Raise interest rates now to stem inflation, warns John Major’s chancellor Lord Lamont October 9, 2021 A former Tory chancellor has called for an increase in interest rates as he wanred about the risks surrounding inflation. The Government’s policy of calling for wages to go up could further drive inflation if the boost is not accompanied by increased productivity, Lord Lamont said today. Amid soaring energy prices and shortages of workers [...]
PM appoints former Tesco boss Dave Lewis as supply chain adviser October 9, 2021 The government has appointed the former boss of Tesco, Sir Dave Lewis, to help fix supply chain issues which are leaving UK supermarket shelves bare. Lewis, who stepped down from the helm of the supermarket giant in September, will become the government’s supply chain adviser after it was revealed one in six adults have been [...]
National Grid warns of price spikes but says British lights won’t go off this winter October 7, 2021 The National Grid has warned of increased risks of power shortages and “significant price spikes” this winter. The country would face its highest risk of power shortages in five years, the Grid said in a forecast. However, the company said it was confident that there would be “enough capacity available to keep Britain’s lights on.” [...]
BoE new chief economist slams employer for dropping the ball on inflation October 7, 2021 The Bank of England’s newly crowned chief economist has slammed his new employer for dropping the ball on inflation. Huw Pill, Andy Haldane’s successor, characterised the Bank’s bet on the inflation upsurge being transitory as “proving greater than expected.” “Over recent months inflation has surprised to the upside, UK activity data have disappointed somewhat, while [...]
Britain’s economic adjustment only ends in one way October 7, 2021 The ails of the nation’s favourite sausage roll maker are a microcosm of the problems afflicting the UK economy. In a trading update yesterday, high street baker Greggs warned it is suffering from a “supply of ingredients.” A couple months back, it pulled its iconic chicken bite for similar reasons. Severe shortages plaguing the British [...]
IFS: Council tax hike is looming over Brits October 7, 2021 Brits are facing the prospect of further tax hikes down the line that will intensify the cost of living crisis already squeezing household finances. Council tax could have to rise by as much as five percentage points per year for the next three years, according to the economic think tank the Institute for Fiscal Studies [...]
The morning after: Business leaders puzzled by Boris Johnson’s ‘economically illiterate’ speech October 7, 2021 Business leaders have come out against Boris Johnson’s speech at the Tory Party conference, yesterday afternoon in Manchester. Many condemned the Prime Minister’s speech, saying it lacks a coherent economic plan. On the last day of the Conservative Party conference, Johnson said he was setting out the “difficult” process of reshaping the British economy. With [...]
Putin on the pressure: Gas prices up and down on volatile day October 6, 2021 NATURAL gas prices hit record highs early yesterday before plummeting after Vladimir Putin said he would ramp up gas supplies to Europe. November natural gas futures contracts scaled to a record high of 404p per therm, the first time they have ever breached the £4 mark. In the last year alone, prices have risen by [...]
Editorial: Boris the boxer owns the ring – but the real fight is yet to come October 6, 2021 In the city that gave us Tyson Fury – the heavyweight champion of the world – Boris Johnson proved yesterday that he owns the ring of British politics. Manchester saw a bravura performance – the ability to land the well-placed jab at Labour, the crowd-pleasing hook on enemies both real and imagined, and the footwork [...]
PM unaware of British businesses’ ‘lived realities’ October 6, 2021 Business leaders and industry chiefs have lashed out at Prime Minister Boris Johnson for dismissing the “lived realities” of British companies after he delivered the concluding speech at the Conservative Party conference today. In a policy-light but joke-heavy address, Johnson said the UK is barrelling toward a “high wage, high skill and low tax economy” [...]