CMA hits out at Asda and Sainsbury’s for restricting competition June 13, 2023 Asda and Sainsbury’s broke anti-competition rules a combined total of 32 times between 2011 and 2019, the competition watchdog said this morning. The Competition and Markets Authority (CMA) said the ‘Big Four’ supermarkets broke the Groceries Market Investigation (Controlled Land) Order 2010, which was brought in to stop supermarkets imposing new restrictions that stop rivals [...]
Crypto markets stabilise as investors wait for imminent inflation figures June 13, 2023 Bitcoin and Ethereum were showing signs of levelling out this morning following a week of disruption in the wake of SEC action.
Bank of England to hoist interest rates to 5.75 per cent as experts warn UK inflation is out of control June 13, 2023 The Bank of England will have to hike interest rates to their highest level since July 2007, the eve of the financial crisis, in a sign that markets think the UK has the worst inflation problem in the rich world. Traders ratcheted up bets on how high Bank Governor Andrew Bailey and the rest of [...]
FTSE 100 close: Miners lift London’s premier index despite high wage growth sending rate fears spiralling June 13, 2023 Commodity giants lifted London’s main indexes on Tuesday despite concerns that the Bank of England will have to hike rates higher and faster on the back of the latest labour market figures. The capital’s premier index climbed 0.3 per cent to 7,594.78 points, although the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Wages jump at fastest pace outside of Covid-19 but inflation erodes finances for 18th straight month June 13, 2023 Workers in Britain have pocketed the largest pay increases on record outside of the Covid-19 pandemic, but inflation is still sharply eroding their finances, official figures out today reveals. Numbers from the Office for National Statistics (ONS) showed the average worker in the UK received a 7.2 per cent wage increase in the three months [...]
CMC Markets: Meme-stock army is losing interest as trading falls June 13, 2023 Trading platform CMC Markets warned of a slowdown in trading on its platforms today as it revealed profits had fallen beyond 40 per cent in the year to the end of March.
Bank of England ratesetter: Mortgage pain will affect our decision on interest rates June 13, 2023 The Bank of England’s decision on the interest rate will be shaped by the severity of the coming mortgage shock on households, according to one Threadneedle Street ratesetter. Catherine Mann, who sits on the Bank’s monetary policy committee, said that households had been “very resilient” in the face of inflation so far but said there are [...]
The Notebook: Ian Whittaker is sceptical about AI – plus his take on the Telegraph takeover June 13, 2023 The Notebook is a column where interesting people say interesting things. Today, it’s Ian Whittaker, media analyst and founder of Liberty Sky Advisors Is AI’s biggest benefit its use as a buzzword? BT announced last month it is cutting up to 55,000 jobs as it restructures and stream lines its business. What particularly caught the [...]
UK car insurance costs likely to rise for another two years, report says June 12, 2023 UK car insurance costs are set to rise for at least another two years, according to a new report. The price for Brits to insure their cars is expected to rise 14 per cent in 2023 and will not flatten until 2025, according to a report by consultancy Oxbow Partners. It comes as inflation has [...]
2,000 jobs lost as Tuffnells crashes into administration June 12, 2023 Over 2,000 workers are expected to be pushed into redundancy after British delivery giant Tuffnells went into administration today. The firm appointed joint administrators from Interpath Advisory to handle its bankruptcy, after failing to secure additional funding. Headquartered in Sheffield, Tuffnells – which was a leading distributor of mixed freight – has 33 depots across [...]