Admiral: Insurance giant hikes prices by 20 per cent to stave off inflation hit August 16, 2023 Insurance group Admiral ramped up its prices by 20 per cent in the first half of the year to stave off the worst impact of rampant inflation on its profits margins. In its half year results today, the London-listed motor insurance specialist posted a four per cent bump in profits in the six months to [...]
‘The plan is working’: Sunak hails falling inflation – but PM warned targets still in jeopardy August 16, 2023 Rishi Sunak and Jeremy Hunt have welcomed today’s dramatic fall in inflation to 6.8 per cent, with the prime minister saying it shows his “plan is working”. The government welcomed today’s news of falling headline inflation, despite expectations the Bank of England is still likely to hike interest rates for a 15th straight time. However, [...]
US slowdown doesn’t hold back Balfour Beatty’s pre-tax profit jump August 16, 2023 Balfour Beatty hailed a nine per cent rise in revenues during its half year results, rising to £4.7bn up from £4.1bn when compared to last year, as the construction firm praised its “diverse portfolio” for the lift. The business which works on trackwork and power supply builds has been less impacted by a slow down [...]
Train fares set for huge rise yet again – but it’ll be less than a 9 per cent hike August 16, 2023 Train fares are set to increase yet again - but by less than 9 per cent - despite strike disruption making services woefully unreliable
Why today’s inflation data is still bad news for a bruised Bank of England August 16, 2023 Core inflation is unmoved and services inflation actually crept up. It all points to more trouble for the embattled Bank of England.
Marshalls profits slump as business warns ‘challenging’ environment expected to persist into 2024 August 16, 2023 Building products supplier Marshalls reported a 26 per cent slide in adjusted profit before tax in its half year results, slumping to £33.2m, as a slowdown in the UK house building market continues to eat away at its earnings. The group, which is headquartered in West Yorkshire, also said that adjusted EBITDA fell eight per [...]
Headline inflation slows again but Bank set for further rate rise August 16, 2023 Inflation has fallen to 6.8 per cent thanks to energy price falls, but core inflation remains sticky
He could work on the delivery, but Bailey’s warnings were right August 16, 2023 So was he right? Bank of England governor Andrew Bailey’s comments that Brits shouldn’t ask for a pay rise looked tin-eared at the time, and it didn’t help when the Bank then upped its bonus pool. But his warnings of a wage price spiral appear to be coming to fruition. Now, what brought on the [...]
Biden’s $370bn green subsides are only a threat if we continue ignoring them August 16, 2023 When Biden first introduced the Inflation Reduction Act, everyone panicked. Since then, there has been stony silence from Britain.
House prices will eventually start to fall, as long as owners accept their new reality August 16, 2023 House prices are on the rise because fewer people are selling, and fewer people are selling because they think their property has preserved its value. Once they give up, prices will fall, writes Paul Ormerod