Budget pasta prices leap 50% in a year as affordable household staples come under pressure May 30, 2022 Pasta, crisps and bread are among the affordable staples seeing the largest price hikes, official data has revealed. The Office for National Statistics (ONS) has published fresh figures looking at price inflation for the cheapest items available across food categories. Official analysis has found the cheapest items have surged in price by around as much [...]
Sainsbury’s to pump £500m into offsetting rising costs as CEO says ‘we have to make it easy’ May 30, 2022 Sainsbury’s boss said this morning the supermarket giant plans to pump fresh funds into offsetting rising costs over the rest of the year as shoppers become “increasingly concerned” about their finances. The UK’s second largest supermarket chain said it will invest more than £500m into lower pricing by March 2023 as part of a long-term [...]
The Platinum Jubilee will be a moment to reflect on what makes us stronger together May 30, 2022 The eyes of the world will be on London this week as we prepare for the Platinum Jubilee – a truly historic occasion where the country will come together to celebrate Her Majesty’s extraordinary seventy years of service. Here in the City, a national service of thanksgiving at St Paul’s Cathedral and many other festivities [...]
NIESR top economist: Bank of England has tools to fight inflation May 30, 2022 The UK economy is in a bit of a bind. Households are being squeezed by historic rises in their living costs, while businesses’ margins are thinning due to expenses soaring. A much higher than expected inflation crunch – primarily the result of Russia’s unforeseen invasion of Ukraine – is forecast to trigger a spending pull [...]
Jubilee boom for small business amid inflation worries May 30, 2022 THE EXTENDED Bank Holiday to mark the Queen’s platinum jubilee will give Britain’s small firms a much needed revenue boost. The closely-watched Barclays SME Barometer suggests three in five small business owners are expecting to see revenues higher this year than last, helped by an anticipated spending spree over the coming week. But around three [...]
Scottish Mortgage Investment Trust: buying opportunity? May 27, 2022 Scottish Mortgage (LON: SMT) shares are still up 77% over the past five years, despite recent falls. And as central banks make increasingly hawkish noises, its share price is now trading at a 12.7% discount to net asset value. However, this could represent a FTSE 100 buying opportunity. Scottish Mortgage Manager Tom Slater recently told investors that ‘in retrospect, it [...]
BBC Four and CBBC shutting down as beleaguered broadcaster makes fresh cuts May 27, 2022 Around 1,000 jobs will be lost and BBC Four and CBBC will end as linear TV channels as part of the broadcaster’s plans to become “digital-first”. Director-general Tim Davie announced to staff on Thursday that 1,000 jobs will be cut across the public-funded part of the corporation. BBC World News and BBC News Channel will [...]
Windfall tax is a big risk and Rishi Sunak’s policies may lead to recession, warns former minister May 27, 2022 FORMER Tory leadership candidate Sir John Redwood has warned that the Government’s windfall tax on energy firms is risky and its economic policies may be leading us towards a recession. He said he was opposed to a windfall tax on energy firms as it would affect future investment. “Why don’t I want a windfall tax on the energy [...]
Sunak denies using £21bn support package to deflect from No 10 lockdown parties May 27, 2022 Chancellor Rishi Sunak has rejected the notion that the timing of handing out £21bn worth of cost-of-living support to deflect from the controversy over Downing Street lockdown parties. The Chancellor bowed to demands for the UK Government to step in and help households to deal with ballooning energy bills and rising shop prices, which are [...]
Retail therapy gives markets a lift as battle to contain inflation genie starts in earnest May 27, 2022 European markets spent most of yesterday edging cautiously higher, with the FTSE100 shrugging off the UK government’s decision to impose a 25 per cent windfall tax on the oil and gas sector, while at the same time unveiling a fiscal stimulus package. The decision to impose the controversial tax appears to have prompted a review [...]