British businesses struggle to source cash amid Bank of England interest rate hikes June 26, 2023 British businesses are struggling to source cash to fuel growth as lenders retrench from the credit market after the Bank of England’s 13 straight interest rate rises, new research out last night showed. Just over nine in 10 mid-sized companies are running into roadblocks when trying to secure financing, prompting them to shelve expansion plans, [...]
Roaring mortgage rates to keep a lid on housing demand as City eyes Bailey and Pill remarks June 26, 2023 Roaring mortgage rates in response to markets betting the Bank of England will have to send official borrowing costs to over six per cent are poised to have kept a lid on housing demand. Fresh figures out this Thursday from the Bank of England are expected to show the volume of mortgages approved in May [...]
Whole Foods: Inflation takes bite out of Amazon owned grocery store June 25, 2023 The Amazon-owned UK division of Whole Foods has seen a rapid decline in earnings for the year as soaring inflation makes Brits hesitant to fork out on its pricey goods. Whole Foods UK reported operating losses of £26.9m up from £17.2m the prior year and its sales also fell to £91.6m down from £94.3m. Amazon [...]
Bank of England and others may have to keep rates ‘higher for longer’ to crush inflation June 25, 2023 The Bank of England and the rest of the world’s top monetary authorities’ fight against roaring inflation “is not yet done,” one of the globe’s leading economic institutions has warned. In its annual analysis on the state of the world economy released today, the Bank for International Settlements (BIS), often referred to as the “central [...]
Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party June 25, 2023 Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling [...]
Fast-growing logistics outfit Shift to pick up pieces of Tuffnells June 25, 2023 An up and coming logistics firm is understood to have snapped up pieces of delivery giant Tuffnells Parcel Express, following its collapse earlier this month placing 2,000 jobs at risk. Shift, which was launched five years ago by 29 year old Jacob Corlett has acquired the brand and intellectual property of the British delivery service, [...]
Profiteering? Supermarkets to face Parliamentary grilling this week June 25, 2023 Supermarket bosses will be probed this week on whether or not they are profiteering from high prices. Lead figures from UK ‘Big four’ grocers, including Morrison’s boss David Potts, will face questions from MPs on Tuesday on red hot food and fuel prices, and when customers might see price falls. Sainsbury’s’ food commercial director, Tesco’s [...]
Labour: Force banks to pass on interest rate hikes to savings accounts June 25, 2023 Labour has called on the government to ensure that banks are passing on higher interest rates to savers in an attempt to cool inflation. Speaking on the Sophy Ridge show on Sky News, Lisa Nandy said: “What we are proposing is that the Government ensures that those (interest rate) rises are passed on so that [...]
Bank shares slump: Barclays, HSBC, NatWest and Lloyds down as investors fret over loan defaults June 23, 2023 Shares in Britain’s big banks have tumbled again today as investors fret over the impact of rising interest rates and the prospect of loan defaults on the horizon.
London Heathrow workers call off 31 days of strike this summer as pay deal reached June 23, 2023 31 days of strike action at Heathrow have been averted following a last-ditch deal with Unite members, meaning Brits can once again go on their summer holidays without disruption. A new pay deal was reached between Britain’s biggest airport, and the UK’s biggest union, with 2,000 security officers at terminals 3 and 5, scheduled to [...]