Winter of discontent: Price cap to peak at over £2,800 next January May 26, 2022 Cornwall Insight has warned the price cap could rise to over £2,800 per year in January if the mechanism moves to a quarterly model.
TGI Friday’s owner shares plunge after revenue sinks amid diners’ tightening purse strings May 26, 2022 TGI Friday’s owner Hostmore’s share price has plummeted almost 15 per cent after the restaurant operator posted subdued revenue versus pre pandemic levels. Hostmore, which also operates the cocktail bar brand 63rd+1st, said like-for-like revenue was six per cent lower than 2019 levels. In a trading update for the 20 weeks ended 22 May, the [...]
Today: Rishi Sunak to roll out news measures to help struggling Brits to fight cost of living crisis May 26, 2022 It’s been speculated that UK Chancellor of the Exchequer Rishi Sunak will today announce some emergency measures to help the most vulnerable UK households to help alleviate the strain on their finances because of the surge in energy prices. The package, which it is said is expected to be in the region of £10bn, “is [...]
Exclusive: Steep surge in income tax and national insurance as higher taxes bite in cost of living May 26, 2022 The combined amount of Income Tax and National Insurance paid in the last twelve months has soared by 13 per cent to more than £387bn, new figures from HMRC show. The latest data from the taxman comes amidst the growing cost-of-living crisis, the Government is now likely to come under increasing pressure to alleviate the [...]
Slowing business activity strengthens UK recession risk May 26, 2022 Swelling costs and fears over rampant inflation forcing consumers to slash spending are eroding British businesses’ optimism, casting doubt over whether the country can avoid a recession, two surveys published today reveal. Households are cutting discretionary purchases in response to living costs climbing at the quickest pace in four decades, research by the Confederation of [...]
The City View: Offshore Energies UK CEO on deleterious effects of a windfall tax May 25, 2022 Today Andy Silvester chats to Deirdre Michie, CEO at Offshore Energies UK. They unpick the windfall tax, the risk it poses for smaller energy firms and the sector in general, the state of the energy industry, and the seemingly lackadaisical speed of the energy transition. In other news: M&S is leaving its Russian franchise business, [...]
Petrol prices rise to record levels as RAC calls on government to provide more support for drivers May 25, 2022 Petrol prices climbed to record levels for the third consecutive day yesterday, with soaring oil prices putting more pressure on consumers.
Sue Gray report: Johnson says UK must ‘move on’ as he takes ‘full responsibility’ for partygate May 25, 2022 Boris Johnson has said now is the time to “move on” from the partygate scandal, after saying he takes “full responsibility” for the brazen Covid rule-breaking uncovered in Sue Gray’s report. The Prime Minister told the House of Commons that he had “no knowledge” that Covid rules were broken on eight occasions, as deliberated by [...]
More Brits feel disengaged, demotivated or anxious as rising cost of living feeds stress levels May 25, 2022 Our headlines in recent weeks have been dominated by the latest inflation figures, reaching a 40 year high of 9 per cent, as well as the cost of living crisis, which is raging on. As the nation and the media come to terms with the prospect of a recession, one crucial impact of the UK’s [...]
Average mortgage repayments approaching 33 per cent of monthly income akin to 2008 financial crash levels May 25, 2022 Homeowners are spending more to live in their house than at any point in the last 15 years, with mortgage repayments equalling almost 33 per cent of monthly income. The cost of living crisis and increase in interest rates has put renewed pressure on property-owners, with house prices soaring and the cost of repayments nearing [...]