Jubilee high street boom risks being upended by cost of living crisis June 3, 2022 The Jubilee fervour driving shoppers back to bricks-and-mortar stores is “fragile” and could be upended by the cost-of-living crisis, experts have warned. According to figures released by the British Retail Consortium (BRC), visitor numbers inched up 0.6% between April and May, but are down 12.5% since 2019. However, this is ahead of Italy, France and [...]
Wood Group sells off consultancy division for £1.5bn as it doubles down on shareholder returns June 1, 2022 John Wood Group has sold off its consulting business Built Environment to WSP Global for a whopping $1.9bn (£1.5bn). The immediate use of the sale proceeds will be used to reduce Wood’s net debt, which stood at $1.4bn in December 2021, as well as strengthening its balance sheet. Commenting on the sale, chief exec Robin Watson [...]
Petrol retailers are not profiteering despite record prices at the pumps, say experts May 31, 2022 Petrol retailers are not engaging in wholesale profiteering amid record forecourt prices said industry analysts.
Sadiq Khan sets aside £43m for Londoners struggling to keep homes warm May 31, 2022 London mayor Sadiq Khan has set aside £43m to boost his Warmer Homes programme, which seeks to support those in poorly insulated properties. With energy bills expected to rise again this winter, amid a cost of living crisis, Khan is looking to create grants of between £5,000 and £25,000 available to low-income households. Energy regulator [...]
Sluggish start for FTSE 100 as Russian oil imports cut off May 31, 2022 The FTSE 100 was off to a sluggish start on Tuesday after EU leaders have hashed out a plan to block more than two-thirds of Russian oil imports. The capital’s premier FTSE 100 index was up just 0.2 per cent while the brent crude price rose again, at $124 a barrel. “Given Russia currently supplies [...]
Tony Blair: Ditch the expensive ‘raincoats’ and just cut energy bills in half with mandatory green homes May 31, 2022 Free energy plans should be offered to every home in the UK to lower emissions while reducing energy bills before making them mandatory in the mid-2030s, according to a report by the Tony Blair Institute, shared with City A.M. this morning. The recommendation is one of a number of measures the report says could halve [...]
Boris Johnson will be a slave to U-turns until he discovers the art of policy flexibility May 31, 2022 It is not easy for a party to run the country for twelve years, so have some pity on the Conservative Party. Perhaps it was in response to the absolute dearth of ideas ranging from “getting a better paid job” to shopping “own-brand products” that Rishi Sunak finally capitulated and delivered a mini-budget last week [...]
‘Resource nationalism’ is here to stay argues EV Metals boss May 30, 2022 "Resource nationalism" is here to stay following Russia's invasion of Ukraine, argued EV Metals Group chief executive Michael Naylor.
Loan sharks will keep circling victims unless the lending industry embraces change May 30, 2022 As many as 1.08 million people could be borrowing from an illegal money lender – a loan shark – according to a recent Centre for Social Justice report. Loan sharks take many forms, from community-based lenders operating in estates to fully-fledged organised crime groups seeking out the most vulnerable. They use pester power, intimidation and [...]
NIESR top economist: Bank of England has tools to fight inflation May 30, 2022 The UK economy is in a bit of a bind. Households are being squeezed by historic rises in their living costs, while businesses’ margins are thinning due to expenses soaring. A much higher than expected inflation crunch – primarily the result of Russia’s unforeseen invasion of Ukraine – is forecast to trigger a spending pull [...]