Retail sales tumble to a rate ‘not seen since depths of pandemic’ amid cost of living crisis July 12, 2022 Retail sales volumes are plunging by a rate not seen since the darkest days of Covid lockdowns, as industry voices have warned businesses will struggle amid historic inflation. Total sales dropped by one per cent in June, according to the British Retail Consortium (BRC) and KPMG retail sales monitor for the five weeks to 2 [...]
It’s time businesses use their plethora of data to assist so many struggling costumers July 12, 2022 Whatever drama is unfolding in Westminster, tackling the cost of living remains consumers’ number one priority. There is still so much work to be done to help millions of people facing dire financial situations. The government has already announced new measures to support consumers, such as help with soaring energy bills. But it could go [...]
Railway ticket office and platform staff vote to back strike action at Southeastern and Network Rail July 11, 2022 Ticket office and railway platform staff working for Southeastern and Network Rail have voted in favour of industrial action, in ballots by the TSSA union. According to the union, which announced the ballot’s result today, 73.9 per cent of Southeastern members balloted voted in favour of walking out while 85.1 per cent said yes to [...]
Train drivers at eight railway firms vote in favour of industrial action July 11, 2022 Train drivers will join the wave of industrial action that has brought the country to a standstill as members of the union Aslef at eight operators have voted in favour of industrial action. No dates have been announced yet, but if it were to go ahead, the industrial action will hit services on Chiltern, GWR, LNER, [...]
Tory leadership: Zahawi says he’ll cancel Corporation Tax hike if made PM July 11, 2022 New chancellor Nadhim Zahawi has said he has already “set the wheels in motion” to cancel a planned Corporation Tax hike if made Prime Minister as he proposes a swathe of tax cuts to launch his Tory leadership bid. Zahawi told a Westminster event this afternoon that he would also cut the basic rate of [...]
One in six UK households face ‘serious financial difficulties’ amidst worsening cost of living crisis July 11, 2022 One in six households in the UK, about 4.4m, face “serious financial difficulties” as the cost of living crisis worsens with inflation at 40 year highs. This is an increase of 1.6m households from October last year, with over half of all UK households considering their financial situation to be worse now than during the [...]
The City needs certainty our global outlook will continue in spite of high political drama July 11, 2022 Political turmoil and division have dominated the news agenda on both sides of the Atlantic, albeit for different reasons. And with the changes at the top of British politics, it is vital that government continues investing in London’s infrastructure, promoting innovation, and developing the UK’s status as a leading financial centre. Our financial and professional [...]
JD Wetherspoon shareholders await impact of cost of living on budget pub chain’s pint sales July 10, 2022 Investors will be eager to see if the cost of living crisis has made any dent to JD Wetherspoon sales in the budget pub chain’s quarterly update this week. Analysts said a wider downturn in consumer spending could be mitigated by the chain’s cheaper prices enticing drinkers but thin margins risked a gloomy verdict. The [...]
Week ahead: City eyes new economy figures and Bank governor Bailey comments July 10, 2022 The City will turn its gaze to fresh GDP figures published this week for signs that the UK is already in the teeth of a recession in a busy week of data announcements. London’s premier FTSE 100 index shook off the turmoil in Downing Street to climb 0.38 per cent and finish the week at [...]
Next era is knocking: Possible runners and riders to replace Boris Johnson as Tory leader and PM July 10, 2022 Boris Johnson announced on Thursday he has agreed to step down as Prime Minister in September, following the resignation of Sajid Javid and Rishi Sunak on Tuesday and a wave of government resignations this week. Looking ahead, City A.M. zooms in on potential frontrunners to replace Johnson as Prime Minister. Rishi Sunak The former Chancellor’s [...]