Author: WTX Business Team

Strikes and wet weather cause UK economy to shrink The latest figures from the Office of National Statistics show the UK economy shrank more than expected in July, with the ONS pointing to strikes and wet weather as factors. The wet weather hit the construction and retail industries, causing the economy to contract by 0.5%. The figures were worse than what had been predicted and continue a trend of weak economic growth in the UK. But the ONS said the “broader picture” for the country looked “more positive”. Darren Morgan, director of economic statistics at the ONS, said that while…

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First Wilko shop closures begin after rescue fails Tuesday will see the first Wilko shop closures after the collapsed retail chain failed to find a buyer. The first 24 shops – including ones in Liverpool, Cardiff, Acton and Falmouth will close on Tuesday, and a further 28 will close on Thursday. All of Wilko’s 400 shops will close by October. Around 12,500 staff will lose their jobs. Wilko fell into administration in August after struggling with competition from other discount chains and losses.  Rising costs complicated a deal with Doug Putman – the billionaire owner of HMV, who wanted to…

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Elementor #550364 September 12, 20231 Min Read Summary of the Top 6 headlines today Financial Times – Wilko to close remaining 300 stores with 12,500 job losses as rescue mission fails  The Financial Times reports on the fallen retailer Wilko, which is set to close its remaining stores – leading to thousands of redundancies. The paper says Wilko will “disappear from the high street next month” as another rescue deal fell through. Around 300 of the flagship stores are due to close, leading to some 12,500 redundancies. The chain’s collapse is “a further blow to hollowed-out high streets across the…

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Apple shares slide after China government iPhone ban reports Shares in the US company Apple have fallen for a second day in a row after reports emerged that Chinese government workers have been banned from using iPhones. Over the past two days, the tech company’s stock market valuation has fallen by more than 6% – almost $200bn.  China is Apple’s third-largest market, accounting for 18% of its total revenue last year. China is also where most of the company’s products are manufactured by its biggest supplier Foxconn. The Wall Street Journal (WSJ) reported on Wednesday that Beijing has told central…

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Wilko shops set to close next week named BBC News The 52 Wilko shops set to close next week due to the chain’s collapse have been named. Administrators PwC said 26 shops would close next Tuesday, with a further 28 to shut on Thursday 14 September due to the “absence of viable offers” for the whole company. More than 1,000 staff are being made redundant as hopes of a rescue deal for the business hang in the balance. Stores closing include branches in Liverpool, Cardiff, Acton and Falmouth. Edward Williams, joint administrator at PwC, said the closures and job losses…

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B&M buys up to 51 stores from collapsed rival Wilko Dozens of shops from the collapsed retailer Wilko are to be bought by discount chain B&M. Talks over a bigger rescue deal remain in the balance. B&M will take on up to 51 of Wilko’s 400 stores in a deal worth £13m. Wilko fell into administration in August as it struggled with sharp losses and a cash shortage. Wilkos became one of Britain’s fastest-growing retailers but has faced strong competition – especially from the likes of Poundland and Home Bargains. With the rising cost of living, many shoppers are seeking…

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Figures from August show that the cost of fuel has risen the most in more than 20 years(Picture: Getty Images)

Drivers were hit by one of the biggest monthly fuel price rises in more than two decades in August, new figures have shown.

The RAC said the 7p per litre spike in the average cost of petrol in August was the fifth largest monthly increase in 23 years.

The 8p per litre hike in diesel prices was the sixth largest over the same period.

The RAC said rising pump prices are being caused by an increase in the cost of oil, which has gone up by nearly 12 US dollars a barrel since the start of July to nearly 87 US dollars due to producing group Opec+ reducing supply.

This led to the wholesale cost of fuel – what retailers pay – going up, which has been passed on to drivers at forecourts.

Fuel prices have gone down from the highs seen after the Russian invasion of Ukraine last year (Picture: AFP)

Earlier this week data from the Confused.com fuel index, which organises the country by postcode, the best areas for cheaper petrol include Lancashire, South Wales and Northern Ireland.

In fact, the Belfast postcode – which covers all of Northern Ireland – currently has the cheapest petrol in the country, with an average price of 145.1p per litre.

The fuel across the Irish Sea is considerably cheaper than the average for any area on the island of Great Britain, as the Torquay postcode takes second place with a jump up to 146.7p per litre.

Rounding out the top five lowest petrol prices in the UK are the Sunderland (146.8p), Bradford (147.0p) and Kilmarnock (147.2p) postcodes.

Meanwhile, the most expensive areas in the country for petrol are dominated by Scottish islands and parts of London.

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RAC fuel spokesman Simon Williams said: ‘August was a big shock to drivers as they had grown used to seeing far lower prices than last summer’s record highs.

‘Seeing £4 or more go on to the cost of a tank in the space of just a few weeks from a pump price rise of 6-7p a litre is galling, particularly for those who drive lots of miles or run an older, less fuel-efficient car.

‘While the increase is clearly bad news for drivers, it could have been far worse had the biggest retailers not let their inflated margins from earlier in the year return to more normal levels as wholesale fuel costs went up.’

‘All we can hope is that this move by many big retailers back to fairer forecourt pricing remains when wholesale costs go down again. Only time will tell.’

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Elementor #546688 August 31, 20231 Min Read Swiss unveil dirty money clampdown to repair image Summary of the Top 6 headlines today The FT says the Swiss banking system is trying to clean up its act after a series of money laundering scandals. The paper says Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country’s reputation as a haven for ill-gotten gains. Finance Minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate “beneficial owners” of trusts and companies to be declared. The…

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