Shop ’till you drop: Christmas spending up despite rampant inflation December 20, 2022 Shopping habits die hard as Brits continue to spend across the board in the run-up to Christmas and the holiday season despite historic levels of inflation raising prices. Spending on essentials is up by an average of 43.5 per cent compared to the same time last year, with non-essential expenditure also rising by an average [...]
Workforce shrinkage risks roiling growth and embedding inflation December 20, 2022 A workforce squeezed by older Brits retiring earlier threatens to intensify inflation in the UK and whack economic growth, a new report out today claims. The some 565,000 people who have left the jobs market since the start of the Covid-19 crisis will drag on a UK economy that is already tumbling into an at [...]
Left in the dark: Business chiefs fear redundancies after energy relief update delayed December 20, 2022 Business leaders have accused the government of leaving firms in the dark over energy bill support, after ministers push back an announcement of what aid will be on offer later next year. The government had previously said it would update businesses before the end of the year on energy bill relief from April 2023, when [...]
As we move away from a risky dependency on fossil fuels, the City leads the way in shaping a safer green future December 19, 2022 With the arrival of winter’s first snow last week, there is a chill in the air and energy consumption across the UK is rising. The strain on energy use has been particularly acute for households and businesses this year. Russia’s invasion of Ukraine and post-pandemic supply chain struggles have driven soaring prices just at a [...]
Toshiba’s prospective buyer mulls reducing £13bn bid after weak earnings December 18, 2022 The prospective buyer of Toshiba is reportedly mulling the decision to lower its bid for the Japanese tech giant. Japan Industrial Partners (JIP) secured 2.2 trillion yen (£13.23bn) for Toshiba from four Japanese banks on Friday. However, local business newspaper Nikkei reported yesterday that Toshiba’s weaker than expected earnings may knock some value off the [...]
November sales down as online retail flops despite Black Friday December 16, 2022 Sales have slumped this November as Black Friday didn’t give online stores the boost it needed. Figures published today by the Office for National Statistics (ONS) show that retail sales volume contracted by 0.4 per cent following a 0.9 per cent rise in October. Online shops were hit the most as non-store retailing sales volumes [...]
Shapps ends flagship small business digital support scheme December 15, 2022 Grant Shapps has pulled the plug on the ‘Help to Grow: Digital programme’ following lacklustre participation and rising costs, sparking a backlash from industry bodies. In a statement on Thursday, Shapps who currently serves as the Secretary of State for Business, Energy and Industrial Strategy said Government “cannot justify the continued cost” of the “Digital” [...]
Bank of England sends interest rates to 14-year high but slows hike cycle to 50 points December 15, 2022 The Bank of England today sent interest rates to their highest level since October 2008, although it slowed the pace of increases to avoid unnecessarily intensifying a looming recession by squeezing households and businesses’ finances. Threadneedle Street’s monetary policy committee (MPC) voted 6-3 in favour of a 50 basis point rise to 3.5 per cent, [...]
Ofwat hikes water bills for businesses December 15, 2022 Business customers face a 6.4 per cent hike to their dual water and wastewater bills, confirmed watchdog Ofwat
Brits face advertising blitz with Government energy saving campaign December 14, 2022 Brits face an advertising blitz over Christmas from the Government, urging them to save energy by turning down boilers and radiators.