As banks refuse to pass on interest rates, they lose customers’ faith October 30, 2023 As banks refuse to pass on interest rates, their customers are deserting them, writes Victor Trokoudes.
Government profits from surging insurance costs as tax on policies soars December 21, 2023 HMRC tax receipts for the first two-thirds of the 2023-24 financial year showed that £6bn was collected in IPT. This was an 11 per cent jump on the £5.5bn raised over the same period last year.
Expensive repairs and second-hand car costs push motor claims to record £2.4bn in first quarter June 9, 2023 A record £2.4 billion was paid out in motor claims in the first quarter of this year as firms find surging costs increasingly challenging to absorb, according to the Association of British Insurers (ABI). More expensive vehicle repairs, rising second-hand car costs and longer repair times are among the challenges faced by insurers, although there [...]
UK motor insurers break payout records as the sector battles rising cost December 4, 2023 Insurance companies have paid out £2.5bn in motor insurance claims in the third quarter of the year, which was a 21 per cent jump on the same period last year. Over the third quarter of 2023, UK insurers have issued the highest quarterly payout since the Association of British Insurers (ABI) began collecting this data [...]
Revolution Bars: Clubbers scaling back makes for a ‘challenging’ year ahead July 26, 2023 Revolution Bars Group said that it expects trading for the rest of the year to be “challenging”, as young clubbers are scaling back nights out due to the cost of living crisis. In its full year results the group said like-for-like sales were down 8.7 per cent against pre-covid levels, as it warned that trading [...]
UK companies facing second-highest level of financial ‘distress’ in Europe February 5, 2024 UK businesses are facing the second-highest level of “deepening” financial distress in Europe due to inflation and high interest rates.
UK law firms see billable hours fall as sector struggles with inflation October 16, 2023 The UK’s biggest law firms are concerned by a fall in billable hours this year as they struggle to cover cost pressures from inflation through pricing, according to a survey obtained by the Financial Times. PwC’s annual law firm survey, which City A.M. understands will be published on Tuesday, reportedly notes a slowdown in mergers [...]
JD Wetherspoon: Tim Martin on a ‘gradual recovery’ and Reeves’ plans for pubs July 10, 2024 Labour costs have increased by £164m in this financial year compared to 2019, while energy, repairs and interest costs have risen by £28m, £38m and £16m respectively.
Lenders expect further rise in mortgage defaults in coming months July 11, 2024 UK lenders are expecting a further jump in default rates on home loans in the coming months, according to a Bank of England survey, as mortgage holders face higher refinancing costs.
Hopes of a summer interest rate cut fade ahead of crunch wage data (and it’s partially due to Taylor Swift) July 17, 2024 There are two particular causes of concern for the Bank, services inflation and wage growth. The two are closely linked.