Tory MP Lee Anderson refuses to apologise for saying poor people who use food bank ‘cannot cook and budget’ May 12, 2022 A Conservative MP said he stands by his comments that people who use food banks do so because they “cannot cook properly” and “cannot budget”. Lee Anderson invited “everybody” on the opposition benches in the Commons to visit a food bank in his Nottinghamshire constituency where, when people come for a food parcel, they now [...]
Superdry revenue increases after customers flock back to stores May 12, 2022 UK clothing company Superdry has posted an 8 per cent increase in group revenue after customers returned to the stores post-Covid. In the 12 months ended 23 April, Superdry’s revenue increased to £600m, driven by a 59.8 per cent growth in store revenue. Proceedings derived by Superdry’s e-commerce business, on the other hand, went down [...]
House price inflation surge shows ‘little’ signs of slowing May 12, 2022 There is “little evidence” to show house price inflation will slow down as prices continue to be driven by historically low stock levels. Despite warnings of a recession on the horizon, current property activity continues to be buoyant, according to the latest RICS Residential Market Survey. Its April survey found that supply of homes on [...]
Lawsuit seeks compensation for millions of UK energy customers May 11, 2022 Former Ofgas head Clare Spottiswode has teamed up with law firm Scott + Scott to file a blockbuster class action lawsuit in a London court.
Recession dials flash red on UK economic dashboard May 11, 2022 The dials are flashing red on the dashboard of the health of the British economy. Just a few months ago, UK growth prospects were reasonably good. The Covid-19 bounce back was set to continue this year, building on the country notching the biggest expansion in the G7 in 2021 (albeit due to the UK suffering [...]
The City View: Aviva CEO calls out City sexism, and recession likely May 11, 2022 Today Andy Silvester talks to City A.M. reporters Leah Montebello and Jack Barnett. Jack takes us through a prediction by the National Institute of Economic and Social Research of a technical recession at the end of the year, and talks inflation worries; and Leah discusses ITV’s new streaming service, and Channel 4’s partnership with YouTube. [...]
Goldman Sachs: World is entering new era of ‘bigger government’ and ‘higher taxes’ May 11, 2022 The world economy is entering an era of “bigger government” and “higher taxes,” according to a top Wall Street bank. The scaling back of red tape and stronger corporate profits that characterised the global business environment since the 1980s is set to reverse, Goldman Sachs has said. Supply-side reforms pushed through by former British prime [...]
Exclusive: Moneybox sails past crowdfunding target as it readies crypto push May 11, 2022 London wealth management fintech Moneybox sailed past funding targets today as it bagged £4.9m crowdfunding to fuel its expansion into crypto and individual stock trading.
US Federal Reserve to move even quicker to tame higher than expected underlying inflation May 11, 2022 A higher than expected rise in a more closely watched measure of stateside inflation may prompt the US Federal Reserve to hike interest rates by a historic 75 basis points at its next meeting. That’s according to top City economics consultancy, Capital Economics, which said the upside surprise to core stateside inflation will worry Fed [...]
Oil prices recover as EU pushes for Russian oil ban May 11, 2022 Oil prices rebounded as the European Union (EU) closes in on a Russian oil embargo, raising concerns of supply shortages across the continent.