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 [...]
Hunt urged to ‘double down’ on backing offshore wind or risk falling behind rivals June 12, 2023 The government needs to incentivise domestic offshore wind and support the industry so that the UK can compete with international rivals.
Bank of England policymaker warns further interest rate hikes ‘cannot be ruled out’ June 12, 2023 Further interest rate rises “cannot be ruled out” amid decades-high inflation in the UK, a Bank of England policymaker said. Jonathan Haskel, writing in The Scotsman, spoke of the “difficult judgments” the Bank has to make to bring inflation down to its two per cent target. The economist, an external member of the seven-person Monetary [...]
Embracing the crypto economy: Why Labour needs to take notice June 12, 2023 Simon Jennings, Executive Director of the UK Crypto Asset Business Council, is urging Labour to show it cares about the crypto economy.
Oil prices drop below $70 per barrel as investors fear further Fed rate hike June 12, 2023 Oil prices have fallen as investors fear further rate hikes from the Federal Reserve this week, when it meets to discuss interest rates.
London homeowners face ‘grim’ mortgage cost hike of £7,300 if Bank raises rates again June 12, 2023 London homeowners looking to renegotiate their mortgage this year face a whopping £7,300 rise in annual costs as experts warn of the “grim reality” of rising interest rates. The Bank of England is predicted to hike interest rates for the 13th consecutive time this year to 5.5 per cent in efforts to cool soaring inflation, [...]
FTSE 100 close: London markets rise ahead of Fed and ECB decisions this week June 12, 2023 London markets closed higher on Monday ahead of a big week for central banks, with the Fed, European Central Bank (ECB) and Bank of Japan all set for their latest interest rate decision. The capital’s premier index climbed 0.1 per cent to 7,570.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned [...]
London Heathrow reports booming May traffic as triple Bank Holiday eclipses strikes June 12, 2023 London’s Heathrow Airport had 6.7m passengers in May as a triple bank holiday and strong demand for transatlantic routes helped it shrug off eight days of strike action. The airport said this morning that it currently has “more daily flights than ever before between the UK and USA,” with one in four passengers flying between [...]
Bread, beef, watermelon and salad dressing: Waitrose joins supermarket war cutting price of 200 products June 12, 2023 Waitrose has slashed the price of more than 200 products as part of a £100 million investment plan to lower customer bills. The supermarket has cut the cost of more than 100 products by at least 10 per cent , with everyday items such as bread and mince receiving some of the biggest reductions. The [...]
UK on course to dodge recession but ‘lacklustre’ growth will linger, KPMG says June 12, 2023 The UK will dodge a recession this year but a tight labour market and sticky inflation will choke off growth, according to the latest forecast from KPMG.