Energy giants hold their breath as Boris Johnson refuses to rule out windfall tax and Rishi Sunak starts examining profit levy May 12, 2022 Prime Minister Boris Johnson has refused to rule out a windfall tax on the profits of the energy companies to help relieve the pressure of the cost-of-living squeeze. Chancellor Rishi Sunak has reportedly told Treasury officials to examine plans for a levy on the soaring profits of the oil and gas giants. It follows an [...]
Exclusive: Pressure mounts on Treasury over BNPL regulation as Woolard says ‘pace has slowed’ May 12, 2022 Pressure is mounting on the Treasury to greenlight the next stage of buy-now pay-later regulation as concerns grow over the use of the products in the midst of a cost of living crisis.
Compass Group revenue forecast hike cooks up a storm on FTSE 100 May 11, 2022 A bumper crop of results sent shares in catering giant Compass Group soaring today helping London’s top index post a strong day. The capital’s premier FTSE 100 index climbed 1.44 per cent to 7,347.66 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 1.35 [...]
Recession dials flash red on UK economic dashboard May 11, 2022 The dials are flashing red on the dashboard of the health of the British economy. Just a few months ago, UK growth prospects were reasonably good. The Covid-19 bounce back was set to continue this year, building on the country notching the biggest expansion in the G7 in 2021 (albeit due to the UK suffering [...]
National Grid to pay £200m to energy users from subsea cable trading May 11, 2022 National Grid has revealed it will share some of the excess cash it has made with struggling households amid the cost of living crisis.
Tory MP claims food bank users ‘cannot cook or budget properly’ and meals cost 30p a day May 11, 2022 A Conservative MP has sparked anger after saying poorer people rely on food banks because they “cannot cook properly”, and that meals can be cooked “for around 30p”. Lee Anderson told the Commons those who want to register for help must sign up for a “budgeting course and a cooking course.” When asked by [...]
‘Let the West pay more’: Russia dares EU to bring in oil ban May 11, 2022 The Kremlin has warned it has enough buyers for its energy resources outside of Western countries, as the EU weighs up a Russian oil ban.
CMA fires warning shot at cost of living cartelists May 11, 2022 Cartelists that treat the cost of living crunch as an excuse for anti-competitive collusion will face the firm hand of the regulator, the UK’s competition watchdog warned today.
E.ON suffers massive drop in profits amid spiralling wholesale costs and Russian uncertainty May 11, 2022 E.ON has suffered a 15 per cent drop in first-quarter profits, blaming higher energy prices that it was unable to pass on to customers.
Property heavyweight slams housing reforms in Queen’s Speech: ‘Nothing new – simply old policies re-hashed’ May 11, 2022 The Queen’s Speech will do little to solve Britain’s housing crisis, a leading property association shared with City A.M. this morning. There were three main commitments linked to housing in the Government’s announcement; the Renters’ Reform Bill which will end unfair evictions; the Social Housing Regulation Bill which will give tenants more rights and vital [...]