December’s deep freeze: Cost of living crisis leaves Aviva with a £50m bill for burst pipes and water tanks January 25, 2023 Aviva said last December’s freezing weather meant it had to pay out £50m to policyholders claiming for damage caused by burst pipes and water tanks. An Aviva spokesperson told City A.M. said soaring energy costs had led to more frozen pipes because households were more reluctance to turn on the heating, leading to more extremes [...]
UK’s wealth gap: Cost of living crisis boosts income of richest Brits by £1k but leaves poorest £600 a year worse off January 25, 2023 The disparity between Britain’s richest and Britain’s poorest earners has grown as a result of the cost of living crisis and a freezing in the income tax threshold, figures have revealed. The richest Brits have managed to increase their household disposable income by just over £1,000 in the last year, while the poorest are on [...]
Will the global economy avoid a recession? Some people think so January 24, 2023 The global economy will narrowly avoid a recession this year due to China dismantling its zero Covid policy, forecasters have predicted today. A boost from the world’s second biggest economy re-entering the global community is set to power world GDP 1.9 per cent this year, according to S&P Global Market Intelligence. Beijing’s surprise scrapping of [...]
City Pub Group: Rail strikes cost us nearly £1m in lost sales January 24, 2023 The City Pub Group reported a boost in trading over the festive period, and said sales would have been stronger if it weren't for the rail strikes.
UK borrowing hits December record of £27.4bn piling pressure on Hunt ahead of March budget January 24, 2023 UK borrowing in December hit its highest total in 30 years driven upwards by the government’s debt interest bill soaring due to raging inflation, official figures out today show. The government took on £27.4bn of debt last month, the largest amount since records began in 1993, according to the Office for National Statistics (ONS). The [...]
Explainer: The case for a social energy tariff January 23, 2023 As a cold snap hits the UK, people are being paid conserve energy in case we (say it quietly) face blackouts. But it has also reignited a debate on social tariffs, with gas prices set to stay high for years to come. It’s freezing. In London last night, it was -5 degrees and you can [...]
New FTX CEO explores restarting exchange as Genesis’ lending unit folds January 23, 2023 Data from CryptoCompare shows that the price of Bitcoin kept on rising over the past seven days, surging to a high near the $23,000 mark.
Recession to be more than twice as bad as first feared, forecasters warn January 23, 2023 The much touted coming recession in Britain will be twice as bad as first feared, new forecasts out today reveal. Soaring prices coupled with the Bank of England’s efforts to tame them are set to deal a heavier blow to GDP than projected just a few months ago. According to the EY Item Club, the [...]
Falling gas prices could slash cost of propping up Bulb Energy by hundreds of millions of pounds January 23, 2023 The bill for propping up Bulb Energy for over a year could be slashed significantly, following a sharp drop in wholesale prices over the winter.
Rishi Sunak and Jeremy Hunt to shun tax cuts in March budget despite £11bn energy windfall January 23, 2023 Jeremy Hunt and Rishi Sunak will hold fire on tax cuts at the 15 March budget despite being handed an around £11bn windfall from international energy prices falling to pre-Russia-Ukraine war levels, according to top economists’ predictions gathered by City A.M. Brits will have to wait until the run up to the next general election, [...]