Covid variant, China invasion of Taiwan and more inflation: What shocks will 2023 bring? January 8, 2023 A new Covid-19 variant that escapes vaccines is among the biggest risks threatening to sharpen the UK recession, City economists surveyed by City A.M. suspect. Asked what wildcard trends could spring up to hit the economy this year, experts warned another deadly strain of the virus spreading is one of the biggest headwinds that would [...]
Red hot inflation to burn £20bn hole in UK public coffers January 12, 2022 Red hot inflation sweeping throughout the UK is set to burn a £20bn hole in the country’s public finances, one of the City’s leading economists warned today. Britain’s intensifying cost of living crisis will erode Chancellor Rishi Sunak’s room for tax giveaways in the run up to the next election. A swelling interest bill triggered [...]
Wickes revenue surges past £1.5bn as DIY chain acknowledges cost of living crunch March 25, 2022 Wickes has reported revenue has hit £1.53bn after rising 14 per cent last year. Like-for-like sales were up 12 per cent on 2020 and 18.6 per cent on 2019, as lockdown shoppers turned to DIY projects. David Wood, chief executive, said the company expected to continue outperforming the market. Wickes was “well-placed to capitalise on [...]
Rowe has earned his money with the turnaround of Marks and Spencer June 7, 2022 Steve Rowe’s pay packet as he departs Marks and Spencer is, unsurprisingly, the subject of plenty of commentary. He’s walking into the sunset with £2.6m for his last year of work, a sum that set against an ongoing cost-of-living crisis in the rest of the economy will always raise eyebrows. Yet Rowe has earned every [...]
Issa brothers: How to turn a petrol station into an empire for billionaires June 7, 2024 How did the Issa brothers transform a single petrol station in Greater Manchester into an empire and become billionaires in the process?
Ofgem risks losing public trust after British Gas’ profit bonanza July 31, 2023 Four years of heavy losses and instability in the energy industry were upended last week when British Gas posted record profits.
Drax: Biomass energy giant which received £6bn from taxpayer reports 84 per cent earnings hike February 23, 2023 Power generation firm Drax is the latest winner from the energy price crisis, with its earnings up 84 per cent in the last 12 months to £731m. Drax, which received £6bn in green energy subsidies from British taxpayers over the last four-decades, was the latest energy giant to announce bumper profits; recent announcements include Shell [...]
Broadband firms urged to cancel ‘exorbitant’ mid-contract price hikes for vulnerable customers March 21, 2023 Broadband firms have been urged to cancel “exorbitant” mid-contract price rises for vulnerable customers less than two weeks before they are due to take effect. Millions of broadband and mobile phone customers can expect to face monthly bill increases of at least 14 per cent from April. Providers often link their annual price rises to [...]
Stretched employees face unmanageable workloads due to staff shortages, new survey show April 21, 2022 Almost two-fifths (38 per cent) of workers have said they are struggling to deal with “unmanageable” workloads, as a result of staff shortages, according to a survey from Totaljobs. At the same time, almost half (46 per cent) would like to see their companies hire more workers to make their workloads more manageable, while another [...]
Searcys boss: London venues set for ‘real reality check’ in the new year with spending slowdown warnings December 5, 2022 London restaurants face a “real reality check” come January and February, as consumers will pull back from dining out after Christmas, the boss of champagne bar chain Searcys has warned. Diners will “want to batten down the hatches” next year after enjoying their first Christmas free of Covid measures in three years, with the cost [...]