Drax rules out power cuts as Unite announce nine days of strikes at energy plant February 8, 2023 There is no threat to electricity supplies to homes and businesses, argued energy giant Drax, despite Unite's calls for strikes.
UK to narrowly avoid recession but cost of living crisis will leave families £4,000 worse off February 8, 2023 The UK is poised to narrowly avoid a recession but the cost of living crisis will still leave average Brits £4,000 worse off this year, fresh forecasts out today reveal. Britain’s economy is set to squeeze out 0.2 per cent of GDP growth in 2023, meaning it will just about swerve a technical reversal, two [...]
BEIS break-up: New department will help government combat energy crisis, argue experts February 7, 2023 Experts say the break-up of BEIS and the emergence of a new energy department could improve government decision making.
Retail experts warn of ‘challenging’ months ahead as sales growth slows February 7, 2023 Senior retail figures have warned that the coming months will be “challenging” for the sector, after sales slowed over January, falling below the three-month average growth of 5.2 per cent to 4.2 per cent Helen Dickinson OBE, chief executive at British Retail Consortium (BRC), said consumer confidence remains “stubbornly low” and looming rises in household [...]
Interest rate rise and what it means for you February 3, 2023 The Bank of England has raised interest rates to four per cent, in a widely-expected move that has implications for both borrowers and savers. Adjusting personal finances to this ‘new normal’ of higher interest rates will be a challenge for most households, admitted Paul Wilson, chief Investment officer at Channel Capital. He said although a [...]
Safety first as Volvo’s EV UK sales accelerate, but shares still take a hit February 3, 2023 The UK remains a key market for automaker Volvo, along with Italy and Belgium where its models shifted faster than anywhere else. The Swedish carmaker, which is majority owned by China’s Zhejiang Geely Holding Group, said its global sales were up two per cent last month to 48,520, from the same period last year but [...]
Soaring cost of living leaves service sector at its weakest in two years, but recession fears fail to blight UK business optimism February 3, 2023 The UK’s service sector saw business activity at the start of 2023 decline for the fourth consecutive month, with the weakest performance for two years. The S&P Global/CIPS UK services PMI survey showed a reading of 48.7 in January, down from 49.9 in December; any reading below 50 is considered a decline. Although only marginal, [...]
‘Important we enguard against doing too much’ with rate rises, Bank of England’s top economist Pill warns February 3, 2023 The chief economist of the Bank of England has cautioned that it is important the Bank does not raise borrowing costs too high. Huw Pill’s warning came a day after the central bank hiked interest rates by 0.5 percentage points to 4% but indicated it could slow down recent rate-hiking activity. He told Times Radio [...]
The big boys of the housing sector can’t be the only developers we rely on February 3, 2023 New housing policy from Westminster has been pretty much non-existent, but the market itself can enable more new homes to be built by looking outside of the top developers, writes Phil Hooper.
Ofgem slaps Eon with provisional order in clampdown on poor service as it launches urgent British Gas probe February 2, 2023 Ofgem has continued its clampdown on the energy sector, naming and shaming firms in a critical review of the energy market.