Cost of insurance against UK debt default has more than doubled over last year June 2, 2023 The cost of insuring the UK’s debt against default has more than doubled in the past year, as rising rates, increased borrowing and a deteriorating economic environment spooked investors. According to exclusive data from reinsurance firm Chaucer, the cost of a credit default swap (CDS) on the UK’s debt has increased 131 per cent. A [...]
Government preparing for legal fight with Covid inquiry (it set up) over Boris Johnson WhatsApp messages June 2, 2023 Ministers are preparing for a high-profile legal battle with the Covid-19 inquiry as the Government seeks to challenge the request for Boris Johnson’s unredacted WhatsApp messages and notebooks. Bereaved families and opposition parties hit out at the Government after the Cabinet Office took the highly unusual step of seeking a judicial review of inquiry chairwoman [...]
Durex-maker Reckitt shakes up top level with new hire June 1, 2023 Durex-maker Reckitt has shaken up its top level management announcing the appointment of new presidents of its health and nutrition divisions. The new hires come two months after the cleaning-products-to-sexual-health company welcomed the appointment of Kris Licht as head of global business – with Licht taking over the role later this year. Patrick Sly, who is [...]
Prospective buyers hit with fresh blow as mortgage approvals continue to fall June 1, 2023 Prospective buyers continue to suffer setbacks as fresh data reveals that mortgage approvals fell during April. Net mortgage approvals for house purchases fell from 51,500 in March to 48,700 in April, figures from the Bank of England show, with experts predicting that the figure could fall further following the central bank’s decision to hike interest [...]
FTSE reshuffle: British Land booted off premier index while Ocado dodges demotion June 1, 2023 Online grocer Ocado has dodged relegation from London’s FTSE 100 while property firm British Land lost its coveted spot among the blue-chip stocks. Fashion retailer Asos also faced demotion from the FTSE 250 ranks, according to the annual review by data firm FTSE Russell. Ocado was expected to drop off the UK’s top index after [...]
HSBC launches £15bn SME fund amid cost of living crisis with £3bn available in London June 1, 2023 HSBC has launched a £15bn fund dedicated to financing the survival and expansion of small and medium-sized enterprises (SMEs) across the country. The £15bn fund, which equals the largest SME fund HSBC has launched, is available to businesses across the country, with £3bn put aside for SMEs in London. Across sectors, £2bn will be allocated [...]
Over a third of Londoners now travelling into the office more frequently as strikes fail to deter commuters May 31, 2023 Rail strikes have failed to stop Londoners heading into the office this year, new data shows. Almost two in five Londoners (38 per cent) are commuting more frequently than they were at the start of the year, according to new data from Virgin Media’s O2 Business Mover Index, covering January to March. Wednesday was the [...]
Rail union boss ‘not seen anyone from government’ since January as fresh strikes bring UK to a halt May 31, 2023 Rail union Aslef’s general secretary has said he “hasn’t seen anyone from government” since 6 January, as workers start a wave of strikes, bringing trains to a halt across the country. “They are not interested, they don’t care, they are not interested in a resolution to this dispute,” he told Kay Burley’s Sky News Breakfast [...]
It has to be Heinz? Not in this economy, till reports suggest May 31, 2023 Shoppers are continuing to switch to supermarket ketchup, milk and cereal own-brands to cut down on spending amidst the cost of living crisis. Volume sales in store branded products surged 63.3 per cent in the fast moving consumer goods (FMCG) category during May, figures by consumer intelligence company NIQ show. Food prices have surged since [...]
Slowing UK economy appears good news for discount retailer B&M May 31, 2023 Brits seeking out bargains has helped drive B&M customer numbers up every month since June, as the group plans to roll out 30 more stores across the UK to up keep demand. For the year, the budget chain, which sells homewares and food, gained revenues of £4.9bn up from £4.6bn, as the group improved its [...]