CITY AM – No room for tax cuts in budget CITY AM reports that economists are predicting that tax cuts look unlikely in the upcoming March budget despite the £11bn windfall from falling energy prices. CITYAM says Jeremy Hunt and Rishi Sunak will hold fire on tax cuts at the 15 March budget despite being handed an around £11bn windfall from international energy prices falling to pre-Russia-Ukraine war levels, according to top economists’ predictions gathered…
FT – Eurozone to avoid recession in 2023 as energy prices and China boost outlook The Financial Times says the eurozone is forecast to defy expectations and avoid a recession this year. A widely-watched survey of economists now predicts the bloc will see growth of 0.1% over 2023 – because of lower energy prices and the reopening of China’s economy. FT says The eurozone will avoid a recession this year, according to a widely-watched survey…
It’s becoming even harder to get an affordable deal.
Financial Times – Central banks vow to stay the course on high rates until inflation is tamed The Financial Times reports that investors have been put on notice that central bankers on both sides of the Atlantic will “stay the course” on interest rate increases to cool their economies and tame high inflation. FT says Investors have been put on notice that central bankers on both sides of the Atlantic will “stay the course” on…
Retail sales fall in December as shoppers cut back on spending The Office of National Statistics released new figures showing retail sales fell by 1% in December, as shoppers cut back on spending. The ONS said that retailers told them “consumers are cutting back on spending because of increased prices and affordability concerns.” There was a sharp drop at non-food stores, but food stores also reported a fall in sales. The ONS also revised down figures…
Ardern announced her resignation on Thursday.
Broadband bills are expected to rise by 14.4% in April.
Dyson calls UK approach to economy ‘stupid’ Sir James Dyson has called the government’s approach to the economy and business in the UK “stupid” and “short-sighted.” Dyson said growth had “become a dirty word” during Rishi Sunak’s premiership. Dyson writes in the Daily Telegraph, urging the government to “incentivise private innovation and demonstrate its ambition for growth”. Levelling-up secretary Michael Gove said the government was “firing on all cylinders” to help businesses. Dyson, a prominent…
Supermarket’s rise to £13.18 on 1 February puts hourly minimum rate 20% ahead of January 2022 Aldi is increasing pay for UK warehouse workers for the third time in a year – with the hourly minimum rate now 20% ahead of last January. The German-owned discounter, which is the UK’s fourth-largest supermarket chain, said pay would rise to £13.18 on 1 February, up 4% on the current minimum of £12.66, which was introduced in September.…
This online tool will help you discover what is contributing to your household’s cost of living increases Inflation is soaring in the UK as people are hit by higher prices for everyday essentials. Now in double digits, the latest inflation rate for the 12 months to December 2022 means that goods and services cost over 10.5% more than they did a year ago – in most cases, surpassing any pay rises workers can expect to…
FT – IMF outlook turns brighter as world copes with upheaval Wednesday’s Financial Times paints an optimistic picture of the world’s economy in 2023, with the International Monetary Fund (IMF) reportedly predicting an improvement in the second half of the year and into 2024. It comes as a result of China dropping Covid controls, the US launching a green investment boom and western Europe adjusting to the war in Ukraine, the paper writes. Read a…
Overall food and drink inflation across the eight major supermarkets reached 15% in December, but butters and spreads rose by an ‘astonishing’ 29.4%.
The daily and weekly cap on pay-as-you-go Tube fares will increase by up to 6.7 per cent, depending on how many zones are travelled.
UK inflation falls but food prices continue to rise For a second month in a row, price rises in the UK have slowed but the cost of food kept inflation at a 40-year high. Inflation fell to 10.5% in the year to December from 10.7% in November. Petrol and diesel costs also eased last month but food prices – including milk, cheese and eggs, continued to soar. Restaurant and hotel prices also rose in December…
Netflix flight attendant job offers $385,000 salary Netflix is on the hunt for a flight attendant for one of its private jets – with the successful applicant being paid as much as $385,000. The company is looking for candidates with “independent judgement, discretion and outstanding customer service skills”. And expect the application to be able to “operate with little direction and a lot of self-motivation.” The job advertisement comes after last year’s axing of hundreds…
EY is understood to be ready to take control after talks about new funding fail The battery startup Britishvolt is expected to collapse into administration on Tuesday after talks about funding from new investors failed. The company’s efforts to build a giant facility near Blyth in Northumberland have stalled in recent months as it has struggled to find a cash injection to pursue the project. Continue reading… EY is understood to be ready to take…
City Am – Reasons to be cheerful? City AM say Reasons to be cheerful on the UK economy? They’re there, if you’re looking for them Nobody likes to be negative, so perhaps that explains the surprising survey results on our front page today. Perhaps confidence in the economy is coming not from sensible forecasting but from unguarded new year’s optimism. Or, to borrow a line from Blackadder’s General Melchett, “that’s the spirit: if nothing else…
FT – Companies face billions in writedowns as Davos confronts soaring economy Some of the world’s biggest companies are facing multibillion-dollar writedowns as the World Economic Crisis in Davos, Switzerland, confronts the “souring economy”, the Financial Times reports. The front page also reports Prime Minister Rishi Sunak is set to use a constitutional “nuclear option” by blocking legislation passed by the Scottish Parliament last month that seeks to make it easier for people north of…
‘Just because you need it, it doesn’t mean they’re going to give it to you.’
He became the first person in history to lose $2 billion.
Supermarkets Tesco and Marks & Spencer both saw strong trading over the Christmas period as higher prices boosted their sales, despite the growing cost of living crisis.
Firm said in October it had not paid any UK windfall taxes because of heavy investment in North Sea Shell has revealed it will pay about $2bn (£1.7bn) in UK and EU windfall taxes for the last quarter of 2022. It comes after bosses at the London-listed oil company said in October they had not paid any UK windfall taxes because of heavy investment in the North Sea. Continue reading… Firm said in October it…
It comes with a ‘Zero Connect’ box that sends signals wirelessly to the screen.
Figure of £281,272 comes as property values drop by 1.5% in December, after 2.4% decline in November The average UK house price fell for the fourth month in a row in December, according to Halifax. Property values decreased by 1.5% in December, after a 2.4% drop in November, a 0.4% decrease in October and a 0.1% dip in September. Continue reading… Figure of £281,272 comes as property values drop by 1.5% in December, after 2.4%…
UK house prices fall for fourth month in a row The average house price in the UK fells for the fourth month in a row in December, amid the cost of living crisis and higher interest rates hitting home. In December, house prices fell by 1.5% compared to November, meaning the average house price is now £281,272, said Halifax. Halifax said uncertainty about how the cost of living will impact household bills along with rising…
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