Mark Harper: Inflation-matching pay rises ‘unaffordable’ November 27, 2022 Increasing workers’ salaries to match inflation rates is simply unaffordable, according to transport secretary Mark Harper. “We want to try and give all the workers in the public sector who work very hard decent pay rises, but they can’t be inflation busting,” he told Sky News’ Sophy Ridge on Sunday. Salary increases have been the [...]
Pyrex maker files for US bankruptcy after inflation and high rates batter sales June 14, 2023 The maker of Pyrex and Instant Pot has filed for Chapter 11 bankruptcy as dwindling sales and high inflation have battered the business. Instant Brands, which is US owned, is said to have much as $1bn (£790m) in liabilities. Instant Brand, which trades in John Lewis and Argos for upwards of £180, was impacted by [...]
All eyes on inflation for hints about future interest rate path, after wage growth eases October 17, 2023 "With today's release, we have now had three consecutive prints showing a clear deceleration in sequential wage pressures, although these pressures remain elevated," Ibrahim Quadri, an analyst at Goldman Sachs said.
Inflation drives record rise in car insurance premiums – with Londoners worst hit April 20, 2023 Soaring inflation has led to a record 20 per cent jump in UK car insurance premiums – the sharpest rise in a decade. Drivers are now paying on average £107 more for their car insurance than they were this time last year, according to the latest results from Confused.com’s Car Insurance Price Index. London motorists [...]
No break for Brits as inflation pushes the cost of kitchen staples by 80 per cent April 18, 2023 Brits are yet to receive a break from soaring food prices as the price of cheddar cheese, sliced white bread and porridge oats are up to 80 per cent more expensive than a year ago. As inflation reached record highs due to the war in Ukraine, consumers were forced to fork out more for kitchen [...]
Inflation sliding and tough Bank of England means the pound will see better days April 18, 2023 “Hope is not a strategy,” Jordan Rochester, a wonk at Japanese investment bank Nomura, said last September, referring to politicians’ attempts to revive the pound after it plummeted to its lowest level ever against the US dollar following Liz Truss’s tax cutting mini budget. A lot has changed since then. Chancellor Jeremy Hunt raised taxes [...]
Last orders! Rate of pub closures reaches decade high as rate hikes and inflation bites August 7, 2023 The number of pub closures in the UK reached its highest quarterly figure in over a decade, new data reveals, as soaring costs force more of the country’s local watering holes to close their doors for good. Some 223 pub businesses entered insolvency in the second quarter of this year, up from 200 in the [...]
Shoppers head to frozen food aisles to quell ‘sizzling hot’ inflation hit April 14, 2023 Shoppers are opting for frozen meat and meals like pizza and chips as food price inflation continues to add hundreds of pounds to households’ grocery shops. New figures from research firm Kantar showed frozen food sales were ticking up in British supermarkets. Frozen poultry like chicken and game meats increased in the three months to [...]
Mortgage rates rocket but savings rates barely move after May’s inflation shock June 6, 2023 Mortgage rates have skyrocketed in recent weeks after the UK’s most recent inflation reading sent rate expectations soaring, but savings rates have lagged behind. According to data from Moneyfacts, rates on a two-year fixed rate have jumped from 5.34 per cent on 24 May to 5.75 today. Similarly, interest rates on a five-year fixed rate [...]
Cheap and cheerful: Poundland owner to open 550 new sites as inflation drives expansion June 6, 2023 Poundland owner Pepco has plans to roll out 550 more sites this year across the UK and Europe as its cheap and cheerful goods continue to perform well with customers amidst the cost of living crisis. In its interim results the value shop, which sells everything from groceries to clothes, posted a 22.8 per cent [...]