Shop price inflation highest in a decade as Brits feel cost of living squeeze February 2, 2022 Retail inflation has soared in the past month, with Brits eyeing discount retailers for cheaper prices as the country faces a cost of living squeeze. Shop price annual inflation surged to 1.5 per cent in January, according to the British Retail Consortium (BRC) and Nielsen IQ shop price index. This was up from 0.8 per [...]
Uncertainty from our leaders is keeping our economic recovery wavering on the brink February 2, 2022 In November last year, the UK’s total GDP output finally regained its pre-pandemic level. But although the economic recovery is on an upward trajectory, there is a disconcerting stop-start hesitancy to it. A reasonable indicator of where the economy stands in any given month is the purchasing managers’ index which shows the prevailing direction of [...]
Volatile energy prices set to continue into the next decade February 1, 2022 The conditions for volatile wholesale energy prices could continue into the next decade, argues energy specialist Cornwall Insight.
Treasury brings in super tax to prevent energy owners cashing out February 1, 2022 The Government has subtly introduced a new "super tax" to deter energy company owners from cashing out lucrative gas contracts.
Households face extra £180 a year on average grocery bill February 1, 2022 Households are facing an extra £180 to their annual grocery bill after inflation has seen prices surge in recent months. The latest four-week grocery price inflation stands at 3.8 per cent, a 0.3 percentage point rise from December, according to the latest market data from Kantar. Take-home supermarket sales dropped 3.8 per cent over the [...]
Irn-Bru owner AG Barr increases prices as company battles rising inflation February 1, 2022 The company behind Irn-Bru has revealed that prices for its drinks have gone up due to inflation. Bosses at AG Barr said they have seen rising costs for raw materials, including packaging and energy bills, leading to cost-cutting measures, adding that they have “adjusted our pricing with customers where appropriate”. The comments came as the [...]
Economists call hike in national insurance tax during cost of living crisis ‘extremely perverse’ February 1, 2022 Raising national insurance contributions during a cost of living crisis is the wrong thing to do, economists have warned. Giving evidence to the Treasury Select Committee, Tom Clougherty, from the Centre for Policy Studies, said it was “extremely perverse” to raise the tax currently and it should be delayed. Clougherty said it was “extremely perverse [...]
ExxonMobil cuts costs and combines businesses amid activist pressure February 1, 2022 ExxonMobil is cutting costs amid activist pressure, in a bid to boost returns and accelerate its transition to a greener future.
Fresh doubts over Nord Stream 2 pipeline as EU put approval process on hold February 1, 2022 Approval for Nord Stream 2 has been put on hold, and the European Commission will scrutinise the project's compliance with EU energy policy.
National insurance hike to spike UK firms just as they recover from Plan B and Omicron February 1, 2022 The national insurance hike is set to spike UK businesses just as they have recovered from the Omicron and Plan B-induced economic hit, reveals a fresh survey released today. Firms are deeply concerned that a combination of the national insurance (NI) hike and swelling energy bills will limit their capacity to survive, according to research [...]