Britishvolt £3.8bn gigafactory to push back production until mid-2025 August 29, 2022 Electric vehicle battery startup Britishvolt will not deliver any products from its £3.8bn gigafactory for another three years, its co-founder has said today. The gigafactory, which began construction last summer, had initially been anticipated to start battery production in late 2023. “The main facility will be delayed slightly into mid-2025,” former CEO Orral Nadjari told [...]
Bank of England may launch biggest rate hike since 1989 if energy bill support fuels inflation August 26, 2022 The Bank of England may have to launch the biggest rate hike since 1989 if the government injects huge sums of money into the economy to cope with the cost of living crisis, a Wall Street bank said today. Borrowing costs could rise 75 basis points in November to deal with a historic inflation peak [...]
UK businesses will disappear without immediate government help, CBI warns August 26, 2022 UK businesses will “tip into distress” unless the government launches an emergency support package to deal with the cost of living crisis, the country’s biggest business group has warned. Some 69 per cent of firms expect to be hit by higher energy costs over the next three months, eating into their capacity to survive, according [...]
Bleak Christmas: Royal Mail strikes could last until January unless pay deal made August 26, 2022 115,000 Royal Mail workers have started their strike action today over worker pay, raising question marks for how the delivery firm will cope as it heads into the Christmas trading period.
Soaring inflation risks creating UK property ‘insurance gap’ August 25, 2022 SOARING inflation in the construction sector threatens to create a major “insurance gap” amongst UK policyholders, London headquartered insurer Chaucer has warned. Sharp increases in the costs of building materials could leave homes and businesses underinsured, as policies fail to cover the cost of repairing and rebuilding damaged properties, research carried out by the Lloyd’s of [...]
Quality Street tub shrinks once again as inflation bites for Nestlé August 25, 2022 Nestlé has shrunk the size of its Quality Street tubs once again this year as inflation takes a bite into profits.
London’s FTSE 100 struggles for direction ahead of Jackson Hole August 25, 2022 London’s FTSE 100 struggled for direction today driven by investors seemingly holding positions until central bankers signal at Jackson Hole how firm they will be with taming inflation. The capital’s premier index added 0.11 per cent to reach 7,479.74 per cent, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
Strikes backed by union members at three train companies and Croydon’s tram network August 25, 2022 Train and tram drivers have voted overwhelmingly to strike, as Aslef members on the Croydon tram system will also walk out next month. Chiltern, Northern and TransPennine Express have backed industrial action in a dispute over pay, according to their union Aslef. The votes were 9 to 1 in favour of strikes, with turnouts of [...]
World’s central banking elite gather in Jackson Hole amid darkening inflation clouds August 25, 2022 The world’s central banking elite are convening at the US Jackson Hole resort today with a bleak inflation backdrop looming over the annual event for the first time in decades. Chiefs of the US Federal Reserve and the Bank of England will deliver remarks that will be closely watched by investors for clues on how [...]
Luke Chadwick interview: Ex-Manchester United star out to change children’s coaching August 25, 2022 When Luke Chadwick joined Manchester United as a shy teenager it was not the culture of excellence so much as the welcoming environment that Sir Alex Ferguson had cultivated which made the biggest impression. United’s legendary manager favoured the personal touch, as Chadwick found before a trial match. “Sir Alex came into the dressing room [...]