Inflation, interest rates and tax: What happened in the economy this week? October 18, 2024 The health of the UK economy is attracting more and more attention as the Budget draws nearer, and there was plenty for commentators to digest this week. Here’s a brief recap: What to make of this week’s news? First, the danger of inflationary persistence seems to be diminishing, with noticeable progress on both wage growth [...]
Monthly UK insolvencies remain stubbornly high ahead of Budget October 18, 2024 The release noted that monthly insolvency numbers so far in 2024 have been similar to 2023, which saw the highest annual number of insolvencies since 1993.
ECB cuts interest rates again as inflation continues to fall October 17, 2024 The move means the main interest rate was reduced by 25 basis points to 3.25 per cent, down from a peak of four per cent which was reached last September.
Tarmac: Building materials group sheds jobs as turnover hits £2bn October 17, 2024 Turnover at building materials group Tarmac hit £2bn during its latest financial year as its profit jumped, it has been revealed. The Solihull-headquartered company’s increased sales in 2023 come after its turnover stood at £1.99bn in 2022. Newly-filed accounts with Companies House also show its pre-tax profit improved from £125.9m to £168.1m over the same [...]
Concern for British high street as sector set for four-fold tax rise in April October 16, 2024 The double effect of inflation-linked tax bumps, as well as the end of business rate relief for consumer-facing firms, will lead to a four-fold tax increase for high street businesses next April, industry bodies have warned. Industry leaders across the board have been increasingly vocal about the need for reform to business rate taxes, and have [...]
UK house prices surge as cooling inflation gives rise to lower borrowing costs October 16, 2024 House prices in the UK rose by 2.8 per cent against the backdrop of the lowest inflation for three years and prospect of interest rates coming down further. The UK average according to the Office for National Statistics sat at £293,000 in the year to August 2024, though London prices are typically higher. This marked [...]
Bittersweet boost: UK state pension to rise by 4.1 per cent due to triple lock October 16, 2024 Under the pensions triple lock, the state pension rises each April in line with whichever is highest of inflation, average wage increases or 2.5 per cent.
London Underground workers in Aslef and RMT vote to strike next month October 16, 2024 London Underground drivers will walk out next month, bringing chaos to the capital in a protest over pay and working conditions. Members of the Aslef union voted overwhelmingly to walk out on a number of dates in November, before RMT members backed strikes shortly after. Train operators and management grades will not work on 7 [...]
Bank of England more likely to back faster rate cuts after inflation surprise October 16, 2024 New figures showed that inflation came in below the two per cent target for the first time since April 2021.
Cotswold Outdoor has now lost over £100m since it last made a profit October 16, 2024 The company behind Cotswold Outdoor has now lost more than £100m since it last made a pre-tax profit almost ten years ago, it has been revealed. The Wiltshire-headquartered retailer, whose brands also include Runners Need as well as Snow and Rock, has reported a pre-tax loss of £7.3m for 2023, after also making a loss [...]