British Gas owner Centrica reports jump in profit and calls for market shake-up February 24, 2022 Energy giant Centrica said it needs to see “significant change” to address underlying issues in the UK’s energy market today as it reported it had weathered the energy crisis so far, with a 112 per cent profits boost in 2021.
UK economy on tightrope between recession and growth as exports slip but inflationary pressure eases in March April 3, 2023 Manufacturing fell in March, although fears the UK economy is entering a recession may be premature as inflation eased and average supplier lead times improved. The seasonally adjusted S&P Global /CIPS UK Manufacturing Purchasing Managers’ Index fell to 47.9 in March, down from February’s seven-month high of 49.3 and an earlier flash estimate of 48.0. [...]
Omicron delivers ‘chilling’ blow to UK retail sales December 21, 2021 UK retail sales have slowed to a crawl driven by the emergence of Omicron chilling consumer confidence, according to new research published today. Retail sales growth slowed over the last year, rising eight per cent annually in December, down sharply from 39 per cent in November, according to the Confederation of British Industry (CBI). Brits [...]
UK automotive production outlook downgraded following April slump May 5, 2022 The automotive industry was forced to downgrade its 2022 production outlook after the number of cars built in April slumped 15.8 per cent. Data published today by the Society of Motor Manufacturers and Traders (SMMT) revealed the number of new car registrations fell to 119,167 units due to covid-induced semiconductor shortages. The decline, the data [...]
Hospitality chiefs call on Sunak to reverse VAT hike or leave London businesses ‘unviable overnight’ March 20, 2022 Hospitality heads have said the government’s plans to increase VAT from current rates of 12.5 per cent to highs of 20 per cent at the start of next month will see some London businesses “become unviable overnight.” Industry chiefs warned that Chancellor Rishi Sunak’s plans to hike consumer taxes on food, soft drinks, accommodation, and [...]
Omi-gone: Brits flock back to pubs, bars and restaurants as social spending climbs January 13, 2022 The damaging drag the re-imposition of Covid-19 curbs had on Brits’ confidence is easing, reveal official figures released today. Britons rushed back to pubs, bars and restaurants in the immediate aftermath of Christmas and New Years in a sign that plan B’s blow to the UK services economy will disappear into the ether. Consumers have [...]
Windfall tax makes no sense for renewables, says Cornwall Insight November 12, 2022 It would be disproportionate to expand the windfall tax to electricity generators, argued Cornwall Insight, amid a commodities boom.
Bakkavor chugs ahead with revenue growth despite China curbs May 25, 2022 Fresh prepared food maker Bakkavor has chugged ahead with revenue growth, despite local Covid-19 restrictions in China significantly hitting the business. The London-headquartered producer reported a revenue of £485.4m in the three months to 26 March, up 11 per cent in comparison with the same period last year. China’s so-called ‘zero-Covid’ stance on the virus [...]
Cascade of ‘cheerless’ economic news weighs on consumer confidence October 22, 2021 A cascade of “cheerless” news about the health of the UK economy has caused consumer confidence to plummet. Severe petrol and food shortages, compounded by soaring energy costs and wider inflationary pressures has engineered a cost of living crisis in the UK and stalled the economic recovery. As a result, consumer confidence slid to minus [...]
Tesco to reveal consumer spending habits with update this week June 12, 2022 Supermarket giant Tesco is set to shed more light on how customer spending is holding up as shoppers deal with rapidly increasing food inflation. The UK’s biggest grocer will reveal how trading has performed over the three months to May when it updates shareholders on Friday June 17. Tesco has been resilient despite pressure on [...]