all, June 21] Electric vehicles are seen as the car of choice for the elite. This is mainly due to the cost – a leading obstacle many drivers face when considering whether to invest in an EV. Over half of EV owners sit [...]
World is staring down the barrel of new high inflation era, BIS warns June 26, 2022 The world risks being flung into a new era of persistently high inflation that will tip the global economy into a drawn out recession, one of the world’s top economic institutions has warned. Rampant price rises triggered by a series of economic shocks that have no “historical parallels” could become the norm, the Bank for [...]
BT rushes to deny claims that call centre staff have launched foodbank to help them through cost-of-living crisis June 24, 2022 Telecoms giant British Telecom denied this morning a union’s claims that call centre staff have set up a foodbank to help them during the cost-of-living crisis. buThe Tyneside CommunitEE pantry was set up by staff at EE – owned by BT – and offered cupboard staples such as pasta, cereal and oats, as well as [...]
Explainer-in-brief: Why paper bank notes are finally on the out June 24, 2022 Hear, hear: we all have 99 days left to use our £20 and £50 paper banknotes before they’re out of the market. Why is the Bank of England taking these notes away? The OId Lady says paper notes are easier to counterfeit than plastic ones, so it’s time to get rid of them. Plastic ones [...]
Retail sales volumes fell last month as the cost of living crunch eats into April’s gains June 24, 2022 Retail sales volumes fell by 0.5 per cent last month, according to the latest figures, as the cost of living crisis eats away at gains made in April. While the figures suggest current inflation levels and concerns over a recession have Brits’ pinching their purse strings, sales volumes were 2.6 per cent above pre-pandemic levels, [...]
Letters: Home ownership isn’t everything June 24, 2022 [Re: Government admits most Brits will not benefit from Boris Johnson’s ‘benefits to bricks’ housing plans, June 22] In essence, the idea is positive but, in practice, it’s not currently feasible. Take for example the government’s plan to allow people on housing benefits to use welfare payments towards a mortgage. Welfare payments stop when a [...]
Brits paid billions more in taxes over the last year as HMRC ramped up tax collection June 23, 2022 The British population paid more in taxes in 2021-2022 as HM Revenue and Customs collected £718.2bn in taxes, a near 23 per cent rise from the year before. Total HMRC tax receipts for April 2022-May 2022 were £121.9bn, according to HMRC data released today. These were £14.8bn higher compared to the same period last year even as the [...]
Britons lose £5k a year during lost decade of productivity growth June 23, 2022 Workers have lost an average of £5,000 every year over the last decade due to the UK’s meagre productivity growth, reveals a new report published today. Britain’s productivity growth has lagged the rest of the G7 “throughout much of the post-war period, which seems to indicate a deep structural problem,” according to the National Institute [...]
The bear market story and what next – in six charts June 23, 2022 It’s been the worst start to a year for markets since the Great Depression. We tell the story so far in six charts. Like a bear with a sore head, many investors probably wish they had stayed in hibernation in 2022. It has been a brutal year so far, the worst since the Great Depression [...]
Fuel traders urged to take responsibility as wholesale price falls but petrol hits new record at pump June 23, 2022 Despite falling wholesale costs of petrol and diesel, prices are still going up at the pump as motoring groups call on fuel traders to offer consumers relief.