Global money managers in financial crisis style flight from stocks July 19, 2022 Global money managers are holding the lowest level of stocks in their portfolios since the global financial crisis in 2008, revealed a closely watched survey published today. Expectations for world economic growth dropped to the deepest point on record, as did bets on expansion in corporate earnings, Wall Street investment bank Bank of America found. [...]
Inflation expected to soar above eye-watering 40-year highs as cost of living onslaught deepens July 19, 2022 When official figures lay bare the extent of the mounting cost-of-living crisis on tomorrow morning, UK inflation is expected to soar even further above current eye-watering 40-year highs. The latest figures from the Office for National Statistics (ONS) will show Consumer Prices Index (CPI) inflation rose to at least 9.3 per cent in June, up [...]
Government suffers setback as judge rules net zero plans are ‘unlawful’ July 19, 2022 Ministers will have to rewrite their plan for net zero carbon emissions, after the High Court determined the current strategy was 'unlawful'
Virgin Money to give out £1,000 bonuses to help staff deal with cost-of-living crunch July 19, 2022 Virgin Money today told staff it will be giving out £1,000 bonuses to all workers on salaries of less than £50,000 a year to help them deal with the UK’s cost-of-living crisis. In an internal memo seen by City A.M., Virgin Money chief executive David Duffy told staff earning less than £50,000 that they will [...]
Hotel Chocolat boss warns of melting profits next year amid cost of living crisis July 19, 2022 Hotel Chocolat revenue has risen more than a third over the past year, as it braces for a spending slow down amid the cost of living crisis in the UK. Revenue hit £226m in the 12-month period, up from £165m a year prior and ahead of market forecasts. However, co-founder and CEO Angus Thirlwell said [...]
Steep losses looming: Made.com warns job cuts are coming to slash costs after dive in consumer spending July 19, 2022 Made.com said this morning it has launched a review its workforce amid efforts to slash costs as a slump in consumer spending is set to send it tumbling to steep losses. The group said it is looking at its operational structure and headcount, as well as improvements to stock buying and warehousing to try to [...]
Santander hands out four per cent pay rises to help 11,000 workers manage cost-of-living crunch July 19, 2022 Santander today pledged to give four per cent pay rises to all 11,000 of its workers on salaries of less than £35,000 a year. The bank said the pay rises, which will be handed out to around 60 per cent of Santander’s entire workforce, are aimed helping its staff deal with the UK’s cost-of-living crisis. [...]
Begbies Traynor bosses expect rising insolvencies in the coming months July 19, 2022 Begbies Traynor’s revenue has jumped more than a third over the past year, as the business recovery and financial advisory firm scoops up ailing firms. Executive chairman of the London-listed group, also a property services consultancy, said a string a acquisitions and a spike in trading has lifted its financials “comfortably ahead of original market [...]
If the FCA is given a mandate for competitiveness, it could set us up for a 2008 re-run July 19, 2022 The Financial Services and Markets Bill is set to be published this week, to reshape our future outside of the European Union. But even with newfound freedom, we must not forget the lessons of the financial crisis. The UK has a chance to rethink the rules that shape our critical finance sector. In the face [...]
What a new world order might mean for the global economy July 18, 2022 Russia’s invasion of Ukraine has opened fault lines between nations which will affect trade relations and investment for years to come. The war in Ukraine is already having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was [...]