Petrol firms defend ‘nauseating prices’ as business minister implores retailers to pass on fuel duty cut May 17, 2022 Retailers have defended forecourt prices as politicians call for costs to be slashed after a fuel duty cut earlier this year. Business minister Kwasi Kwarteng has written to businesses to implore them to pass on the savings from a 5p per litre cut in fuel duty introduced in March. It comes after motoring group the [...]
The City View: Michael Hewson on problematic consumer spending growth May 17, 2022 Today Andy Silvester talks to Michael Hewson, Chief Market Analyst at CMC Markets. They unpick the latest wage and labour figures, analyse Bank of England governor Andrew Bailey’s comments at the Treasury select committee, go through inflation predictions for 2022, and discuss why current consumer spending growth in the US and UK will be problematic [...]
Sunak warns energy companies ‘no option is off the table’ amid calls for a windfall tax May 17, 2022 Domestic energy companies could still face a windfall tax this year, if they fail to invest in the UK's energy sector, warned Chancellor Rishi Sunak.
Wages trail inflation as Brits brace for cost of living crunch to enter most damaging spell May 17, 2022 Brits’ spending power is being crimped at a historic rate, but is set to plunge even quicker as the cost of living crunch enters its most damaging period, reveals official figures published today. Regular pay adjusted for inflation dropped at the fastest pace in nearly a decade over the last quarter to March, falling 1.2 [...]
Labour calls for all MPs to vote on one-off windfall tax May 16, 2022 The Labour Party is calling on all MPs to vote in favour of a one-off windfall tax on oil and gas producers as the cost of living crisis continues to bite into Brits’ pockets. The amendment will be proposed tomorrow morning during the Queen’s Speech debate and it follows an analysis published yesterday by the [...]
The City View: Ofgem revamp could mean fourfold energy price rise in 2022 May 16, 2022 Today Andy Silvester talks to City A.M. reporter Sascha O’Sullivan, who unpicks Sadiq Khan’s efforts in America to promote London as a global hub for investment, and goes through the mounting pressure that Rishi Sunak is facing as the cost of living crisis worsens. And in the news: shares in Greggs and MADE.com have dipped, [...]
Diesel prices climb to record levels as cost-of-living crisis escalates May 16, 2022 Diesel prices have soared to record levels, piling pressure on motorists amid spiralling inflation and a deepening cost of living crisis.
Post-Brexit financial services overhaul may lead to ‘race to the bottom’ May 16, 2022 A push to scrap legacy pre-Brexit regulation to boost the City’s attractiveness may result in a race to the bottom, a former minister and academics have warned. Sir Vince Cable, a former Lib Dem business secretary under the coalition government, and others have in a letter to chancellor Rishi Sunak a watering down in rules [...]
Business rates row set for crunch tribunal decision this week May 16, 2022 Businesses facing hefty business rates bills are set for a court showdown over the Government’s decision to strip them of their right to appeal their property taxes in a series of major cases this week. The Valuation Tribunal, an independent judicial body, will hear a series of 26 test cases on May 18 from occupiers [...]
Millions of Brits’ tax bills set to soar as fiscal drag bites May 15, 2022 Millions of Brits’ tax bills are set to soar due to chancellor Rishi Sunak freezing the thresholds at which people start paying the taxman, revealed research published yesterday. Around 6.7m people will be hit by higher rates by 2024, the year the next general election is scheduled, according to consultancy Lane Clark and Peacock (LCP). [...]