Cocktail of costs: Two thirds of hospitality businesses not turning a profit June 28, 2022 Just over one third of hospitality businesses in the UK are currently turning a profit amid a cocktail of hefty cost increases. Only 37 per cent of restaurant and bar firms are profitable, according to figures from industry bodies the British Beer and Pub Association, British Institute of Innkeeping and UKHospitality. Bosses pointed to sky-high [...]
Expensive bites for millions of Brits as food inflation soars to record 11.6 per cent November 2, 2022 With even basics such as tea bags, milk and sugar seeing significant price rises, food inflation has soared to a record 11.6 per cent in October. Overall shop prices are now 6.6 per cent higher than they were this time last year – also a record – but food inflation jumped well above September’s 10.6 [...]
“Dogma”: Why Seat’s boss is no fan of UK’s 2030 ban on petrol engines August 13, 2023 The British boss of the Volkswagen-owned automakers Seat and Cupra has blasted the UK government’s 2030 ban on the sale of new petrol and diesel vehicles as inflexible “dogma.” “I don’t think the solution is prohibition,” Wayne Griffiths, who serves as CEO of both European marques, told the Sunday Times. “I don’t think that’s the [...]
Victoria Scholar: The economic clouds are parting – for housebuilders, at least February 8, 2024 Victoria Scholar is head of investment at interactive investor and writes a fortnightly notebook for City A.M. In a surprise announcement, Britain’s largest homebuilder Barratt Developments has offered to buy smaller FTSE 250 rival Redrow in a £2.52 billion deal. The announcement skyrocketed shares in Redrow, while Barratt extended its year-to-date declines. The new ‘Barratt [...]
Services sector reaches 13-month high but UK growth ‘lopsided’ as consumers raid the storecupboard April 21, 2023 Growth of Britain’s services sector has reached a year-high in April, a closely watched survey has revealed. Figures released this morning in S&P Global/CIPS flash UK purchasing managers’ index, show output rose to 53.9 in April from 52.2 in March. The survey showed that private sector growth had increased for the third consecutive month, beating [...]
Year of the Dragon: Why investors have soured on China’s economic prospects February 7, 2024 China has powered global growth for decades, but as the year of the dragon begins, has the country still got its fire? Elliot Gulliver-Needham reports
Weekend Read: Is Britain headed for a summer recession? August 21, 2022 Britain has met the first half of the technical recession definition, meaning there is a small chance we are headed for a summer recession. The Bank of England thinks the country will tip into the longest recession since the financial crisis in the final three months of this year. Figures published last week by the [...]
UK inflation to fall to lowest level since March 2022 but Bank of England still tipped to hike interest rates July 17, 2023 UK inflation is on course to drop to its lowest level in over a year, but lingering underlying price pressures will heap expectation on the Bank of England to keep on hiking interest rates, new figures out this week are tipped to show. The rate of price growth in Britain is expected to have dropped [...]
Plan B curbs sweep away retail sales as Brits shun high streets January 27, 2022 Plan B curbs that swept Brits away from the high street and offices throttled UK retailers this month, reveals a closely watched survey published today. The re-emergence of restrictions on daily life that dragged on throughout January hit high street sales, according to research carried out by the UK’s largest business group, the Confederation of [...]
Crash warning: House prices slump in July as market hits 2009 lows August 1, 2023 House prices have slumped by 3.8 per cent year on year, the latest closely watched figures from Nationwide show, as a season of high interest rates and weak consumer confidence continues to batter the market. The figure is the weakest since July 2009, although it is only slightly lower than the -3.5 per cent recorded [...]