Rishi Sunak needs to tell a story if he wants to keep a hold on the economy March 23, 2022 In an interview with the Sunday Times earlier this month, Gordon Brown gave a quote that was both reflective of his past failings and the challenge that lies ahead for Rishi Sunak. “I’m afraid we didn’t win the argument. You learn as you get older, or at least more experienced, that the facts are not [...]
UK inflation climbs to more than triple Bank of England’s target March 23, 2022 UK inflation has soared to more than triple the Bank of England’s target, piling more pressure on the central bank to launch further rate hikes. Threadneedle Street is likely to pivot away from the dovish tone it set at its meeting last week after new figures published today by the Office for National Statistics (ONS) [...]
UK inflation tops 6 per cent as households call on Rishi Sunak for cost of living respite March 23, 2022 The Consumer Prices Index (CPI) measure of inflation marked the largest monthly increase since 2009 last month. According to the Office for National Statistics (ONS), CPI rose 0.8 per cent in February 2022 on a monthly basis. This was compared to a rise of just 0.1 per cent in February 2021. CPI rose 6.2 per [...]
Soaring energy bills cause hospitality businesses to raise prices and cut opening hours March 23, 2022 Spiralling energy bills are forcing hospitality businesses to raise prices and cut trading hours, says a new survey from four UK trade bodies.
Explainer-in-brief: Fuel duty cuts and road taxes will drive us forward March 23, 2022 In 2011, then-Chancellor George Osborne cut fuel duty by 1p and froze it. It has stayed at 57.95p per litre ever since. Now as motorists face the second petrol crisis in five months – after crucial shortages in October last year – Rishi Sunak is expected to cut fuel duty again in his spring statement. [...]
UK ‘not protected from economic consequences’ of Russia sanctions, say MPs March 23, 2022 An influential Westminster committee has claimed the British economy is “not protected from the economic consequences” of western sanctions against Russian oil and gas, and that Rishi Sunak must bring forward help to the country’s lowest earners. A report from the Treasury Select Committee said the UK government was “right to insist” on wide-ranging sanctions [...]
British factories to launch fastest price hiking cycle on record March 22, 2022 British factories are preparing to launch the fastest price hiking cycle on record in a sign that inflation will surge even higher in the months ahead. A net balance of one in every eight UK manufacturers intend to raise prices, according to research by the Confederation of British Industry (CBI). Products produced by factories are [...]
Energy giants face EU windfall tax March 22, 2022 Energy giants could be hit with a windfall tax from the EU - with the trading bloc weighing up a temporary levee amid high profits.
Home transactions up with market for pricey properties booming compared to pre-Covid levels March 22, 2022 Property transactions hit 96,250 last month, with big spenders buying more than before the pandemic. Transactions were up 15 per cent in February, compared to 83,450 in January, according to HMRC’s latest data on home transactions. Total sales for the first two months of the year stand at 179,900, some 18 per cent lower than [...]
Sunak resists calls to scrap tax hikes despite lower than expected borrowing March 22, 2022 The government borrowed much less than expected over the year so far, indicating Chancellor Rishi Sunak has room for giveaways at tomorrow’s spring statement. The UK borrowed nearly £26bn less than the fiscal watchdog expected in the year to February, the Office for National Statistics (ONS) said today, freeing up some room for the Chancellor [...]