On the rocks: Inflation puts pressure on grocers’ relationships with suppliers June 9, 2022 Tensions are escalating between the country’s retailers and their suppliers, according to research on behalf of the independent groceries regulator. Just over a quarter (26 per cent) of suppliers said they had experienced being refused by a retailer to consider a request for a cost price increase or an unreasonable delay in concluding such a [...]
PM declares end of high tax and spend as he says govt will ‘get out of the way’ June 9, 2022 Boris Johnson has indicated a major reset in the direction of his government, with the Prime Minister declaring the end of Covid-era “corporate welfare” and that now is the time to “stop spending and start cutting taxes and cutting regulation”. Johnson said “the overall burden of taxation is now very high”, after himself increasing the [...]
European Central Bank confirms first rate rise in over a decade next month June 9, 2022 The European Central Bank (ECB) today confirmed it will hike rates for the first time in over a decade in a sign that the era of loose policy and low inflation is coming to an end. President Christine Lagarde and co said the central bank will lift rates 25 basis points next month, which will [...]
London becomes fourth most expensive city in the world: Rent, petrol and cooking oil drive cost of living June 9, 2022 A perfect storm of rising inflation, the war in Ukraine and soaring house prices and rent, have turned London in to a pressure cooker of expense, making it the fourth most costly place to live in the world. London move up one place according to new research about cost of living for expatriates around the [...]
Poundland owner: UK shoppers particularly wounded by higher bills due to stagnant wage growth June 9, 2022 Poundland owner Pepco has said consumers in the UK have been particularly wounded by higher costs of living, impacting spending. Pepco, which also owns discount retailer Dealz, said higher wages in Central and Eastern European markets were significantly offsetting inflationary pressures. However, in the Western European markets, stagnant wage growth had led to shoppers paring [...]
Brits to be allowed to use housing benefits for a mortgage to buy their homes June 9, 2022 Allowing lower-paid workers to use housing benefits to buy their homes and an extension of the right to buy for housing association tenants should give Tory support a boost. Prime Minister Boris Johnson is expected to confirm his intentions in a major speech today as he seeks to repair his fortunes after a bruising Tory [...]
Tate & Lyle snaps up Chinese dietary fibre firm as Ukraine conflict pushes up costs June 9, 2022 Tate & Lyle has inked an acquisition of a dietary fibre business in China as the syrup maker hopes to shrug off inflationary headwinds. In an update on Thursday, the former sugar-making giant said it had acquired Quantum Hi-Tech, for an undisclosed sum, to expand its presence into Chinese and Asian markets. For the year [...]
Revenue surges to £4bn for outsource giant Mitie thanks to new contract wins June 9, 2022 Outsource company Mitie recorded a 58 per cent revenue boost of £2.5bn thanks new contract wins, as well as good growth at Interserve Facilities Management.
Fuller’s toasts return to profit amid ‘fragile’ consumer confidence June 9, 2022 Pub chain Fuller’s is back in the black after posting an adjusted profit before tax of £7.2m, as the licensed trade recovers from the pandemic. In results for the year to 26 March, the pub operator saw profit back in growth after posting a £48.7m loss in 2021, when Covid lockdowns enforced the closure of [...]
Labour throws weight behind biggest railway strike in decades: ‘We are on the rail workers’ side’ June 9, 2022 Shadow levelling up secretary Lisa Nandy has said she supports the strikes by rail workers in the coming weeks if the Government fails to address their concerns. Speaking on ITV’s Good Morning Britain, she said: “We want to avoid the strikes and we’re on the public’s side on this. “We’re also on the rail workers’ [...]