Danone UK boss urges government to raise fat, sugar and salt taxes June 11, 2023 The UK boss of a major food firm has called on ministers to link VAT rates to the “health credentials” of products containing fat, salt and sugar, in the first example of such a demand coming from business rather than government. James Mayer, president of Danone UK & Ireland, which sells the Actimel yoghurt drink [...]
London workers are £50,000 worse since 2010 due to wage stagnation, Sadiq Khan report claims June 9, 2023 Workers in London are £50,000 worse off since 2010 due to “scandalous” poor wage growth over the past decade, according to a new report. An analysis from London Mayor Sadiq Khan suggested that workers in the capital have lost thousands of pounds every year as their salaries have failed to keep pace with inflation. In [...]
Expensive repairs and second-hand car costs push motor claims to record £2.4bn in first quarter June 9, 2023 A record £2.4 billion was paid out in motor claims in the first quarter of this year as firms find surging costs increasingly challenging to absorb, according to the Association of British Insurers (ABI). More expensive vehicle repairs, rising second-hand car costs and longer repair times are among the challenges faced by insurers, although there [...]
Online shopping sales slump to lowest levels since before pandemic June 9, 2023 The cost of living crisis has hindered the online shopping sales boom with digital sales falling to their lowest levels since before the pandemic. The number of online sales fell by 3.3 per cent during May as punters, under the cosh, have had to cut down on the number of goods they buy from digital [...]
Insurance industry bosses push back at perceptions of ‘profiteering’ June 7, 2023 Insurance industry representatives have pushed back at perceptions that firms are “profiteering” during the cost of living crisis. Bosses appeared before MPs sitting on the Treasury Committee to answer questions about rising premiums. Labour MP Dame Angela Eagle put it to the insurance industry representatives: “There’s a perception out there that insurers are profiteering with [...]
Sales surge for Zara owner Inditex as shoppers update summer wardrobe June 7, 2023 Zara owner Inditex reported a 16 per cent uptick in sales in its spring and summer collection, as the fashion giant’s new trends continue to lure in shoppers despite the cost of living crisis. Inditex, which is the world’s biggest fashion retailer, racked in €1.2bn (£1.03bn) in net profit in the first quarter of the [...]
Asos suppliers cut ties amid struggling share price and profits June 7, 2023 Asos suppliers have reportedly begun to cut ties with the struggling fashion website following a move by credit insurers to pull cover amid falling profits, in a fresh knock of confidence for the brand. Leading creditors at Allianz Trade, formerly Euler Hermes, withdrew cover for suppliers last month, according to The Times, due to a [...]
House building tumbles to lowest level in three years in blow to homeownership dreams June 7, 2023 House building has tumbled to its lowest level in three years in another blow to the homeownership dreams of millions of Brits, a closely watched survey out yesterday revealed. According to S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) latest construction purchasing managers’ index (PMI), the rate of new houses being rolled [...]
FTSE 100 close: London index retraces losses on softer pound June 6, 2023 London’s FTSE 100 retraced losses today, shaking off investor fears over the risk of the effects of a US recession rippling throughout the global economy. The capital’s premier index climbed 0.37 per cent to 7,628.11 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped [...]
Soaring inflation and recession fears trigger UK dealmaking slowdown June 6, 2023 Mergers and acquisitions in the UK tumbled sharply in the first three months of the year as recession fears and rapid rate hikes spooked dealmakers, official figures have revealed today.