Brits paid billions more in taxes over the last year as HMRC ramped up tax collection June 23, 2022 The British population paid more in taxes in 2021-2022 as HM Revenue and Customs collected £718.2bn in taxes, a near 23 per cent rise from the year before. Total HMRC tax receipts for April 2022-May 2022 were £121.9bn, according to HMRC data released today. These were £14.8bn higher compared to the same period last year even as the [...]
Britons lose £5k a year during lost decade of productivity growth June 23, 2022 Workers have lost an average of £5,000 every year over the last decade due to the UK’s meagre productivity growth, reveals a new report published today. Britain’s productivity growth has lagged the rest of the G7 “throughout much of the post-war period, which seems to indicate a deep structural problem,” according to the National Institute [...]
The bear market story and what next – in six charts June 23, 2022 It’s been the worst start to a year for markets since the Great Depression. We tell the story so far in six charts. Like a bear with a sore head, many investors probably wish they had stayed in hibernation in 2022. It has been a brutal year so far, the worst since the Great Depression [...]
Fuel traders urged to take responsibility as wholesale price falls but petrol hits new record at pump June 23, 2022 Despite falling wholesale costs of petrol and diesel, prices are still going up at the pump as motoring groups call on fuel traders to offer consumers relief.
Chef and bartender shortages threaten to cost hospitality sector £21bn in lost sales June 23, 2022 A shortage of chefs and bartenders is set to wound the hospitality trade by some £21bn in lost sales. Nearly half of pub and restaurant operators (45 per cent) said they have been forced to slash trading hours or capacity, according to an industry-wide survey. Lost sales will cost an estimated £5bn loss in tax [...]
Boohoo poaches Trainline CFO weeks after retailer saw first-ever sales drop June 23, 2022 Boohoo has poached Trainline’s former finance lead as its new chief financial officer (CFO), just weeks after the retailer posted its first-ever sales drop. It comes amid a turbulent period for fast fashion brands. Rival retailer Missguided collapsed in late May, after being hammered by spiralling supply chain costs. Shaun McCabe, who has sat on [...]
Klarna boss slams Barclays for ‘mind boggling’ and ‘irresponsible’ BNPL research June 23, 2022 Klarna’s UK boss has hit out at Barclays today for publishing what he called “mind-boggling” and “irresponsible” research exploring mounting buy-now pay-later debt levels in the UK. Barclays Partner Finance – a division of the bank which offers its own regulated buy-now pay-later-style financing product – issued research today alongside debt charity StepChange warning that [...]
Brits put off buying EV due to record inflation June 23, 2022 Brits are becoming increasingly put off buying electric vehicles (EV) due to rocketing inflation rates. According to a research published today by Close Brothers Motor Finance (CBMF), 41 per cent of Britons have decided against going electric as a result of the cost-of-living crisis. Figures reported that 84 per cent of people are taking at [...]
As the Tories fight on both political flanks, they need to ditch policy-by-stereotype June 23, 2022 TODAY’s by-elections risks exposing the government on both political flanks. A loss in Wakefield, in West Yorkshire, would dent their working class 2019 gains, and a defeat in Tiverton & Honiton, in rural Devon, would strike deep into their southern heartlands. Losses on both these fronts in the next general election could be the recipe [...]
Biden urges Congress to put petrol tax on hold as pump prices spike to record highs June 22, 2022 US President Joe Biden has called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices.