Sofa so good! DFS reaches record market share as it navigates cost of living crisis July 17, 2023 DFS recorded a four per cent decline in gross sales compared to last year as the sofa giant warns of “significantly worse” market activity during the cost of living crisis. The news comes as earlier this year DFS downgraded its profit expectations to between £30m and £35m, slashing it by nearly half on the £60.3m [...]
Bank of England interest rate hikes trigger record £2.1 trillion UK wealth collapse, report claims July 17, 2023 The Bank of England has engineered the largest contraction in UK household wealth on record by jacking up interest rates in response to scorching inflation, a new report out today has claimed. Asset values have collapsed by £2.1 trillion since early 2021, mainly driven by a sharp fall in bond prices in response to UK [...]
New data: Cost-cutting and restructuring helps keep restaurant industry alive July 17, 2023 Bank of England interest rate rises could threaten the UK restaurant sector’s return to profitability, according to national accountancy group, UHY Hacker Young. The group say the percentage of UK restaurant companies turning a profit has more than doubled from 35 per cent to 78 per cent in the past year, but recent rate increases could [...]
Plans to shelve buy-now pay-later rules ‘incredibly concerning’, says Which? July 17, 2023 A top campaign group has sounded the alarm today after it emerged that the government is preparing to shelve plans to clampdown on the buy-now pay-later (BNPL) sector.
Easyjet: Can the budget airline quell investors’ fear of strikes and cancellations? July 16, 2023 EasyJet shareholders will be looking ahead with bated breath this week, with the budget airline set to unveil its third quarter trading performance on Thursday. EasyJet shares have plateaued following a flying start to the year, with concerns peaking amid an announcement earlier this week that nearly 2,000 of its flights would be cancelled over [...]
John Lewis boss: Shoplifting up over 20 per cent due to cost of living pressures July 16, 2023 The boss of John Lewis said today that shoplifting has increased over 20 per cent across the high street over the past year blaming the cost of living crisis for the rise in the crime. Speaking to the BBC on the Sunday with Laura Kuenssberg show, boss Sharon White said she was surprised to not [...]
Europe spent over a trillion dollars on gas since Russia sparked supply squeeze July 14, 2023 Europe has spent over a trillion dollars shoring up its gas supplies since Russia first began weaponising its pipelines in 2021.
Nearly half of tenants struggle to pay rent with millions now facing ‘financial vulnerability’ July 14, 2023 Nearly half of tenants are struggling to pay their rent, with millions now spending more of their disposable income on renting costs than homeowners. As the cost of living crisis has led many landlords to up the costs of rent, some 21 per cent of tenants report spending a higher proportion of their disposable income [...]
Cash still king in the City compared to rest of London but amount withdrawn almost halves July 13, 2023 Westminster and the City remained London’s biggest centres for cash withdrawals but saw a near halving in the amount of cash withdrawn over the past four years. According to figures from LINK, which operates the interbank network, the amount of cash withdrawals from the City and Westminster fell to £55m in May 2023, 49 per [...]
Sunak accepts six per cent public sector pay rises but warns it ‘will cost all of you as taxpayers’ July 13, 2023 Government has accepted recommendations for millions of public sector workers to receive pay rises of six per cent or more, Rishi Sunak has announced. The prime minister said today reports from independent pay bodies calling for public sector pay rises of between five and 6.5 per cent for millions of medics, teachers and civil servants [...]