European markets tank on toxic mix of threats October 6, 2021 European markets tanked today, driven by a toxic mix of mounting “stagflation” fears, looming rate hikes and soaring energy costs. London was among the worst performers as investors mull whether the British economy could be barrelling toward a biting bout of “stagflation” that would squeeze businesses. The capital’s premier index plummeted 1.28 per cent to [...]
Supply chain epidemic leaves UK construction reeling October 6, 2021 An epidemic of raw material and worker shortages has left the UK construction industry in an almost anaemic state. A closely watched survey measuring the health of the British construction industry notched 52.6 in September, the lowest reading for eight months and down from 55.2 in August. Construction firms have struggled to progress and complete [...]
Welcome to the Green Room: Boris needs to finally deliver Net Zero October 6, 2021 As Boris Johnson strides onto the stage at Tory Party Conference he’ll promise the earth – and talk about saving it. The environment is front and centre of British politics now and Boris has made no secret of his ambitions to go green. Last year, in typical style, the PM vowed that Britain could become [...]
Exclusive: Spectre of rising costs threatens to derail London recovery October 5, 2021 Businesses across London are under threat from the spectre of soaring costs. Almost half of firms in the capital are suffering from a sharp rise in energy, raw material and fuel costs, which is squeezing their margins “on several fronts”, the London Chamber of Commerce (LCCI) has warned. Richard Burge, chief executive of the LCCI, [...]
Conservative conference: Rishi Sunak declares the ‘future is here’ October 4, 2021 Rishi Sunak has declared the “future is here” in his party conference speech as he vowed to bring the UK’s economy into the 21st century. The chancellor said “I want tax cuts”, but that first “public finances must be put back on a sustainable footing”. It comes after the government recently increased National Insurance Contributions [...]
Rishi Sunak to unveil £500m extra funding for Covid jobs programmes October 3, 2021 Rishi Sunak will tomorrow commit to an extra £500m in spending to boost the government’s post-Covid jobs and skills programmes. Sunak will say in his Conservative party conference speech that he will “double down” on his promise to “do whatever it takes” to protect people’s jobs and livelihoods during the pandemic. It comes as the [...]
Sunak and Johnson strike deal to wean government off borrowing October 3, 2021 Prime minister Boris Johnson and chancellor Rishi Sunak have brokered a deal to wean the government off borrowing to finance spending. Any new spending announced at the upcoming budget and spending review must be financed by reductions in spending elsewhere or tax hikes, Johnson has reportedly agreed to. The news was first reported by The [...]
Eurozone inflation ratchets up to 13-year high October 1, 2021 Inflation in the Eurozone soared to a 13-year high last month, posing more headaches for the European Central Bank. Prices in the 19 countries sharing the euro rose to 3.4 per cent annually in September from 3 per cent a month earlier, the highest reading since September 2008. The inflation clip came in ahead of [...]
Record high: Energy bills for 15m UK households to increase by at least £139 October 1, 2021 As suppliers grapple with soaring wholesale prices, energy bills for around 15m UK households will increase by at least £139 to a record high from today under Ofgem’s latest price cap. The regulator decided in August that energy customers on default tariffs paying by direct debit will see the sharpest jump in prices since the [...]
Tories told: Time to go for growth in budget as GDP gives some leeway October 1, 2021 CONSUMERS drove a faster than first thought recovery in the second quarter of the year. The Office for National Statistics yesterday upgraded GBP growth in the period from 4.8 per cent to 5.5 per cent. Economists, business groups and campaigners called on the Chancellor to use the additional leeway granted by the upwards revision to [...]