Inflation to accelerate far ahead of Bank of England’s target as rate hikes loom March 8, 2022 Inflation in the UK will soar far above the Bank of England’s target this year as the Russia-Ukraine war drives energy prices to record highs. Accelerating prices will hit “almost all businesses and consumers” this year and choke economic growth, Thomas Pugh, an economist at RSM, warned today, adding that the cost of living could [...]
Greggs full-year sales surpass pre-Covid levels as analysts caution price rises March 8, 2022 Greggs full-year sales have surpassed pre-pandemic levels, as the bakery chain restarts its colleague profit-sharing scheme, which will see £16.6m shared with staff. Total sales rose 5.3 per cent to £1.2bn, in comparison with 2019’s figure of £1.1bn, preliminary results for the year to 1 January revealed this morning. It comes as the bakery chain rewards [...]
Russia-Ukraine war to deliver £90bn blow to UK economy March 8, 2022 Russia’s war with Ukraine will deal a £90bn blow to the UK economy driven by a worsening cost of living crunch sending the British consumer into retreat, reveals fresh forecasts published today. Soaring energy prices as a result of Moscow sending troops in Ukraine will feed already historic high inflation in Britain, heaping even further [...]
Wheat price rallies could hurt hospitality and cause food prices to spike warn industry leaders March 8, 2022 Hospitality and supermarkets could bear the brunt of rocketing record prices following Russia's invasion of Ukraine.
First we need to cut fuel duty, then we must redesign our road taxes entirely March 8, 2022 In early 2011 at The Sun, I pestered the editor for long enough about rising petrol prices that he decided the newspaper should be doing something about it. A campaign to freeze fuel duty was born – with all the old-school trimmings. We even took post bags full of petitions signed by readers up Downing [...]
Pandemic spending habits settle to ‘new normal’ after online shopping boom March 8, 2022 Pandemic spending habits have “settled into a new normal” with people returning to bricks and mortar stores to ‘try before you buy’ last month. Total retail sales were up 4.9 per cent in February, compared to the same month in 2020, according to the British Retail Consortium (BRC) and KPMG retail sales monitor. Sales continued [...]
UK braces for historic living standards shock on Russia-Ukraine conflict sending inflation skyrocketing March 8, 2022 Households are set to absorb the worst shock to their living standards in recent history driven by the Russia-Ukraine conflict sending energy prices skyrocketing, reveals fresh research published today. Gas prices have surged to their highest level ever on concerns over Moscow squeezing energy flows in retaliation to Western sanctions, which could push UK inflation [...]
Brits hunker down for cost of living pinch as experts project spending pullback March 8, 2022 Brits are battering down the hatches in preparation for rampant inflation hitting their finances, reveals fresh research published today. Around nine in 10 households are concerned about the impact rising food prices and overall inflation will have on their ability to maintain spending levels, according to Barclaycard. The research was carried out before the Russia-Ukraine [...]
Bulb Energy could cost taxpayers £3bn amid spiralling wholesale prices March 7, 2022 The collapse of Bulb Energy (Bulb) into special administration could cost taxpayers £3bn after Russia's invasion of Ukraine.
Ukraine crisis highlights Europe’s dependency on Russian gas March 7, 2022 Russia is currently facing the ire of the world following its illegal invasion of Ukraine, which is bringing misery to millions. It is also the second largest producer of natural gas in the world. It serves European consumers of energy through a number of pipelines. Proximity and the ease of transport means supplies from the [...]