Morrisons’ private equity owner clears final regulatory hurdle for £7bn supermarket sweep June 9, 2022 The competition watchdog has given the green light to Morrisons’ private equity owner, meaning the deal has now cleared regulatory checks. The Competition and Markets Authority (CMA) had provisionally accepted Clayton, Dubilier & Rice’s offer to sell 87 petrol stations in order to address competition concerns. Now, the watchdog said it has accepted the undertakings [...]
Brits to be allowed to use housing benefits for a mortgage to buy their homes June 9, 2022 Allowing lower-paid workers to use housing benefits to buy their homes and an extension of the right to buy for housing association tenants should give Tory support a boost. Prime Minister Boris Johnson is expected to confirm his intentions in a major speech today as he seeks to repair his fortunes after a bruising Tory [...]
Sadiq Khan warns Londoners to brace themselves for more violent crime due to cost of living crisis June 9, 2022 The Mayor of London, Sadiq Khan, warned this morning the cost-of-living crisis could lead to more violent crime. Khan spoke of his fears that progress in tackling violent crime could be jeopardised as figures show that London’s knife and gun crimes plus teenage murders have been reduced. “We must acknowledge that the spiralling cost of [...]
The UK must lead a united front ready to tame the alarming global food crisis June 9, 2022 On Monday, the Russian ambassador walked out of a UN meeting after Charles Michel, the European Council president, accused Moscow of using food supplies as “a stealth missile against developing countries”. Michel was referring to the situation in Ukraine’s port of Odessa, where tons of wheat have been left to rot in containers because of [...]
UK to clock weakest growth in rich world amid economic ‘stagnation’ June 8, 2022 The UK will clock the weakest growth in the rich world caused by households retrenching amid the worst cost of living crisis in a generation, according to new forecasts released today. Rampant inflation driven by accelerating global energy prices as a result of Russia’s invasion of Ukraine and ongoing supply chain disruptions caused by China’s [...]
UK housebuilding tumbles into ‘stagnation’ amid reversing economy June 8, 2022 Higher raw material costs and ongoing supply chain disruption clamped down on the UK construction sector last month, according to a closely watched survey released today. Construction businesses cut back on activity amid rapid cost inflation persisting in May making projects unviable. Just over seven in 10 firms said input prices climbed in May, driven [...]
Last-minute talks to avert largest rail strike in decades which may ruin concerts, cricket and Glastonbury June 8, 2022 In a bid to avert the largest strike by railway workers in several decades talks are to be held this week, after the scale of disruption to services by the planned industrial action became clear. Members of the Rail, Maritime and Transport (RMT) union at Network Rail and 13 train operators will walk out on [...]
Swelling of ‘generation rent’ means many won’t be homeowners until 40s, 50s or even pension age June 8, 2022 Almost 15 per cent of renters think they may be picking up their pension before becoming homeowners, as the cost of living crisis continues to eat into savings. With so-called ‘Generation Rent’ continuing to be impacted by soaring house prices that prevents them from getting onto the property ladder, a new survey commissioned for NatWest [...]
Londoners face more disruption as new tube strike is confirmed for 21 June June 8, 2022 Londoners will need to brace themselves for more disruption as the RMT union has announced that 10,000 of its tube workers will walk out on 21 June. RMT members working for London Underground cited a dispute over pensions and job losses as the main reason behind the walkout. The strike is the latest disruption to [...]
Zara owner Inditex’s profit up 80 per cent as shoppers stock up June 8, 2022 Zara owner Inditex has posted a bumper quarterly profit, while taking a hit of €216m after the temporary closure of its business in Ukraine and Russia. The Madrid-listed firm, which is the largest fashion company in the world, saw net income profit hit €760m in the first quarter of the year. It marked a decade-high [...]