Taxpayers to foot extra £27.3m bill for Royal Family even as cost of living soars July 1, 2022 UK taxpayers will pay an extra £27.3m over the next two years for the Royal Family even as a cost of living crisis grips the country. The additional amount is to help the Royal Family meet expenses after a drop in profits at the Crown Estate, Bloomberg reported on Thursday. The Royals spent £102.4m in [...]
Johnson says sky-high inflation is ‘big chance’ to fix cost pressures and ‘do things differently’ as PM denies being complacent June 30, 2022 The Prime Minister said today there is a “big chance” to fix unnecessary cost pressures for people and businesses across the UK as Boris Johnson denied that his Government is being “complacent” about spiralling inflation. Speaking at a press conference at the close of the Nato summit in Madrid, Johnson said the “very, very tight [...]
UK more likely than US and Europe to tip into recession, Goldman Sachs warns June 30, 2022 The UK is more likely to tip into recession than the US and Europe due to the country suffering from a more “acute” cost of living crisis, a top Wall Street investment bank has warned. Rampant inflation in Britain, running at a four decade high of 9.1 per cent and the highest in the G7, [...]
Fuel retailers hit back at detractors, blaming volatile market for pump price increase June 29, 2022 Fuel retailers have hit back after motoring bodies have accused them of “inexplicably” rising fuel prices at UK pumps. Gordon Balmer, director at the Petrol Retailers Association (PRA), has told journalists that operators are currently operating at a loss due to wholesale prices rising because of the volatile oil market. “Independent fuel retailers need to [...]
Motorists have ‘right to know’ why fuel costs surge, says the RAC June 29, 2022 Motorists have “a right to know” why fuel prices at UK forecourts continue to rise despite a slump in wholesale costs. Leading motoring group the RAC has accused fuel retailers of “inexplicably” rising costs after petrol yesterday reached a new record high of 191.2p while diesel stationed at 199p per litre – 0.1p less compared [...]
Are we heading for a global recession? June 29, 2022 Keith Wade, Chief Economist, discusses what central bankers’ next move might be, what markets are pricing in and what the probability of a recession is. People are worrying about a global recession and with good reason. But what if the factors driving rising prices are beyond the limits of policymakers’ control? The squeeze on living [...]
UK cuts oil imports from Russia after Ukraine invasion as Norway establishes energy dominance June 29, 2022 Imports of Russian oil have tanked this year, following the country’s invasion of Ukraine with traders seeking alternatives after Western sanctions.
Digital debt collector braced for ‘uncomfortable’ growth amid soaring cost of living June 29, 2022 The boss of fintech debt collector Ophelos said the cost of living crunch would lead to a surge in demand for its services this year as it revealed a fresh £5m funding round today to double down on growth.
Ofgem pledges not to raise energy bills with £20bn-plus grid upgrade June 29, 2022 Ofgem has pledged to boost grid capacity with a new £20bn-plus package, while also imposing new demands on network operators.
Windfall tax is a ‘fiscal shock’ to the oil and gas sector, warns industry body in letter to Chancellor June 28, 2022 One of the UK's leading energy bodies has sent a letter to the Chancellor Rishi Sunak, warning the new windfall tax will harm the country's investment climate.