Sunak says he is ‘prepared to act’ if energy bills soar again later this year March 28, 2022 Rishi Sunak has said he is “prepared to act” if energy prices continue to spiral out of control amid speculation he is ready to announce another multi-billion pound council tax rebate later this year. The chancellor told MPs on the Treasury Select Committee today that “It’s very difficult to sit here today and speculate on [...]
As supermarkets keep costs low, farming bears the brunt of inflation in the middle March 28, 2022 The British farming industry is facing a tumultuous future. The impact of high inflation coupled with the reverberations of the war in Ukraine has left farmers high and dry without access to crucial products. What insiders have termed an “unprecedented crisis” could cause radical change in the British farming sector – an opportunity for some, [...]
Sir Iain Duncan Smith: ‘Sub-crisis’ emerging as loan sharks capitalise on rising cost of living March 28, 2022 With more than 1m Brits in debt to predatory illegal lenders, a “sub-crisis” may emerge as soaring costs of living heap added pressure on those with fragile finances. Former Conservative leader and ex minister at the Department for Work and Pensions, Sir Iain Duncan Smith has been campaigning. But not for an election. The veteran [...]
Legal & General joins rebel Sainsbury’s shareholders in calling for higher wages March 28, 2022 Legal & General has joined a group of rebel Sainsbury’s shareholders calling for higher wages for staff and are pressuring the supermarket giant into a proposal. The group, which included International and the National Employment Savings Trust, has pushed past the threshold which should see Sainsbury’s put a proposal to shareholders on the issue, The [...]
Soaring energy bills to drag on UK economy, new forecasts reveal March 28, 2022 Swelling energy bills are set to drag on the UK economy this year by sending a chill through household spending, reveals new research published today. Household energy bills will almost double in October even after rebates are handed out, according to new forecasts published by the EY Item Club today. The downbeat assessment adds to [...]
Sunak eyes another council tax rebate after poor response to his spring statement March 28, 2022 Rishi Sunak is considering a further council tax rebate for Brits struggling with the cost of living crisis, after his spring economic statement was met by a very poor response on Wednesday. The chancellor is reportedly now looking into offering a further multi-billion pound package to help people with soaring energy bills and other household [...]
Government plans to take stake in Sizewell C plant in nuclear push March 27, 2022 The government plans to snap up a 20 per cent stake in a major new nuclear plant in Suffolk as it scrambles to boost the country’s energy security amid soaring energy prices and war in Ukraine.
Wickes revenue surges past £1.5bn as DIY chain acknowledges cost of living crunch March 25, 2022 Wickes has reported revenue has hit £1.53bn after rising 14 per cent last year. Like-for-like sales were up 12 per cent on 2020 and 18.6 per cent on 2019, as lockdown shoppers turned to DIY projects. David Wood, chief executive, said the company expected to continue outperforming the market. Wickes was “well-placed to capitalise on [...]
G7 leaders call on OPEC to raise oil supplies March 25, 2022 The leaders of the G7 nations yesterday urged OPEC to boost oil production following Russia's invasion of Ukraine.
The City View: More Spring Statement analysis, and The Macallan’s Master Whisky Maker distills her craft March 24, 2022 Today Andy Silvester chats to Economics and Markets reporter Jack Barnett — they look back on yesterday’s Spring Statement; go through dire IFS figures; and discuss lack of growth in the UK economy. Andy also takes us through the business news: P&O are in even more hot water; and the CEO of convenience store operator [...]