Unaffordable Christmas meals loom as food inflation skyrockets to record 12.4 per cent November 30, 2022 It has emerged that food inflation has surged to 12.4 per cent to hit a new record amid predictions of dampened Christmas cheer and an “increasingly bleak” winter. Overall shop prices are now 7.4 per cent higher than last November, up from 6.6 per cent in October, to set another record since the British Retail [...]
London businesses sweat over looming recession and sticky inflation November 30, 2022 London businesses are sweating over the coming recession and sticky inflation, but they are still among the most confident in the UK, a new survey out today reveals. Optimism among the capital’s firms slumped 27 points over the last month to 22 per cent, one of the biggest falls on record, according to Lloyds Bank’s [...]
City watchdog looks to boost access to financial advice for consumers November 30, 2022 The Financial Conduct Authority has laid out measures to widen access to financial advice today to allow consumers to “invest with confidence” amidst a cost of living crunch.
Transport secretary Mark Harper: My role is to facilitate rail talks – not negotiate November 29, 2022 Transport secretary Mark Harper has reaffirmed his role of facilitator in the railway negotiations. Harper wrote to general secretary Mick Lynch saying he saw a way forward “to meet everyone’s needs” and put an end to the rail dispute, especially after last week’s “constructive and positive” meeting. “By modernising working practices, we can deliver the [...]
Brits sit pat on Covid-19 savings mountain in sign of tougher recession November 29, 2022 Brits are sitting pat on the mountain savings they built up over the course of the Covid-19 crisis during lockdowns, official figures out today reveal. Households set aside £6.4bn in savings last month, £1.6bn higher than the average monthly deposit flow before the pandemic, according to the Bank of England. The figures illustrate consumers are [...]
KitKat maker Nestlé pushes sales outlook higher and mulls sale of allergy business November 29, 2022 Nestlé has boosted its annual sales outlook, ahead of an investor meeting on Tuesday, while announcing it is considering the future of its allergy treatment business. The Kit Kat maker nudged its outlook for organic sales growth to between eight and 8.5 per cent, following a forecast last month of around eight per cent. In [...]
Open banking should be a blueprint to create more competition across sectors November 29, 2022 When Transport for London opened up their data, it enabled the creation of Citymapper.
Exclusive: Business rates hike a ‘ticking time bomb’ for London economy, Mayor warns November 29, 2022 Thousands of squeezed London businesses are now facing a “ticking time bomb” in the form of coming tax hikes, London Mayor Sadiq Khan has warned. Khan revealed to City A.M. last night that business rates will increase in 28 of the capital’s 32 boroughs in 2023, just as the UK is predicted to go into [...]
The man behind the O2 says Brits back ‘good times’ in the face of recession November 29, 2022 The man behind London’s The O2 says that despite cost of living concerns, people are still spending big on events, with the consumer mindset shifting to “having good times”. Paul Samuels, who heads up global partnerships at events giant AEG, told City A.M. that the arena is yet to see a dip in visitors amid [...]
Energy firms warned over rising bills November 28, 2022 Energy firms have been slammed for a lack of engagement with businesses and households over record energy bills.