FTSE 100 close: London markets measured after strong week July 21, 2023 London markets stayed flat throughout Friday after a strong week, closing slightly higher and extending earlier gains caused by lower than expected inflation. The bluechip FTSE 100 was measured throughout the day and closed in the green at 7,658.53, while the midcap FTSE 250, which is more aligned with the health of the UK economy, [...]
Summer deals help bump retail sales as growth falls at slowest rate in a year July 21, 2023 Retail sales grew by 0.7 per cent in June 2023 with increases across all the main sectors, as warmer weather and a greater selection increased consumer spending. During the month, non-food stores sales volumes rose slightly by 1.0 per cent in June 2023, following a fall of 0.5 per cent in May 2023, according to [...]
UK borrowing falls as debt pile revised to under 100 per cent of economy July 21, 2023 The Government’s debt pile was bigger than the country’s economic output in June – the first time this has happened for more than 60 years, official data shows. Public sector net borrowing hit £18.5 billion last month, down from £20 billion a month earlier, the Office for National Statistics (ONS) said. It pushed the total [...]
Uxbridge by-election: Tories hold Boris Johnson’s old seat as Labour blame Sadiq Khan’s ULEZ expansion July 21, 2023 The Conservatives have held onto Boris Johnson’s former seat of Uxbridge and South Ruislip as Labour blame Sadiq Khan’s ULEZ expansion policy for the loss. Tory councillor and former postman Steve Tuckwell won the west London constituency with 13,965 votes – beating Labour’s Danny Beales, on 13,470. Sir Keir Starmer’s party had hoped to overturn [...]
Anti-strikes bill becomes law as unions vow to fight it ‘tooth and nail’ July 20, 2023 A law has been passed to curb the effect strikes can have on some key services. The Strikes (Minimum Service Levels) Act has been granted Royal Assent, having cleared both Houses of Parliament after a protracted battle over its impact. The law will allow ministers to impose minimum levels of service during industrial action by [...]
Dunelm revenues reach £1.63bn as price cuts lure customers in July 20, 2023 Dunelm reported a revenue rise of six per cent over the past year, with the homeware retailer predicting profits to be “slightly ahead” of current market expectations. The Leicester born business said revenues reached £1.63bn in the 52 weeks to July up from £1.55bn in the same period last year. Sales growth declined -8.3 per [...]
IPA Bellwether: UK businesses boost sales promotions to record levels but pessimism lingers July 20, 2023 UK firms have ramped up sales promotions to an all-time high, leading to a growth in overall marketing budgets, according to the second-quarter IPA Bellwether Report released today. The report, which tracks marketing trends, revealed that sales promotions budgets have reached their highest level in the 23-year history of the survey, as more businesses increased [...]
Banks to avoid surge in delinquency even as average interest rate on credit card hits highest level this millennium July 19, 2023 The average rate of interest on UK credit cards hit their highest level in nearly 30 years last month, but experts suggested there would not be a surge in delinquencies. According to Bank of England data, the average rate of interest on a credit card surpassed 23 per cent in June for the first time [...]
Explainer: Sunak’s plan to house asylum seekers on ships and barges is sinking July 19, 2023 Rishi Sunak’s plan to house asylum seekers on ships and barges is dwindling – or rather, slowly sinking. The government had to return two cruise ships it had acquired yesterday after it found nowhere to dock them. Last month, while giving more details on the Bibby Stockholm, the barge arrived in Portland yesterday that will [...]
Wagamama owner TRG dines out on cost savings as closure programme continues July 19, 2023 Wagamama owner The Restaurant Group (TRG) has seen revenues rise despite the cost of living crisis, it confirmed this morning, with plans to reduce overheads with a raft of closures continuing apace. Like-for-like sales in its most popular chain, Wagamama grew 21 per cent in the two weeks to 16 July 2023, despite trading being [...]