‘Great un-retirement’ underway as cost of living forces people to get back to work June 17, 2023 A “great un-retirement” could be getting under way, according to Age UK, as rising living costs force people to change their later life plans. The charity said it is continuing to hear from older people whose retirement aspirations “are being ruined by the impact of inflation”. One person told the charity: “Had to take early [...]
City analysts betting on Bank of England interest rate cuts by early 2024 – as long as inflation falls quickly January 18, 2023 The Bank of England could cut interest rates as soon as early next year if inflation continues to tumble in 2023, top City analysts have predicted. The rate of price increases is forecast to more than halve which would bring inflation to below five per cent by the end of 2023, according to forecasts from [...]
UK household debt swells past £2 trillion for first time ever March 27, 2023 Family debt has swelled past £2 trillion for the first time ever in a sign Brits are whipping out their credit cards to fund spending amid the cost of living crunch, new research out today reveals. Household debt is now nearly the same size as the entire UK economy (£2.2 trillion) and has been pushed [...]
Economic performance under Labour and Conservative governments: a reckoning May 29, 2024 Voter apathy over the upcoming election is rational – history suggests the economic outcome will be broadly the same regardless of whether Labour or the Conservatives form the next government, says Paul Ormerod The election campaign has kicked off and already the air is thick with promises and counter-promises. Despite all the efforts of politicians [...]
10,000 ambulance workers vote to strike before Christmas November 30, 2022 10,000 ambulance workers have voted to strike before Christmas. Emergency workers in the GMB Union will walk out before the end of the year, with representatives across nine services to meet and decide dates. This comes as the cost of living crisis continues to pile pressure on people’s finances, with the NHS struggling to attract [...]
Tesco: ‘Encouraging signs inflation is starting to ease’ as quarterly revenue tops £14.8bn June 16, 2023 Britain’s biggest supermarket Tesco has reported a nine per cent increase in UK sales, with its new chief executive saying there are “encouraging early signs that inflation is starting to ease”. Tesco said it reported £13bn in sales across the UK and Republic of Ireland, up almost nine per cent on the previous quarter. In [...]
Amid a recession and a cost of living crisis, there are still reasons to be cheerful on the economy January 3, 2023 A recession and a cost of living crisis will dominate the headlines, but it's not all bad news for the UK economy, writes City A.M. economics correspondent Jack Barnett
Exclusive: Steep surge in income tax and national insurance as higher taxes bite in cost of living May 26, 2022 The combined amount of Income Tax and National Insurance paid in the last twelve months has soared by 13 per cent to more than £387bn, new figures from HMRC show. The latest data from the taxman comes amidst the growing cost-of-living crisis, the Government is now likely to come under increasing pressure to alleviate the [...]
UK economy is ‘grinding to a halt’ amid cost of living crisis May 25, 2022 The UK economy is “grinding to a halt” as a tightening cost of living squeeze sends a chill through private sector activity, reveals a closely watched survey. Households are cutting spending in response to rampant inflation eroding their budgets, weighing heavily on the UK’s services sector, the country’s economic engine. Activity among services firms dropped [...]
Persistent labour crunch intensifies pay pressures in sign of sticky inflation February 10, 2022 A shallower pool of available workers and growing calls among staff for employers to lift pay to offset the cost of living crunch is stoking wage tension in the jobs market, reveals fresh figures released today. Intensifying pay pressures in the jobs markets adds to the growing body of evidence indicating historically high inflation could [...]