UK inflation poised to slip out of the double digits to lowest level in over a year May 22, 2023 UK inflation is poised to tumble to its lowest level in over a year in what is expected to begin a steady descent from its multi-decade highs, new figures out this week are likely to reveal. The rate of price increases in April is tipped to have dropped markedly to 8.2 per cent last month, [...]
House prices surge at fastest pace this year to record £373k despite Bank of England rate hikes May 22, 2023 Britain avoiding a much-forecasted recession has helped push house prices up by the greatest amount so far this year to a record high of £372,894, new figures out today reveal. The average price of a home coming to market climbed 1.8 per cent over the last month, the strongest increase in 2023, according to property [...]
Easyjet’s rising cost base could delay long-awaited share price takeoff May 18, 2023 Easyjet’s dreams of share price take off, caused by a recent uptick in demand, could be held back by soaring fuel costs and inflation as the airline saw group costs increase to £3.1bn this morning. The low cost carrier reported a revenue increase of 80 per cent to £2.7bn in its half year results, but [...]
Bank of England governor Andrew Bailey warns of uncertainty over inflation drop May 17, 2023 The risk of inflation staying higher for longer than the Bank of England’s two per cent target than it expects is mounting due to the slow reduction of wage pressures and price rises, the Governor of the central bank warned today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, Andrew Bailey warned the [...]
All Bar One owner still feeling the pinch from inflation May 17, 2023 Mitchells and Butlers, the UK’s largest listed pub group, saw a drop in profits this morning, but said that its cost outlook was improving amid ongoing inflationary pressure. The All Bar One and Toby Carvery owner made £100m in adjusted operating profit for the half year ending on April 8, down from £120m a year [...]
Brexit is ‘threat’ to UK car factories says parent firm of Vauxhall, Citroen, Peugeot and Fiat May 17, 2023 One of the world’s largest carmakers has said it will be unable to keep their commitment to make electric vehicles in the UK without changes to the Brexit deal. Stellantis – the parent company of Vauxhall, Citroen, Peugeot and Fiat – which employs more than 5,000 people in the UK – told a Commons inquiry [...]
Marston’s pubs: No change in Brits’ appetite for a night out May 16, 2023 Marston’s recorded a near 11 per cent rise in sales in the first half on the back of its strong drinks sales, a trend that has continued over the past few weeks. Marston’s said the continued strength of drink sales demonstrated the resilience of its community pub estate in spite of the economic environment. In [...]
UK isn’t alone in this recession merry-go-round – just look at Europe May 16, 2023 It’s worth remembering that Britain isn’t some sort of pariah in the rich world that’s undergoing a tough economic slump, which is threatening to extend the growth slow down since the 2008 financial crisis. Europe’s major economies, led by Germany, its powerhouse, are also in the teeth of a slump. Numbers out last week revealed [...]
‘Greedflation’ not to blame for UK price surge, former rate setter claims May 15, 2023 “Greedflation” is not to blame for prices surging in the UK and instead businesses are pushing up prices in response to soaring costs, a former Bank of England rate-setter claimed today. Michael Saunders, an ex-member of the monetary policy committee – the nine strong group that sets interest rates in Britain – and now senior [...]
EU top body lifts economic growth forecast saying Europe dodged dreaded recession May 15, 2023 The European Union’s executive body has raised its economic growth forecast, saying Europe has dodged a winter recession that was feared amid an energy crisis. The outlook for the 20 countries using the euro currency improved to growth of 1.1 per cent this year from 0.9 per cent in the previous predictions in February, the [...]