Tim Martin’s JD Wetherspoon blames ‘ferocious’ inflation for profits plummeting 91 per cent March 24, 2023 The chief of JD Wetherspoon has said blamed “ferocious” inflationary pressures in the pub industry as the pub giant reveals a 90.9 per cent loss in profits for the 26 weeks to January. As the cheap beer chain felt the hangover from Covid-19 and Brexit supply issues, pre-tax profits were down to £4.6m compared to [...]
Sharp increase in retail sales amid ‘subdued’ outlook due to inflation – but is there a ‘chink of light’ with Easter holidays? March 24, 2023 British retail sales grew sharply last month compared to pre-pandemic levels, but price increases continue to deliver a “subdued” longer-term outlook. Sales volumes are thought to have increased by 1.2 per cent in February after a rise of 0.9 per cent in January, suggesting the industry is recovering from the pandemic well. Industry figures are [...]
‘Not optimistic’: Experts pour cold water on hopes Green Day will boost energy sector March 24, 2023 Energy experts have raised doubts over the UK's ability to compete with rival markets in the upcoming "Green Day" legislation.
‘When markets are weak, that’s the time to strike’: FinnCap poised for deal offensive after Cenkos tie-up March 24, 2023 The boss of London-listed investment bank and brokerage FinnCap said the firm was gearing up for a deal offensive this year after announcing a £42m tie-up with rival Cenkos Securities yesterday. FinnCap is among a host of the City’s broking and advisory firms hit by a slowdown over the past 12 months as markets were [...]
Families grow increasingly confident about UK dodging recession March 24, 2023 Families are increasingly confident the UK will dodge a recession this year in another sign the economy is performing better than feared than at the turn of the year, a closely watched survey out today indicates. UK consumer confidence jumped in March for the second month in a row, albeit up to a historically low [...]
Rising food prices surprised the Bank of England, but supermarkets saw it coming March 24, 2023 An unexpected rise in inflation and the price of food shows us not to take it for granted.
FTSE 100 close: London index slips after of Bank of England interest rate hike March 23, 2023 London’s FTSE 100 slipped lower today after the Bank of England’s hiked interest rates for the eleventh time in a row. The capital’s premier index dropped 0.89 per cent to just under 7,500 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
Bank of England hikes interest rates for eleventh time in a row to post financial crisis high of 4.25 per cent March 23, 2023 The Bank of England today hiked interest rates for the eleventh time in a row to a post-financial crisis of 4.25 per cent as it continues to lead the fight against the worst UK inflation crisis in four decades. Governor Andrew Bailey and his team of rate setters bumped borrowing costs 25 basis points higher, [...]
Central banks are right to raise rates, even with banking on the precipice of a crisis March 23, 2023 This morning Andrew Bailey and the Monetary Policy Committee at the Bank of England rose interest rates to 4.25 per cent, even after the shock merger between Credit Suisse and UBS, and the collapse of Silicon Valley Bank, writes Jumana Saleheen Decisions from central banks over the last week demonstrate an ongoing effort to bring [...]
European banks slide as concerns remain over health of financial sector following US bank sell-off March 23, 2023 European banking stocks slid again on Thursday, following a sell-off in the US on Wednesday, as investors remain nervous about the health of the financial sector. European banks were mostly in the red around midday: French banks Socgen and BNP Paribas fell 1.6 per cent, Deutsche Bank slipped 1.5 per cent while Commerzbank fell 3.1 [...]