Triple blow for battered UK economy August 12, 2008 Retail sales and housing market suffer as struggling consumers rein in spending Britain’s battered economy will be dealt a triple whammy today, with fresh evidence that the housing market and consumer spending are continuing to contract and that manufacturers are being hammered by soaring costs. This summer has been the worst on the high street [...]
MPs jump on Brown’s fuel rebate plans August 11, 2008 Gordon Brown’s plans for a fuel rebate for all families on child benefit were rubbished yesterday for being “indiscriminate”, with the payment set to help the rich as well as the poor. It emerged yesterday that the Prime Minister is mulling proposals to give £150 to the 7m families who receive child benefit, to help [...]
IMF cuts growth forecasts August 7, 2008 The International Monetary Fund yesterday cut its forecasts for the next two years and warned it wouldn’t “take much of a shock” for growth to become negative. It now predicts that the economy will grow by 1.4 per cent in 2008 and 1.1 per cent in 2009 – well below the 1.75 per cent it [...]
Drax profit falls on high carbon charge August 6, 2008 Drax, which runs Britain’s biggest coal-fired power station, saw its first half pre-tax profits fall 28 per cent yesterday to £206m as rising fuel and carbon emissions charges bit into its higher power prices. The large coal fired power station near Selby, Yorkshire, which produces around 7 per cent of Britain’s electricity, said sales rose [...]
Construction plunges August 5, 2008 Construction activity fell to a record low in July, driven by the collapse of the housing market and the stuttering economy, the latest survey showed yesterday. According to the Chartered Institute of Purchasing and Supply’s construction PMI, building levels fell to 36.7 last month, from 38.8 in June. Any reading below 50 means the sector [...]
Construction plunges August 5, 2008 Construction activity fell to a record low in July, driven by the collapse of the housing market and the stuttering economy, the latest survey showed yesterday. According to the Chartered Institute of Purchasing and Supply’s construction PMI, building levels fell to 36.7 last month, from 38.8 in June. Any reading below 50 means the sector [...]
The British energy giant set to light up America July 28, 2008 National Grid boss Steve Holliday has ambitious US plans, he tells Roger Baird It is entirely appropriate that Steve Holliday, the 51-year-old chief executive of National Grid – which runs Britain’s power network – is a bundle of energy. The engaging, former fly-half club rugby player gesticulates constantly and frequently bounds across his large London [...]
Inflation could hit 6 per cent on fuel bill price hike July 16, 2008 Inflation could reach 6 per cent by the end of the year if an anticipated 30 per cent hike in energy bills hits consumers later this year, according to BNP Paribas economist Alan Clarke. His prediction comes after the official consumer price index inflation rate jumped to a record 3.8 per cent in the year [...]
Farnborough struck by industry gloom July 15, 2008 Abu Dhabi’s Etihad Airways was the talk of the Farnborough Airshow yesterday after it unveiled a $20bn (£10bn) order for 100 planes – but it was a quiet debut for Europe’s biggest industry show. Etihad CEO James Hogan said the airline had placed orders for 35 787 Dreamliners and 10 777s from America’s Boeing for [...]
Inflation surge bites July 15, 2008 Bank of England rate setters face another tough decision as fresh evidence emerges that soaring inflation and sluggish high street sales continues to put pressure on consumer’s pockets and the wider economy. Prices charged by manufacturers at the factory fate rose by 10 per cent in June – the highest rate since comparable records began, [...]