Hospitality firms are bracing for the return of inflation November 21, 2024 October’s inflation figure has worried hospitality firms. While it is not too far above target – 2.3 per cent versus the sweet spot of two per cent – and one month does not constitute a trend, it has exacerbated concerns companies already had about the future of their industry. There are two reasons hospitality is [...]
Mark Kleinman: Handbags (and more) at dawn for activist Ashley November 21, 2024 Mark Kleinman is Sky News’ City Editor and is the man who gets the Square Mile talking in his weekly City AM column. This week he tackles Mike Ashley’s newfound penchant for activist investing, Homebase’s turnaround and and Burberry’s flip-flopping Handbags (and more) at dawn for activist Ashley Paul Singer, Bill Ackman…and Mike Ashley? On the list [...]
Ford to cut hundreds of UK jobs in sweeping round of European layoffs November 20, 2024 The cuts will take place by the end of 2027 and make up around 14 per cent of the firm's workforce in Europe, which totals 28,000.
Inflation surprise scuppers hope of Christmas interest rate cut November 20, 2024 A bigger than expected rise in inflation last month has all but scuppered hopes of a cut to interest rates by the Bank of England in December. While economists had been expecting rising energy prices to push inflation beyond the Bank of England’s two per cent target last month, a sharper than expected lift in [...]
London rents rise again as Savills warns of double-digit UK increase November 20, 2024 Analysts have warned rents are being pushed to unsustainable levels amid another yearly jump and concerns there is no natural plateau in sight. The average UK private rent rose by 8.7 per cent in the year to October, up from 8.4 per cent in the year to September, according to the ONS. The increase was [...]
Lidl boss warns retailers are ‘reeling’ after Budget tax raid November 20, 2024 The boss of budget supermarket Lidl has warned retailers are “reeling” following Labour’s tax raid in the Autumn Budget. The German supermarket’s UK boss Ryan McDonnell said the discount brand was staring down the barrel of “tens of millions of pounds” in extra costs. This comes after the Chancellor unveiled a £25.7bn tax-raising package, with [...]
Adanola: Profit more than doubles at Gen Z favourite athleisure brand November 20, 2024 Profit has more than doubled at athleisure brand Adanola following a “remarkable’ year that also saw its sales surge. The Manchester-based label, which is worn by the likes of Michelle Keegan, Molly-Mae Hague and Maya Jama, has reported a pre-tax profit of £18.9m for the year to 31 March, 2024. The latest total comes after [...]
Crest Nicholson: Housebuilder pivots away from low-margin affordable homes November 20, 2024 Housebuilder Crest Nicholson has said it will trade away from low-margin sites – like affordable homes – as it looks to shore up its balance sheet after a tough year. Crest told markets this morning, it built 1,873 homes in the year ended October 31, of which 45 per cent were affordable – just under the [...]
Surging housing costs push inflation back above Bank of England target November 20, 2024 Inflation has risen back above the Bank of England’s two per cent target, the latest data has shown today. According to the latest figures from the Office for National Statistics (ONS) consumer price inflation (CPI) hit 2.3 per cent in October. The figure came in above economists projections. Economists had forecast CPI to come in [...]
What Trump 2.0 means for the tax bills of UK businesses November 20, 2024 Tariffs, investment and deglobalisation: KPMG tax expert Tim Sarson takes us through what Trump's second presidency means for UK businesses.