Rishi Sunak and Jeremy Hunt to shun tax cuts in March budget despite £11bn energy windfall January 23, 2023 Jeremy Hunt and Rishi Sunak will hold fire on tax cuts at the 15 March budget despite being handed an around £11bn windfall from international energy prices falling to pre-Russia-Ukraine war levels, according to top economists’ predictions gathered by City A.M. Brits will have to wait until the run up to the next general election, [...]
Inflation wipes out Christmas sales as Britain stumbles toward recession January 10, 2023 Inflation is forcing Brits to rein in spending to shield their finances, prompting experts today to warn of a rise in high street bankruptcies as the country stumbles into a recession. Retail sales fell in real terms over the Christmas period, when consumers tend to splash the cash on food, new clothes and decorations, according [...]
The Notebook: Victoria Scholar on defensive plays, BA’s new uniforms and Elon Musk’s fall from fortune January 10, 2023 The Notebook is a new feature for 2023, allowing the City’s biggest names to get a few thoughts off their chest. Today it’s the turn of Victoria Scholar, Head of Investment at interactive investor It has been widely reported that the UK is on the brink of recession while a third of the global economy [...]
Covid variant, China invasion of Taiwan and more inflation: What shocks will 2023 bring? January 8, 2023 A new Covid-19 variant that escapes vaccines is among the biggest risks threatening to sharpen the UK recession, City economists surveyed by City A.M. suspect. Asked what wildcard trends could spring up to hit the economy this year, experts warned another deadly strain of the virus spreading is one of the biggest headwinds that would [...]
Next boss Lord Wolfson: London’s High Streets had ‘more to worry about’ four years ago despite loss of brands like Topshop January 5, 2023 Next boss Lord Wolfson has “less reason to worry about the high street” compared to a few years ago, on the tail of a slew of household names shuttering. Physical retail was in a less concerning position than in recent years, when a switch to online shopping signalled a death knell for many staple retailers, [...]
Recession in “full swing” as inflation puts small businesses in “critical” state January 4, 2023 Recession in Britain is now in full swing with experts warning of a “critical” situation for small businesses up and down the country, according to fresh data, as the economy turns sour to start 2023. Brits are reining in spending to withstand the impact of record-high inflation on their budgets, resulting in one in four [...]
Starmer promises Labour will deliver ‘decade of renewal’ after doubts cast over Sunak pledges January 4, 2023 A Labour government will deliver “a decade of national renewal” to show “the light at the end of the tunnel” for the British people, opposition leader Sir Keir Starmer will claim in his first speech of 2023 tomorrow. Speaking in Stratford, East London, Starmer, 60, is set to characterise the more than decade of Conservative [...]
Business energy support set to be halved to reduce taxpayer bill December 30, 2022 Support for businesses to help them cope with swelling energy bills will halve in the spring to avoid taxpayers holding the bag if oil and gas prices surge again, according to The Times. Chancellor Jeremy Hunt next month will announce a 12-month extension to a scheme that caps energy costs for businesses, similar to a [...]
EXCL – Majestic Wine’s CEO John Colley on why 2022 will go down as the year of fizz December 29, 2022 Two years ago Majestic Wine went private, under the ownership of Fortress Investment. As a private entity, the company has enjoyed two years of transformation and the results have not gone unnoticed in the City: record growth and record sales. The Watford-based wine giant also opened a number of new branches and undertook a turn-around plan whilst [...]
The government’s inconsistent approach to net zero is confusing businesses ready for a change December 23, 2022 Faced with labour shortages, rising costs and falling consumer spending, business confidence has dropped to levels not seen since the financial crisis of 2008. The government isn’t doing enough to restore this confidence. And it isn’t preparing businesses for a net zero economy either – which would be the only enduring route to prosperity. A [...]