Construction sector shrinks for second month in a row as recession signals brighten September 6, 2022 Construction activity shrank for the second month in a row in a sign the UK economy’s malaise is spreading to every sector, a closely watched survey published today showed. S&P Global and the Chartered Institute of Procurement and Supply’s purchasing managers’ index (PMI) edged higher to 49.2 last month, up from 48.9 in July. Despite [...]
Vertu Motors registers profit increase but warns of rising electricity bill September 6, 2022 Vertu Motors said it is facing a rise in its electricity bill from the start of October, as it and many other companies see their fixed-price energy deals run out. The business revealed that it is paying below market rate at the moment for its power, but this will change shortly. “It should be noted [...]
Headlam ‘set fair’ for when current headwinds ease up as revenue falls slightly September 6, 2022 Floor coverings distributor Headlam has said it is “set fair” for when current headwinds let up, after posting a slightly subdued revenue in interim results. The London-listed firm posted total revenue of £323.8m, versus £329.9m the previous year, in results for the six months ended 30 June 2022. It recorded a 2.9 per cent decline [...]
Housebuilder Berkeley on track for £600m profit despite spiralling costs September 6, 2022 Berkeley, one of the biggest housebuilders in the country, is on track to hit £600m in pre-tax profit this financial year and £625m the next despite spiralling costs. The FTSE housebuilder said that current levels of demand for homes in the UK is “sufficient to cover the cost increases”, as inflation hits energy, raw materials [...]
If Liz Truss thought winning was hard, governing will be a formidable task September 6, 2022 It will not feel like it to Liz Truss, but that was the easy bit. Political campaigns are always brutal, exhausting and emotional affairs; none more so than this summer’s long and fractious Conservative leadership contest. But the challenges of the last few months pale into insignificance against the enormity of what the new prime [...]
Liz Truss to become Britain’s next Prime Minister after winning Tory leadership race September 5, 2022 Liz Truss will be crowned as the UK’s new Prime Minister tomorrow, after winning the Conservative party leadership contest. Truss today beat out rival Rishi Sunak at the end of the two-month contest and will be appointed as Prime Minister by the Queen tomorrow in Balmoral. Truss won just over 57 per cent of the [...]
Sadiq Khan: Liz Truss, let’s turn the page for London and the UK’s benefit alike September 5, 2022 Sadiq Khan: One of my biggest hopes it that Liz Truss will put a stop the divisive, anti-London approach pursued by her predecessors
Pound Sterling crashes to jaw-dropping 37-year low as City awaits name of new Prime Minister September 5, 2022 Pound Sterling dropped this morning below its pandemic lows against the dollar after weeks of weakening, sending it to the lowest point in decades. It means that it has been 37 years since British holidaymakers in the US, and importers bringing products into the UK, got so little bang for their pound. It briefly fell [...]
Londoners defaulting on debt faster than rest of UK as borrowing used to meet rising costs September 5, 2022 Londoners are defaulting on their debts faster than the rest of the country, as Brits are forced to borrow more at higher rates to keep up with soaring inflation. Figures released by the Urban Institute in its Financial Vulnerability Index showed households increased borrowing in spite of interest rates going up, in a bid to [...]
Bitcoin holding ground in a narrow range, but struggling to breach $20,000 September 5, 2022 Bitcoin is currently changing hands for $19,783.04, up 0.25 per cent over the past 24 hours as it holds below $20,000.