Today: Bank of England to push interest rates to 13-year high to slow cost crunch and inflation May 5, 2022 Interest rates are expected to be hiked once again later today to their highest level for 13 years as the Bank of England battles to cool rocketing inflation. The Bank’s policymakers are predicted to increase rates from 0.75 per cent to 1 per cent – a level not seen since early 2009 – and ramp [...]
End of Euro 2020 dampens retail sales in July August 20, 2021 UK retail sales fell sharply over the last month driven by the end of the Euro 2020 football tournament in July stemming Brits’ spending on food and drink, according to official figures released today. Data from the Office for National Statistics shows retail sales volumes dropped 2.5 per cent between June and July of this [...]
B&M revenue up on pre-Covid levels as retailer plots more UK stores January 6, 2022 Discount variety goods retailer B&M has posted boosted revenue compared to pre-Covid levels and hiked its earning expectations. The firm said revenue was up 14 per cent compared to pre-pandemic third quarter comparatives, for the 13 weeks from 26 September 2021 to 25 December 2021. In a trading update for the third quarter posted on [...]
Sunak’s announces £30m boost for theatres and museums to buffer Omicron cancellations December 21, 2021 Rishi Sunak has announced this afternoon that there will be £1bn in support for businesses most impacted by Omicron across the UK, including £30m further funding through the Culture Recovery Fund to help support theatres and museums. The government will be allowing more cultural organisations in England to apply for support during the winter, and [...]
UK economy flirting with recession amid escalating inflation April 1, 2022 Escalating inflation is threatening to throw the UK economy into dangerously close recession territory, reveals two closely watched surveys. Businesses are struggling under the weight of swelling costs triggered by soaring energy bills, prompting them to launch the quickest price hike cycle on record, according to the British Chambers of Commerce (BCC). Around two in [...]
Slow fashion: Zara introduces return fee as customers ‘count every penny’ May 12, 2022 Zara has started charging customers who return items bought online as fast fashion giants face increasing pressure to reduce unsustainable behaviour. The retailer, owned by the world’s largest fashion company Inditex, has introduced a £1.95 fee for the return of products at third party drop off points. However, customers can still return online orders at [...]
AI in our financial services: Already Impacting March 31, 2023 With the age of AI dawning, Lord Holmes says we have an important role to play in changing the game for the benefit all.
Unregulated CBD products to be stripped from UK shelves amid new ‘green wave’ March 31, 2022 A list of the first cannabis-based food products allowed to be sold in the UK is to be revealed by the country’s standards watchdog today, City A.M. understands. The UK’s Food Standards Authority (FSA) will publish a list of nearly 5,000 products which will fall under its regulatory wing. After a year of waiting, products [...]
Strongest year-start since 2005: Brits fork out average of £255,556 on houses as prices soar February 1, 2022 Buyers are paying more than ever before for their homes with the average UK house costing 11.2 per cent more than it did last year.
Tax credit experts Adsum: Firms can’t wait for Truss to solve problems – pursuing digital transformation is key October 7, 2022 With Liz Truss’ government looking to kickstart the economy through low taxes and deregulation, City A.M. sat down with the head of a fintech tax credit specialist, to find out how businesses can overcome challenges. Co-Founder and Director at Adsum, Freddie Digby, spoke at length about the challenges facing UK businesses at present, and while [...]