German factory prices surge at fastest pace since 1940s June 20, 2022 German factory prices are accelerating at the quickest pace since the late 1940s, propelled by Russia’s invasion of Ukraine lighting a fuel under European energy prices, official stats published today revealed. Producer prices jumped 33.6 per cent over the year to May, the biggest rise since Germany’s statistics agency started tracking the data in 1949. [...]
Bank of England drops mortgage market affordability test after less than a decade June 20, 2022 The Bank of England said this morning that its Financial Policy Committee will withdraw the so-called mortgage market affordability test. “Following its latest review of the mortgage market, the Financial Policy Committee has confirmed that it will withdraw its affordability test Recommendation,” the BoE said in a statement. This will come into effect from 1 [...]
London councils expect inflation to burn £400m hole in finances amid cost of living crisis June 20, 2022 London boroughs are expecting inflation to burn a £400m hole in their finances, according to a local government association. London Councils, the cross-party organisation which covers all 32 London borough councils and the City of London, said today that rising inflation has cut £100m from the financial uplift boroughs received for 2022-23. Inflation levels, currently at a [...]
UK inflation to bump above 40-year high on soaring food and energy prices June 20, 2022 The cost of living in the UK bumped above an already 40-year high last month driven higher by soaring energy and food prices. That’s according to the City’s consensus prediction of Wednesday’s new inflation figures from the Office for National Statistics (ONS). Analysts expect prices to have climbed 9.1 per cent over the year to [...]
M&S names Alex Freudmann as new director of food June 20, 2022 M&S has named Alex Freudmann as its new managing director of food after Stuart Machin has taken up the job of chief executive. The retailer announced on Monday that Freudmann, who is currently the managing director of Australian alcohol seller Dan Murphy, would lead the supermarket’s grocery arm from November. As of 1 November, CEO [...]
London boroughs sound the alarm bells as skyrocketing inflation is eating £400m hole into budget June 20, 2022 Skyrocketing inflation is driving £400m of additional budget pressures on boroughs in the capital, London Councils warned this morning. Although the government increased local authority funding this year, fast-rising inflation has effectively cut £100m from the financial uplift boroughs received for 2022-23. London Councils, a cross-party group representing all 32 boroughs and the City of [...]
New shareholders set to cash out as troubled car dealer Cazoo braces for another tough week June 20, 2022 Cazoo could suffer another blow to its market value this week, amid speculation former DMGT shareholders could sell off their shares.
Recession concerns growing rapidly as central banks struggle to put inflation genie back in its bottle June 20, 2022 Despite attempts at a modest rebound on Friday, European markets still finished lower for the second week in succession, posting their lowest weekly closes since March. US markets also finished the week similarly mixed, but also sharply lower, with the S&P500 posting its worst week since March 2020, ahead of the Juneteenth long weekend. “As [...]
British manufacturers beg Treasury for more support to weather ‘the immediate storm’ June 20, 2022 British manufacturers have called on the Treasury to offer more support amid a poor economic outlook to help “weather the immediate storm”. Make UK, trade body for manufacturers, and consultancy BDO found that costs are continuing to rise and output opportunities have been stifled. A survey revealed that two thirds of companies (67.8 per cent) [...]
House price growth slows with real estate sector warning of affordability crunch for buyers June 20, 2022 The pace of house price growth slowed in May, with potential buyers’ tightening budgets set to slow growth further in the months ahead. According to today’s Rightmove’s house price index, buyer demand for available properties was down eight per cent last month, versus April. Even so, the price of property smashed another record, for the [...]