Inflation races to new 40-year high – but worst is yet to come July 20, 2022 UK inflation raced to a fresh 40-year high last month, but economists have warned the cost of living squeeze is set to get even worse. Prices surged 9.4 per cent over the year to June, the quickest acceleration since 1982 and up from an already historic level of 9.1 per cent in May, according to [...]
Inflation expected to soar above eye-watering 40-year highs as cost of living onslaught deepens July 19, 2022 When official figures lay bare the extent of the mounting cost-of-living crisis on tomorrow morning, UK inflation is expected to soar even further above current eye-watering 40-year highs. The latest figures from the Office for National Statistics (ONS) will show Consumer Prices Index (CPI) inflation rose to at least 9.3 per cent in June, up [...]
Steaming inflation cuts Brits’ spending power at fastest pace on record July 19, 2022 The number of Brits in full time work reached record highs in the three months to May as unemployment rates held at 3.8 per cent, official figures have revealed today.
Virgin Money to give out £1,000 bonuses to help staff deal with cost-of-living crunch July 19, 2022 Virgin Money today told staff it will be giving out £1,000 bonuses to all workers on salaries of less than £50,000 a year to help them deal with the UK’s cost-of-living crisis. In an internal memo seen by City A.M., Virgin Money chief executive David Duffy told staff earning less than £50,000 that they will [...]
What a new world order might mean for the global economy July 18, 2022 Russia’s invasion of Ukraine has opened fault lines between nations which will affect trade relations and investment for years to come. The war in Ukraine is already having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was [...]
Union boss says crippling rail strikes to go ahead as no one is ‘coming to the table’ July 17, 2022 Crippling rail strikes are set to go ahead in just two weeks as train company bosses are not “coming to the table”, according to the head of the UK train drivers’ union. Mick Whelan, general secretary of the Associated Society of Locomotive Engineers and Firemen (Aslef) union, said “when train drivers don’t come to work, [...]
UK braces itself for nation-wide disruption as 40,000 workers announce another two days of rail strikes July 15, 2022 The UK will need to brace itself for nation-wide disruption as 40,000 rail members of the union RMT announced late last night an additional two days’ strike on 18 and 20 August. RMT members working at Network Rail and 14 other operators announced earlier this week they will also walk out on 27 July in [...]
Calls grow to pause benefits sanctions until merciless cost-of-living crisis has calmed down July 14, 2022 Benefits sanctions should be paused by the UK government until the cost-of-living crisis has been resolved, Citizens Advice Scotland has said. Advice from the charity on sanctions to Universal Credit rose by 5 per cent in 2021-22, research published today indicated. With inflation rising and impacting on the cost of goods, Citizens Advice said a [...]
Lost decade of growth leaves Brits nearly £9k worse off than French and Germans July 13, 2022 Anaemic economic growth since the financial crisis has left the average UK household £8,800 worse off compared to families in Germany and France and other comparable countries, reveals a study published today. Widening income gaps between Britain’s poorest and richest, compounded by flatlining productivity growth since the financial crisis, has led to families missing out [...]
MJ Gleeson doubles home sales as appetite for affordable property offsets inflation July 11, 2022 Low-cost housebuilder MJ Gleeson has doubled its home sales in the past five years, leaving significant material and labour cost increases in the dust. In an upbeat trading update today, the company boasted a more than 10 per cent jump in sales to a total of 2,000 in the year to 30 June. “Notwithstanding the [...]