City of London workers lead wage growth as pay inequality worsens in UK August 8, 2022 Only the UK’s highest earners have been given inflation-busting pay rises so far this year, as the country’s lowest earners see pay growth ‘flatline’, according to the latest research. The highest earners, typically concentrated in the City of London among finance, professional and technical sectors, have seen annual pay growth of 10 per cent, while [...]
Sunak says Truss’ cost of living plan ‘won’t touch the sides’ August 8, 2022 Rishi Sunak has launched a fresh attack on leadership rival Liz Truss, saying today that her plan to make tax cuts next month won’t “touch the sides” for families facing a worsening cost of living crisis. Sunak said “bolder action” was required to “protect people from the worst of the winter” amid fresh predictions energy [...]
Joules confirms talks with Next about retail giant acquiring £15m minority stake August 8, 2022 Joules has confirmed weekend speculation that Next is set to acquire a minority stake in the lifestyle retailer for around £15m. Sky News reported at the weekend that the high street staple had been in talks with Joules for several weeks over a deal. Now, Joules has confirmed these discussions are taking place, with talks [...]
Steaming US jobs market raises risk of another jumbo Fed rate hike August 7, 2022 The US jobs market is still steaming despite the world’s biggest economy wobbling under the weight of soaring inflation and higher interest rates, figures published last week showed. America added 528,000 jobs in July, pushing the unemployment rate down to 3.5 per cent, below pre Covid-19 levels, according to data from the US Labor Department. [...]
Truss hasn’t ruled out emergency cash payments, says ally Penny Mordaunt August 7, 2022 Liz Truss has not ruled out giving Brits cash payments later this year to combat the cost of living crunch, Penny Mordaunt has said. The senior Truss ally, and fallen leadership contender, today said that people had been “overinterpreting” comments made by the foreign secretary this weekend about her policy plans. Truss told the Financial [...]
Tory leadership: Truss and Sunak pledge cost of living help worth billions August 7, 2022 Rishi Sunak and Liz Truss have pledged billions of pounds worth of cost of living help as Britons face down further inflation increases. Truss, the frontrunner to be the next Prime Minister, told The Telegraph she would rush through £30bn+ in tax cuts months earlier than planned to combat the expected increases in inflation in [...]
Brits’ energy bills to hit £4,000 by January as gas prices spiral out of control August 7, 2022 The average energy bill is set to climb to nearly £4,000 a year from January as gas prices continue to push upwards, new analysis has shown. Energy consultancy Auxilione warned that the Government’s price cap, which sets bills for more than 20 million households in Great Britain, could be increased further than previously expected. It [...]
Half of all Brits risks falling into fuel poverty before the end of this year in harshest economic climate ever August 6, 2022 UK adults say the current economic climate is the harshest they have experienced, with half of all Brits either unable or soon to be unable to pay all of their bills. Millions of Brits are concerned about the months ahead as 47 per cent said they are not confident in their ability to pay their [...]
This week’s rate rise: Brits face immediate jump in interest payments of £1.67bn August 6, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 1.75 per cent, UK households face an immediate increase in interest payments of £1.67bn. UK households are currently paying £24.1 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by [...]
Truss and Sunak must put future food affordability before farmers’ votes August 5, 2022 As the Tory leadership race drags on, promises and policies of all kinds have been thrown at us, served with a side of U-turns reminiscent of the very same Johnson government both contenders used to be a part of. While Sunak had a change of heart on VAT and energy bills last week, Truss embarrassed [...]