No more Netflix and chill: Consumers cancel subscriptions and miss out on meals out amid historic inflation June 7, 2022 Consumers are tightening their purse strings by cancelling digital subscriptions and holding off on buying new sofas, as inflation sits at a 40-year high. Shoppers’ hesitancy to splash the cash on unnecessary treats or big ticket purchases has contributed to a retail sales growth slowdown, according to a tranche of spending statistics published today. May [...]
“Perfect storm” for new car sales as cost of living crisis and supply issues see May figures at historic low June 6, 2022 UK new car sales fell to their second weakest May in the last thirty years as a lack of consumer confidence and supply chain chokepoints took their toll on the big-ticket purchases. Just 124,000 cars were registered in May of this year, the lowest of the last thirty years except for the pandemic-induced lows of [...]
Hot on Klarna’s heels: Apple enters buy-now pay-later space with ‘Apple Pay Later’ June 6, 2022 Apple has officially entered the buy-now pay-later space, announcing 'Apple Pay Later' at its developer conference this evening.
Chancerygate to plot £32m new industrial site near London June 6, 2022 One of the UK’s largest industrial developers Chancerygate has lined up a string of sites in Leatherhead for a £32m development, as the logistics sector looks set to become the country’s largest employer. A raft of property firms, including British Land, LondonMetric and BMO Commercial Property Trust have turned their focus to logistics real estate [...]
FTSE 100 boosted as oil majors and miners buoyed by rising crude prices June 6, 2022 London’s FTSE 100 opened higher on Monday as gains for miners and oil majors buoyed the index. The capital’s premier index was up one per cent after an extended weekend due to Platinum Jubilee celebrations. The mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, opened 1.2 per [...]
Brits hit the shops: High street buoyed by Jubilee crowds June 6, 2022 The UK saw a football boost of 6.9 per cent over the long weekend, as Brits flocked to high streets to celebrate the Platinum Jubilee. Retail destinations across the country saw an uplift in crowds over the weekend, compared to the average for May 2022, according to BRC-Sensormatic IQ data. Thursday, the first bank holiday [...]
Boris Johnson: What is a Tory no confidence vote, how does it work and why is it happening? June 6, 2022 Boris Johnson will face a vote of no confidence in his leadership of the Conservative party at 6pm today, after 54 or more MPs declared they no longer had confidence in the Prime Minister. City A.M. takes a look at what the vote is, why it was triggered and what might happen next. What is [...]
Bitcoin price rises ahead of key inflation data June 6, 2022 The price of Bitcoin is currently $31,247 - an increase of around five per cent over the past 24 hours and two per cent since last week.
Eve Sleep hunting for new owner as mattress giant is in need of fresh cash June 6, 2022 Online mattress seller Eve Sleep said this morning it is hunting for a new owner after telling shareholders it needs new investment to expand. The company said it is looking for a new owner or at least a major investor to help fund the push into the “wider sleep wellness space”. Eve had been speaking [...]
Businesses warn inflation and supply chain crisis could be worse than impact of Covid-19 June 5, 2022 THE BUSINESSES at the backbone of the UK economy are increasingly worried inflation and supply chain issues will be more damaging to their prospects than the Covid-19 pandemic was, according to a closely watched sentiment tracker. Accountants BDO’s survey of medium-sized businesses suggests economic headwinds are squeezing both margins and wages – with tax hikes [...]