Recession risks return as Brits brace for cost of living crisis to make 2023 a ‘bumpy ride’ January 20, 2023 UK consumer confidence dipped for the first time in two months in January, raising the risk the economy will slip into recession after all despite a string of better than expected data recently, a closely watched survey out today reveals. A credit card debt hangover from the Christmas spending splurge and energy bills looming has [...]
RMT receives new pay offer from train companies in bid to avert more strikes – but will its members accept? January 19, 2023 The RMT rail union has announced it has received a new and improved pay offer from train operators in a bid to avert more strikes. Union bosses said they will consider the deal – which is worth a minimum of nine per cent over two years – and decide whether to put it to their [...]
TfL’s fare hike will hurt London’s competitiveness, City groups warn January 19, 2023 Campaigners have warned that TfL’s fare increase could hurt London’s competitiveness as mayor Sadiq Khan said his hands were tied by the government’s bailout deal. Khan announced yesterday that bus and tube fares will go up by just shy of six per cent, in line with what ministers announced for rail in mid-December. The hike [...]
Sage’s sales climb to £517m as accountancy software giant sees boom for Cloud and subscription services January 19, 2023 Sage’s profits are on track to meet its 2023 full-year guidance after recurring revenue rose 12 per cent to £517m in the three months ended 31 December. This rise was boosted by a 31 per cent rise in Cloud sales and an 18 per cent hike in software subscription sales, £390m and £422m respectively. Jonathan [...]
The Square Mile and Me: David Postings on Barclays, the Jampot and watching Wolves January 19, 2023 This week David Postings, UK Finance CEO, tells us why he's pining for southern Spain, Sweetings remains a top spot and the City should be optimistic
City analysts betting on Bank of England interest rate cuts by early 2024 – as long as inflation falls quickly January 18, 2023 The Bank of England could cut interest rates as soon as early next year if inflation continues to tumble in 2023, top City analysts have predicted. The rate of price increases is forecast to more than halve which would bring inflation to below five per cent by the end of 2023, according to forecasts from [...]
Inflation drops for second month in a row but experts warn rate has yet to pass its peak January 18, 2023 UK inflation has fallen for the second month in a row, but soaring food prices have led some experts to warn it may not have passed its peak yet. The rate of price increases dropped to 10.5 per cent in December, down from 10.7 per cent in the previous month, the Office for National Statistics [...]
A miniscule bit of growth last November is unlikely to save us from a recession this year January 18, 2023 Whichever way you cut it, the UK is on the brink of a recession. A small boost in growth at the end of last year won't alleviate the cost-of-living crisis and inflation, writes Paul Ormerod
Twitter, Facebook, Instagram and TikTok are ‘above the law’, say founders of Hoof, the British football app taking on the social media giants January 17, 2023 British tech start-up Hoof is aiming to “elevate the level of football discussion” with a new app that, unlike Twitter, Facebook and the other social media behemoths, stops abusive posts at source, its founders tell City A.M. If football and social media had a relationship status it would be “it’s complicated”. On the one hand [...]
Brits’ take home pay still falling rapidly despite record wage rises January 17, 2023 Brits are suffering one of the sharpest hits to their take home pay despite businesses handing workers bumper pay prices, official figures out today reveal. Real pay tumbled 2.6 per cent over the three months to November, among the steepest drops seen outside the Covid-19 crisis, according to the Office for National Statistics (ONS). The [...]